Turkey: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in Turkey

The Turkish cotton-seed oil market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2017 with an increase of 9.2% against the previous year. Cotton-seed oil consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Cotton-Seed Oil Production in Turkey

In value terms, cotton-seed oil production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 10%. Cotton-seed oil production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Cotton-Seed Oil Exports

Exports from Turkey

In 2021, cotton-seed oil exports from Turkey surged to X tons, jumping by 34% on the previous year's figure. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 679%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, cotton-seed oil exports soared to $X in 2021. In general, exports saw a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 535% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see steady growth in years to come.

Exports by Country

Australia (X tons) was the main destination for cotton-seed oil exports from Turkey, accounting for a 74% share of total exports. Moreover, cotton-seed oil exports to Australia exceeded the volume sent to the second major destination, Malaysia (X tons), ninefold. The third position in this ranking was taken by Japan (X tons), with a 7.5% share.

From 2012 to 2021, the average annual growth rate of volume to Australia amounted to +172.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+69.3% per year) and Japan (+9.3% per year).

In value terms, Australia ($X) remains the key foreign market for cotton-seed oil exports from Turkey, comprising 71% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 8.2% share of total exports. It was followed by Japan, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Australia totaled +167.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+102.4% per year) and Japan (+9.2% per year).

Export Prices by Country

In 2021, the average cotton-seed oil export price amounted to $X per ton, rising by 46% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+112.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cotton-Seed Oil Imports

Imports into Turkey

In 2021, overseas purchases of cotton-seed oil decreased by -27% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, recorded a significant increase. The growth pace was the most rapid in 2020 when imports increased by 4,592%. As a result, imports attained the peak of X tons, and then declined notably in the following year.

In value terms, cotton-seed oil imports rose markedly to $X in 2021. Over the period under review, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 3,948% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Azerbaijan (X tons) was the main supplier of cotton-seed oil to Turkey, with a 99% share of total imports. It was followed by the United States (X tons), with a 0.2% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Azerbaijan totaled +482.8%.

In value terms, Azerbaijan ($X) constituted the largest supplier of cotton-seed oil to Turkey, comprising 97% of total imports. The second position in the ranking was taken by the United States ($X), with a 1.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Azerbaijan totaled +557.0%.

Import Prices by Country

In 2021, the average cotton-seed oil import price amounted to $X per ton, with an increase of 49% against the previous year. Over the period under review, the import price, however, faced a abrupt decline. The growth pace was the most rapid in 2014 an increase of 139% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Azerbaijan amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Azerbaijan (+12.8%).

Source: IndexBox Platform

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