Turkey - Maize Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingMaize Oil Exports From Turkey Drop to $239M in 2023
Turkey Maize Oil Exports
In 2023, the amount of maize oil exported from Turkey soared to 153K tons, with an increase of 21% against 2022 figures. In general, total exports indicated notable growth from 2013 to 2023: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -3.9% against 2021 indices. The growth pace was the most rapid in 2019 when exports increased by 57%. The exports peaked at 160K tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.
In value terms, maize oil exports declined to $239M (IndexBox estimates) in 2023. Overall, exports recorded notable growth. The growth pace was the most rapid in 2021 when exports increased by 71%. As a result, the exports attained the peak of $260M. From 2022 to 2023, the growth of the exports failed to regain momentum.
| COUNTRY | Export Value of Maize Oil in Turkey (million USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| Libya | 13.5 | 0.2 | 14.4 | 41.9 | 18.8 | 32.6 | 33.8 | 36.5 | 68.7 | 66.3 | 51.1 |
| Israel | 13.1 | 6.6 | 4.4 | 4.1 | 3.1 | 2.3 | 3.7 | 2.3 | 8.9 | 11.3 | 11.4 |
| Egypt | 0.4 | 0.2 | 0.4 | 0.3 | N/A | 0.1 | 0.2 | 1.2 | N/A | 2.2 | 11.2 |
| Azerbaijan | 2.5 | 1.6 | 1.8 | 1.0 | 1.1 | 1.4 | 2.7 | 2.9 | 3.3 | 14.4 | 8.3 |
| United Arab Emirates | 2.9 | 0.6 | 0.5 | 0.5 | 0.5 | 0.3 | 1.9 | 1.4 | 4.7 | 8.9 | 7.4 |
| Iraq | 0.1 | 0.1 | N/A | N/A | N/A | 0.6 | 1.0 | 8.1 | 5.7 | 5.1 | 5.4 |
| Georgia | 31.8 | 21.6 | 19.4 | 14.6 | 13.7 | 12.5 | 10.7 | 14.0 | 19.3 | 0.7 | 5.1 |
| Iran | 4.9 | 6.6 | 8.6 | 13.6 | 11.2 | 9.1 | 1.9 | 0.4 | 5.3 | 2.3 | 1.9 |
| Others | 97.1 | 63.4 | 71.2 | 97.9 | 66.5 | 77.4 | 73.8 | 85.1 | 144 | 134 | 137 |
| Total | 166 | 101 | 121 | 174 | 115 | 136 | 130 | 152 | 260 | 245 | 239 |
Exports by Country
Libya (31K tons) was the main destination for maize oil exports from Turkey, accounting for a 20% share of total exports. Moreover, maize oil exports to Libya exceeded the volume sent to the second major destination, Egypt (8.6K tons), fourfold. The third position in this ranking was taken by Israel (6.9K tons), with a 4.5% share.
From 2013 to 2023, the average annual rate of growth in terms of volume to Libya amounted to +14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+44.4% per year) and Israel (-1.8% per year).
In value terms, Libya ($51M) remains the key foreign market for maize oil exports from Turkey, comprising 21% of total exports. The second position in the ranking was taken by Israel ($11M), with a 4.8% share of total exports. It was followed by Egypt, with a 4.7% share.
From 2013 to 2023, the average annual growth rate of value to Libya stood at +14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (-1.3% per year) and Egypt (+40.6% per year).
Exports by Type
Refined maize (corn) oil (110K tons) was the largest type of maize oil exported from Turkey, with a 72% share of total exports. Moreover, refined maize (corn) oil exceeded the volume of the second product type, crude maize (corn) oil (44K tons), threefold.
From 2013 to 2023, the average annual growth rate of the volume of refined maize (corn) oil exports totaled +6.2%.
In value terms, refined maize (corn) oil ($183M) remains the largest type of maize oil exported from Turkey, comprising 77% of total exports. The second position in the ranking was held by crude maize (corn) oil ($56M), with a 23% share of total exports.
From 2013 to 2023, the average annual growth rate of the value of refined maize (corn) oil exports amounted to +6.5%.
Export Prices by Country
In 2023, the maize oil price stood at $1,557 per ton (FOB, Turkey), which is down by -19.5% against the previous year. In general, export price indicated mild growth from 2013 to 2023: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 an increase of 32%. The export price peaked at $1,934 per ton in 2022, and then dropped significantly in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iraq ($2,084 per ton), while the average price for exports to Georgia ($1,244 per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.
This report provides an in-depth analysis of the maize oil market in Turkey. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 60 - Oil of Maize
Country coverage:
- Turkey
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Turkey
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption In 2012-2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
- Trade Balance, In Physical Terms, 2012-2024
- Trade Balance, In Value Terms, 2012-2024
- Per Capita Consumption, 2012-2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
