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Turkey - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingTurkey's Soybean Oil Export Plummets to $301M in 2023
Turkey Soybean Oil Exports
After eight years of growth, overseas shipments of soybean oil decreased by -6.4% to 291K tons in 2023. Over the period under review, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 345% against the previous year. Over the period under review, the exports attained the peak figure at 311K tons in 2022, and then shrank in the following year.
In value terms, soybean oil exports contracted markedly to $301M (IndexBox estimates) in 2023. Overall, exports, however, posted significant growth. The pace of growth was the most pronounced in 2016 with an increase of 304%. Over the period under review, the exports hit record highs at $453M in 2022, and then fell notably in the following year.
COUNTRY | Export Value of Soybean Oil in Turkey (million USD) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
Algeria | N/A | N/A | N/A | 6.0 | 15.7 | 18.7 | 20.8 | 36.0 | 113 | 153 | 149 |
Egypt | N/A | N/A | N/A | N/A | N/A | N/A | 4.3 | 3.1 | 13.3 | 87.1 | 52.4 |
Iran | 0.1 | N/A | N/A | N/A | N/A | N/A | 25.2 | 20.8 | 46.1 | 37.3 | 25.5 |
India | N/A | N/A | N/A | N/A | N/A | 5.1 | N/A | 31.8 | 73.7 | 38.2 | 19.0 |
Venezuela | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1 | 0.1 | N/A | 14.6 |
Iraq | 2.1 | 0.5 | 4.1 | 11.6 | 2.0 | 11.2 | 14.4 | 18.0 | 23.5 | 26.1 | 11.5 |
Cuba | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.8 |
Tunisia | N/A | N/A | N/A | N/A | N/A | 10.1 | 8.6 | 6.9 | 15.4 | 88.1 | 3.7 |
China | N/A | N/A | N/A | 8.6 | 21.1 | 12.0 | 1.7 | 5.6 | 20.6 | 2.4 | N/A |
Others | 10.9 | 2.6 | 2.8 | 1.7 | 1.7 | 2.4 | 3.5 | 24.6 | 36.9 | 20.8 | 17.8 |
Total | 13.2 | 3.1 | 6.9 | 28.0 | 40.4 | 59.6 | 78.6 | 147 | 342 | 453 | 301 |
Exports by Country
Algeria (147K tons) was the main destination for soybean oil exports from Turkey, accounting for a 50% share of total exports. Moreover, soybean oil exports to Algeria exceeded the volume sent to the second major destination, Egypt (49K tons), threefold. Iran (22K tons) ranked third in terms of total exports with a 7.7% share.
From 2013 to 2023, the average annual rate of growth in terms of volume to Algeria stood at +51.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+270.4% per year) and Iran (+72.2% per year).
In value terms, Algeria ($149M) remains the key foreign market for soybean oil exports from Turkey, comprising 49% of total exports. The second position in the ranking was taken by Egypt ($52M), with a 17% share of total exports. It was followed by Iran, with an 8.5% share.
From 2013 to 2023, the average annual rate of growth in terms of value to Algeria totaled +58.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+251.3% per year) and Iran (+68.3% per year).
Exports by Type
Crude soybean oil (287K tons) was the largest type of soybean oil exported from Turkey, accounting for a 99% share of total exports. It was followed by refined soybean oil and its fractions (4.2K tons), with a 1.4% share of total exports.
From 2013 to 2023, the average annual rate of growth in terms of the volume of crude soybean oil exports amounted to +52.2%.
In value terms, crude soybean oil ($296M) remains the largest type of soybean oil exported from Turkey, comprising 98% of total exports. The second position in the ranking was taken by refined soybean oil and its fractions ($5.5M), with a 1.8% share of total exports.
From 2013 to 2023, the average annual growth rate of the value of crude soybean oil exports amounted to +50.0%.
Export Prices by Country
In 2023, the soybean oil price stood at $1,034 per ton (FOB, Turkey), reducing by -28.9% against the previous year. Overall, the export price showed a noticeable descent. The pace of growth appeared the most rapid in 2021 when the average export price increased by 63% against the previous year. The export price peaked at $1,455 per ton in 2022, and then dropped markedly in the following year.
Average prices varied noticeably for the major external markets. In 2023, amid the top suppliers, the countries with the highest prices were Iran ($1,135 per ton) and Egypt ($1,081 per ton), while the average price for exports to Venezuela ($929 per ton) and Tunisia ($946 per ton) were amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.
This report provides an in-depth analysis of the soybean 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 237 - Oil of Soybeans
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