Turkey: Coconut Oil Market 2024

Coconut Oil Market Size in Turkey

The Turkish coconut oil market skyrocketed to $X in 2022, jumping by 56% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted strong growth. Coconut oil consumption peaked in 2022 and is expected to retain growth in the near future.

Coconut Oil Exports

Exports from Turkey

In 2022, the amount of coconut (copra) oil exported from Turkey skyrocketed to X tons, growing by 4,031% compared with 2021. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 46,709% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, coconut oil exports surged to $X in 2022. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 10,572%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Russia (X tons), Ukraine (X tons) and Uzbekistan (X tons) were the main destinations of coconut oil exports from Turkey, with a combined 98% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Uzbekistan (with a CAGR of +883.6%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) emerged as the key foreign market for coconut (copra) oil exports from Turkey, comprising 85% of total exports. The second position in the ranking was held by Ukraine ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia amounted to +440.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (0.0% per year) and Uzbekistan (+665.5% per year).

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, dropping by -12.9% against the previous year. Overall, the export price recorded a drastic downturn. The pace of growth appeared the most rapid in 2015 when the average export price increased by 299% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Ukraine ($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 Romania (+41.3%), while the prices for the other major destinations experienced mixed trend patterns.

Coconut Oil Imports

Imports into Turkey

In 2022, imports of coconut (copra) oil into Turkey soared to X tons, growing by 51% compared with 2021 figures. Overall, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 +169.7% against 2018 indices. The growth pace was the most rapid in 2017 when imports increased by 56%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, coconut oil imports surged to $X in 2022. In general, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 81%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest coconut oil supplier to Turkey, accounting for a 74% share of total imports. Moreover, coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-4.2% per year) and France (+117.5% per year).

In value terms, Malaysia ($X) constituted the largest supplier of coconut (copra) oil to Turkey, comprising 72% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-0.0% per year) and France (+140.4% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, rising by 15% against the previous year. Overall, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +95.1% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 52% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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