Turkey: Caramel Market 2024

Caramel Market Size in Turkey

The Turkish caramel market was finally on the rise to reach $X in 2022, after three years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Caramel Production in Turkey

In value terms, caramel production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Caramel Exports

Exports from Turkey

After six years of growth, overseas shipments of caramel decreased by X% to X tons in 2022. In general, exports, however, saw significant growth. The pace of growth was the most pronounced in 2017 with an increase of X%. The exports peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, caramel exports rose rapidly to $X in 2022. Overall, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

The UK (X tons) was the main destination for caramel exports from Turkey, with a X% share of total exports. Moreover, caramel exports to the UK exceeded the volume sent to the second major destination, Egypt (X tons), twofold. The United States (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (X% per year) and the United States (X% per year).

In value terms, the UK ($X), Egypt ($X) and the United States ($X) appeared to be the largest markets for caramel exported from Turkey worldwide, with a combined X% share of total exports. Russia, Vietnam, Italy, Spain, the Netherlands, Israel, Algeria, the United Arab Emirates, South Africa and Angola lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Angola, with a CAGR of X.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average caramel export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, showed a perceptible decrease. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Caramel Imports

Imports into Turkey

In 2022, purchases abroad of caramel increased by X% to X tons, rising for the third year in a row after three years of decline. In general, imports saw a temperate increase. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, caramel imports soared to $X in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), France (X tons) and Canada (X tons) were the main suppliers of caramel imports to Turkey, with a combined X% share of total imports. China, Iran, Belgium, Austria and Slovakia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Iran (with a CAGR of X%), while imports 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 Russia ($X), together accounting for X% of total imports. Austria, Belgium, China, Iran and Slovakia lagged somewhat behind, together comprising a further X%.

Iran, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average caramel import price stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the import price, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Austria ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform