Turkey: Caramel Market 2022

Caramel Market Size in Turkey

After two years of growth, the Turkish caramel market decreased by -X% to $X in 2020. Over the period under review, consumption, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Caramel consumption peaked at $X in 2008; however, from 2009 to 2020, consumption failed to regain the momentum.

Caramel Production in Turkey

In value terms, caramel production reduced modestly to $X in 2020 estimated in export prices. In general, production, however, continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. Caramel production peaked at $X in 2007; however, from 2008 to 2020, production failed to regain the momentum.

Caramel Exports

Exports from Turkey

In 2020, approx. X tons of caramel were exported from Turkey; with an increase of X% on the previous year's figure. In general, exports showed a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by X% y-o-y. Exports peaked in 2020 and are expected to retain growth in years to come.

In value terms, caramel exports rose slightly to $X in 2020. Overall, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of X% y-o-y. Over the period under review, exports hit record highs in 2020 and are expected to retain growth in years to come.

Exports by Country

The UK (X tons), the Netherlands (X tons) and the U.S. (X tons) were the main destinations of caramel exports from Turkey, together accounting for X% of total exports. Italy, Egypt, Iraq, Vietnam, Cote d'Ivoire, Senegal, Spain, Hungary, Germany and the United Arab Emirates lagged somewhat behind, together accounting for a further X 2007 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (+X% per year), while exports for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the Netherlands ($X) and Italy ($X) were the largest markets for caramel exported from Turkey worldwide, with a combined X% share of total exports. The U.S., Vietnam, Iraq, Egypt, the United Arab Emirates, Spain, Senegal, Cote d'Ivoire, Germany and Hungary lagged somewhat behind, together accounting for a further X d'Ivoire (+X% per year) saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2020, the average caramel export price amounted to $X per ton, with a decrease of -X% against the previous year. In general, the export price showed a deep reduction. The growth pace was the most rapid in 2018 an increase of X% y-o-y. Over the period under review, average export prices reached the maximum at $X per ton in 2008; however, from 2009 to 2020, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates, while the prices for the other major destinations experienced more modest paces of growth.

Caramel Imports

Imports into Turkey

In 2020, after three years of decline, there was significant growth in purchases abroad of caramel, when their volume increased by X% to X tons. Over the period under review, imports showed a temperate expansion. The most prominent rate of growth was recorded in 2008 with an increase of X% y-o-y. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2020, imports remained at a lower figure.

In value terms, caramel imports soared to $X in 2020. Overall, imports saw a prominent expansion. The pace of growth was the most pronounced in 2008 with an increase of X% y-o-y. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2020, imports stood at a somewhat lower figure.

Imports by Country

France (X tons), Canada (X tons) and Slovakia (X tons) were the main suppliers of caramel imports to Turkey, together accounting for X% of total imports.

From 2007 to 2020, the biggest increases were in Canada (+X% per year), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest caramel suppliers to Turkey were Canada ($X), France ($X) and Austria ($X), with a combined X% share of total imports.

Among the main suppliers, Canada (+X% per year) saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average caramel import price amounted to $X per ton, with an increase of X% against the previous year. Overall, import price indicated pronounced growth from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, caramel import price increased by +X% against 2015 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Austria ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Belgium, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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