South Africa's maize demand stood at 10.78 million metric tons in 2023, continuing a trend of mild variation. Despite a 0.31% year-on-year decrease from the previous year, the five-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 was a modest 0.52%. Over the past decade, maize demand has seen fluctuations, with notable highs in 2017 and lows in 2018, reflecting an 11.81% increase and a 14.23% decrease, respectively. Overall, the annual variations have been relatively small.
Forecasts from 2024 to 2028 predict a slight decline in maize demand, with an average annual decrease of 0.25% and a cumulative decrease of 1.25% by 2028. This suggests a generally stable but slightly contracting market in the near future.
Future trends to watch include potential impacts of climate change on maize production, shifts in domestic and global economic conditions influencing consumption, and advancements in agricultural technology that could affect production capabilities and efficiency.
