Africa - Maize Oil - Market Analysis, Forecast, Size, Trends and Insights

Market Forecast 

Driven by rising demand for maize oil in Africa, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market volume to 336K tons by the end of 2035. In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2024 to 2035, which is projected to bring the market value to $699M (in nominal wholesale prices) by the end of 2035. 

Consumption Africa's 

Consumption of Maize Oil Maize oil consumption totaled 299K tons in 2024, rising by 2.4% against the previous year's figure. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak volume of 362K tons. From 2017 to 2024, the growth of the consumption failed to regain momentum. The revenue of the maize oil market in Africa reduced to $424M in 2024, falling by -6.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $513M in 2022; however, from 2023 to 2024, consumption failed to regain momentum. 

Production Africa's 

Production of Maize Oil After four years of growth, production of maize oil decreased by less than 0.1% to 181K tons in 2024. The total output volume increased at an average annual rate of +1.2% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 8.6% against the previous year. The volume of production peaked at 182K tons in 2023, and then fell in the following year. 

Imports 

Africa's Imports 

of Maize Oil In 2024, the amount of maize oil imported in Africa expanded slightly to 152K tons, with an increase of 4.3% compared with 2023. Overall, imports, however, saw a perceptible contraction. The growth pace was the most rapid in 2016 with an increase of 49% against the previous year. As a result, imports reached the peak of 257K tons. From 2017 to 2024, the growth of imports failed to regain momentum. 

Exports 

By Country In 2024, Tunisia (19K tons) represented the largest exporter of maize oil, creating 54% of total exports. It was distantly followed by Egypt (11K tons) and South Africa (4.6K tons), together making up a 45% share of total exports. 

Export Prices 

By Country In 2024, the export price in Africa amounted to $1,796 per ton, remaining stable against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 34%. The level of export peaked at $2,208 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.