Maize starch market in South America

Earlier Report Observations

The South American maize starch market was characterized by a concentrated production structure, with a small group of large wet milling companies dominating the sector. Market volume was 1.37 million tonnes in 2018. By 2020, the COVID-19 pandemic disrupted global supply chains, affecting production and distribution, which contributed to a decline in market volume to 1.29 million tonnes.

A sharp recovery followed in 2021, with market volume expanding to 1.49 million tonnes, driven by increasing consumer demand for clean-label and sustainable maize starch products. However, in 2022, the market volume fell to 1.42 million tonnes as the conflict in Ukraine and adverse weather conditions raised corn costs and impacted raw material availability. The downward trend continued in 2023, with volume dropping to 1.25 million tonnes.

Production maize starch in South America

In kind, 2017-2020, K t

Top producers of maize starch, 2017-2020

World map of production of maize starch, 2017-2020

South America's maize starch production saw a two-year improvement before declining. In 2019, production reached its peak at 1 382 K t. However, in 2020, output fell to 1 341 K t, representing a slight year-over-year reduction of 3.0%. The largest annual increase occurred in 2018, when production grew by 2.2%.

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

In value, 2017-2020, M $ US

In 2018, maize starch production in South America reached its highest value at 858.2 M $ US. The following year, in 2019, it dropped to its minimum of 618.3 M $ US, marking the largest annual decline of 28.0%. By 2020, output rebounded to 712.6 M $ US, showing a significant increase of 15.3% compared to the previous year. Overall, from 2017 to 2020, production decreased by 16%, which translates to an annualized rate of 5.6%.

Annual dynamics of production in South America in value, 2017-2020, M $ US

Exports maize starch from South America

Exports in kind, t

South America's maize starch exports showed an unstable trend over the period. In 2018, exports hit their lowest point at 49 665 t, with the largest annual decline of 22.2% recorded that year. The following year, 2019, saw the largest increase of 70.5%. By 2020, exports reached 87 976 t, reflecting a moderate uptick of 3.9% from the previous year. Overall, there was a 1.8-fold variation between the minimum in 2018 and the maximum in 2020.

Annual dynamics of product's exports from South America in kind, 2017-2020, t

From 2017 to 2020, South America's maize starch exports in kind were distributed across many countries. The top three destinations—Dominican Republic (5.3% of exports), Costa Rica (4.8%), and Mexico (4.4%)—together accounted for only 14.5% of total flows, indicating a fragmented market structure.

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

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

Exports in value, K $ US

Maize starch exports from South America increased for the second consecutive year. In 2018, the value hit its lowest point at 31 077 K $ US, with the largest annual decline of 23.0% recorded that year. By 2020, exports rose to 46 755 K $ US, up by 23.5% from 2019. Over the 2017-2020 period, exports grew by 15.8%, corresponding to a compound annual growth rate (CAGR) of 5.0%.

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

The partner structure for maize starch exports in value terms remained fragmented from 2017 to 2020. The top three countries—Dominican Republic (4.6% of exports), Costa Rica (4.1%), and Mexico (3.9%)—together accounted for just 12.6% of total flows, with no single country holding a dominant share.

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

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

Imports maize starch to South America

Imports in kind, t

South America's maize starch imports increased for the second consecutive year. In 2018, imports reached their minimum at 29 208 t, with the largest annual decline of 51.1% recorded that year. The following year, 2019, saw the largest increase of 24.6%. By 2020, imports rose to 37 541 t, marking a gradual gain of 3.2% compared to the previous year. Overall, from 2017 to 2020, imports decreased by 37.2%, equating to a CAGR of 14.4%.

Annual dynamics of product's imports to South America in kind, 2017-2020, t

Between 2017 and 2020, South America's maize starch imports in kind relied on a wide range of partner countries. The top three sources—the United States (4.5% of imports), Turkey (3.5%), and France (1.1%)—together accounted for only 9.2% of total flows, highlighting a diversified import structure.

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

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

Imports in value, K $ US

In 2019, maize starch imports to South America reached their lowest value at 33 726 K $ US, with the largest annual decline of 13.8% recorded that year. By 2020, imports increased to 39 675 K $ US, indicating a substantial rise of 17.6% compared to the previous year. Over the 2017-2020 period, imports grew by 4%, which translates to an annualized rate of 1.3%.

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

Throughout 2017 to 2020, South America's maize starch imports in value terms were not concentrated on a few key markets. The top three countries—the United States (7.5% of imports), Turkey (3.1%), and France (2.0%)—jointly accounted for only 12.7% of total flows, underscoring the lack of market dominance by any single partner.

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

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