Turkey - Maize Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingTurkey's Maize Oil Exports Fall to $119M in 2023
Turkey Maize Oil Exports
Maize oil exports from Turkey skyrocketed to 77K tons in 2023, jumping by 21% against 2022. In general, total exports indicated a perceptible increase 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 2018 with an increase of 38%. The exports peaked at 80K tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.
In value terms, maize oil exports dropped modestly to $119M (IndexBox estimates) in 2023. Overall, exports posted a perceptible expansion. The most prominent rate of growth was recorded in 2021 with an increase of 71% against the previous year. As a result, the exports reached the peak of $130M. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.
| 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 | 11.2 |
| 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 | 14.0 | 12.9 | 10.8 | 11.0 | 9.1 | 9.2 | 8.9 | 9.2 | 14.0 | 11.3 | 17.7 |
| Total | 83.1 | 50.5 | 60.4 | 86.9 | 57.4 | 68.1 | 64.9 | 75.9 | 130 | 123 | 119 |
Exports by Country
Libya (31K tons) was the main destination for maize oil exports from Turkey, with a 40% share of total exports. Moreover, maize oil exports to Libya exceeded the volume sent to the second major destination, Egypt (8.6K tons), fourfold. Israel (6.7K tons) ranked third in terms of total exports with an 8.7% share.
From 2013 to 2023, the average annual rate of growth in terms of volume to Libya totaled +14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+44.4% per year) and Israel (-2.1% per year).
In value terms, Libya ($51M) remains the key foreign market for maize oil exports from Turkey, comprising 43% of total exports. The second position in the ranking was held by Egypt ($11M), with a 9.4% share of total exports. It was followed by Israel, with a 9.3% 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: Egypt (+40.6% per year) and Israel (-1.6% per year).
Exports by Type
Refined maize (corn) oil (55K tons) was the largest type of maize oil exported from Turkey, accounting for a 72% share of total exports. Moreover, refined maize (corn) oil exceeded the volume of the second product type, crude maize (corn) oil (22K tons), threefold.
From 2013 to 2023, the average annual growth rate of the volume of refined maize (corn) oil exports stood at +6.2%.
In value terms, refined maize (corn) oil ($91M) remains the largest type of maize oil exported from Turkey, comprising 77% of total exports. The second position in the ranking was taken by crude maize (corn) oil ($28M), 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 stood at +6.5%.
Export Prices by Country
In 2023, the maize oil price stood at $1,557 per ton (FOB, Turkey), dropping by -19.5% against the previous year. Overall, export price indicated a slight increase 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 growth pace was the most rapid in 2021 when the average export price increased by 32%. Over the period under review, the average export prices hit record highs at $1,934 per ton in 2022, and then shrank significantly in the following year.
There were significant differences in the average prices for the major export markets. In 2023, 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.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND THE AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and its Prospects
- MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION
Finding New Products to Diversify Your Business
- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCTS
- MOST TRADED PRODUCTS
- MOST PROFITABLE PRODUCTS FOR EXPORTS
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Export
- 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: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
LIST OF FIGURES
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Volume Forecast to 2035
- Market Value Forecast to 2035
- Market Size and Growth, By Product
- Average Per Capita Consumption, By Product
- Exports and Growth, By Product
- Export Prices and Growth, By Product
- 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: Historical Data (2012–2024) and Forecast (2025–2035)
- Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- 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, 2012–2024
- Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- 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, 2012–2024
