Maize starch market in Latin America and the Caribbean

Earlier Report Observations

The maize starch market in Latin America and the Caribbean expanded sharply in 2019, with market volume rising by over 50% to 3.4 million tons. This surge was driven by increased primary corn production and wet milling capacity in Argentina, where large producers like Ingredion Arg. SA and ACA Bio Coop. concentrated output. In 2020, market volume stabilized near 3.3 million tons, as pandemic-related growth in pharmaceutical demand for starch as a binder offset other sectoral weaknesses.

Global capacity expansions by firms such as Cargill, alongside sustained consumer preference for clean-label ingredients, supported a rebound to 3.54 million tons in 2021. Subsequently, the Ukraine conflict disrupted corn supplies and raised input costs, while climatic factors affected regional corn harvests, leading to a slight contraction in market volume to 3.51 million tons in 2022 and 3.41 million tons in 2023. Throughout this period, the industry continued investing in sustainable and clean-label starch production.

Production maize starch in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of maize starch, 2017-2020

World map of production of maize starch, 2017-2020

Maize starch production in Latin America and the Caribbean declined after two years of growth. In 2019, production reached its peak at 3,306 thousand tons. However, in 2020, output fell to 3,209 thousand tons, marking a 2.9% decrease compared to the previous year. Over the period from 2017 to 2020, production grew by 48.9%, which translates to an average annual growth rate of 14.2%. The most significant increase occurred in 2019, when production surged by 50.5%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Maize starch production in Latin America and the Caribbean increased for the second year in a row. In 2020, the value of maize starch output reached 2,858 million US dollars, representing a 12.2% rise from the previous year. From 2017 to 2020, production value grew by 55.5%, with a compound annual growth rate of 15.9%. The lowest value was recorded in 2018 at 1,548 million US dollars, which also saw the largest decline of 15.8%. In contrast, 2019 experienced the most substantial increase, with production value jumping by 64.6%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports maize starch from Latin America and the Caribbean

Exports in kind, K t

Maize starch exports from Latin America and the Caribbean rose for the second consecutive year. In 2020, export volumes reached 58.9 thousand tons, up 10.1% compared to the previous year. Over the period from 2017 to 2020, exports increased by 11.9%, with a compound annual growth rate of 3.8%. The lowest export volume was recorded in 2018 at 52.1 thousand tons, which also saw a slight decline of 1.1%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, the United States, Nigeria, and Malaysia were the largest buyers of maize starch from Latin America and the Caribbean, accounting for 8.2%, 2.4%, and 1.3% of exports in kind, respectively. However, their combined share was only 11.9% of total exports, indicating a highly diversified market structure with many different destinations.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

Maize starch exports from Latin America and the Caribbean increased for the second year in a row. In 2020, export value amounted to 52.5 million US dollars, showing a dramatic rise of 27.3% compared to 2019. Over the period from 2017 to 2020, exports grew by 16.8%, with a compound annual growth rate of 5.3%. The lowest value was recorded in 2018 at 36.7 million US dollars, which also experienced the largest decline of 18.2%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

During 2017–2020, maize starch from Latin America and the Caribbean was exported to a wide range of markets. Even the top three destinations—the United States, Nigeria, and Malaysia—together accounted for only 13.6% of total export value, highlighting the region's diverse trading partners.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports maize starch to Latin America and the Caribbean

Imports in kind, K t

Maize starch imports into Latin America and the Caribbean increased for the second consecutive year. In 2020, imports totaled 181.8 thousand tons, which is 19.5% higher than the previous year. Between 2017 and 2020, imports grew by 14.3%, equating to an average annual growth rate of 4.5%. The lowest import volume was recorded in 2018 at 120.6 thousand tons, which also saw the largest decline of 24.2%. In 2019, imports experienced the most significant increase, rising by 26.0%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, the United States, Turkey, and China were the main suppliers of maize starch to Latin America and the Caribbean. The United States accounted for 33.1% of imports in kind, Turkey for 4.3%, and China for 0.7%. Together, these three countries comprised 38.1% of total imports in kind.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

Foreign maize starch supplies to Latin America and the Caribbean increased for the third year in a row. In 2020, imports amounted to 124.7 million US dollars, indicating a strong increase of 19.3% compared to the previous year. Over the period from 2017 to 2020, imports grew by 26.4%, with a compound annual growth rate of 8.1%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

In 2017–2020, the partner portfolio for maize starch imports into Latin America and the Caribbean was quite broad. The top three suppliers—the United States, Turkey, and France—accounted for 36.7%, 3.7%, and 1.0% of imports in value terms, respectively. Together, they represented only 41.4% of total import flows, underscoring the diversity of sources.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020