Maize starch market in ECOWAS

Earlier Report Observations

Maize starch production in ECOWAS grew steadily from 467 thousand tons in 2018 to 481 thousand tons in 2023. The market volume, however, was more volatile, rising from 532 thousand tons in 2018 to a peak of 588 thousand tons in 2021. This initial expansion was supported by a surge in imports, which more than doubled from 66 thousand tons in 2018 to 130 thousand tons in 2020, increasing total supply.

The market volume contracted to 544 thousand tons in 2022, a decline closely tied to the sharp rise in global corn prices following the Russia-Ukraine conflict. Soaring raw material costs made imports more expensive, leading to a 40% drop in import volumes that year which substantially reduced overall market supply despite continued growth in domestic production.

By 2023, the market volume stabilized at 537 thousand tons. Local production reached a new high, while import levels remained subdued compared to the peak years, indicating a market adjustment to the new price environment and supply conditions.

Production maize starch in ECOWAS

In kind, 2017-2020, K t

Top producers of maize starch, 2017-2020

World map of production of maize starch, 2017-2020

In 2020, ECOWAS produced 457.7 thousand tons of maize starch, marking a slight increase of 0.7% compared to 2019. Over the period from 2017 to 2020, production grew by 24.8%, which translates to an annualized growth rate of 7.7%. The highest production level was achieved in 2018 at 466.9 thousand tons. The most significant decline occurred in 2019, with a drop of 2.7%, while the largest increase was recorded in 2018, at 27.3%.

Annual dynamics of production in ECOWAS in kind, 2017-2020, K t

Exports maize starch from ECOWAS

Exports in kind, K t

Market performance showed noticeable fluctuations during this period. Exports reached their lowest point in 2019 and peaked in 2017, with a 12.9-fold difference between these years. In 2020, ECOWAS's maize starch exports amounted to 0.2 thousand tons, representing a substantial year-over-year increase of 78.1%. The minimum export volume was recorded in 2019 at 0.1 thousand tons. The largest decline occurred in 2018, with a decrease of 83.9%.

Annual dynamics of product's exports from ECOWAS in kind, 2017-2020, K t

From 2017 to 2020, maize starch exports from ECOWAS were distributed across numerous countries. The United Kingdom accounted for 8.3% of exports in kind, the United States for 1.5%, and Belgium for 0.9%. Together, these three countries represented only 10.7% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ECOWAS in kind, 2017-2020

Exports in value, K $ US

Market performance exhibited noticeable fluctuations during this period. The lowest point was recorded in 2018, while the peak occurred in 2017, showing a 7.8-fold amplitude. In 2020, the value of maize starch exports from ECOWAS reached 202 thousand US dollars, reflecting a 21.4% increase compared to the previous year. The minimum value was recorded in 2018 at 111 thousand US dollars. The largest decline took place in 2018, with a decrease of 87.2%, while the largest increase was observed in 2019, at 49.3%.

Annual dynamics of product's exports from ECOWAS in value, 2017-2020, K $ US

Data from 2017 to 2020 indicate that maize starch exports from ECOWAS in value terms were not concentrated on a few key destinations. The United Kingdom accounted for 6.1% of exports in value terms, the United States for 3.7%, and the Netherlands for 1.1%. Collectively, these three countries represented only 10.9% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ECOWAS in value, 2017-2020

Imports maize starch to ECOWAS

Imports in kind, K t

ECOWAS's maize starch import volume increased for the second consecutive year. In 2020, imports reached approximately 130.3 thousand tons, up by 28.1% year-over-year. Over the period from 2017 to 2020, imports grew by 58.9%, with a compound annual growth rate of 16.7%. The minimum import volume was recorded in 2018 at 65.6 thousand tons. The largest decline occurred in 2018, with a decrease of 20.1%, while the largest increase was recorded in 2019, at 55.2%.

Annual dynamics of product's imports to ECOWAS in kind, 2017-2020, K t

From 2017 to 2020, Turkey led the structure of maize starch imports in kind with 52.3%, followed by China at 14.7% and India at 7.2%. Together, these three countries accounted for 74.2% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ECOWAS in kind, 2017-2020

Imports in value, K $ US

Maize starch deliveries to ECOWAS increased for the second consecutive year. In 2020, imports were recorded at 69 252 thousand US dollars, showing an uptick of 57.4% compared to the previous year. Between 2017 and 2020, imports grew by 75.1%, equating to an annualized rate of 20.5%. The minimum value was recorded in 2018 at 30 215 thousand US dollars. The largest decline occurred in 2018, with a decrease of 23.6%.

Annual dynamics of product's imports to ECOWAS in value, 2017-2020, K $ US

From 2017 to 2020, Turkey was the main market for maize starch imports in value terms, accounting for 49.5%, followed by China at 18.0% and India at 7.6%. Together, these three countries represented 75.1% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ECOWAS in value, 2017-2020