Turkey: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in Turkey

The Turkish cotton-seed oil market soared to $X in 2021, increasing by 203% against the previous year. Over the period under review, consumption, however, saw a sharp contraction. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 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. In general, production saw a sharp downturn. The pace of growth appeared the most rapid in 2016 with a decrease of -28.9% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Cotton-Seed Oil Exports

Exports from Turkey

In 2021, shipments abroad of crude cotton-seed oil decreased by 0% to X tons, falling for the second year in a row after three years of decline. Over the period under review, exports enjoyed significant growth. The pace of growth was the most pronounced in 2013 with an increase of 691%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, cotton-seed oil exports stood at $X in 2021. Overall, exports saw significant growth. The growth pace was the most rapid in 2013 when exports increased by 1,087% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for cotton-seed oil exports from Turkey, with a 87% share of total exports. Moreover, cotton-seed oil exports to Spain exceeded the volume sent to the second major destination, Qatar (X tons), more than tenfold. Sweden (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Spain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+45.3% per year) and Sweden (0.0% per year).

It was followed by Qatar, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value to Spain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+43.2% per year) and Qatar (+55.3% per year).

Export Prices by Country

The average cotton-seed oil export price stood at $X per ton in 2021, approximately equating the previous year. In general, the export price posted a perceptible expansion. The pace of growth was the most pronounced in 2013 an increase of 50% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Israel ($X per ton), while the average price for exports to Sweden ($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 Israel (+10.7%).

Cotton-Seed Oil Imports

Imports into Turkey

In 2021, imports of crude cotton-seed oil into Turkey skyrocketed to X tons, rising by 403% against the previous year. Over the period under review, imports saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 2,404%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, cotton-seed oil imports skyrocketed to $X in 2021. In general, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2020 when imports increased by 8,590%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

Imports by Country

The Netherlands (X tons), France (X tons) and Belgium (X tons) were the main suppliers of cotton-seed oil imports to Turkey, with a combined 88% share of total imports. Germany and the UK lagged somewhat behind, together accounting for a further 12%.

From 2014 to 2021, the biggest increases were recorded for the UK (with a CAGR of +109.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of crude cotton-seed oil to Turkey, comprising 54% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 23% share of total imports. It was followed by Belgium, with an 18% share.

From 2014 to 2021, the average annual rate of growth in terms of value from France was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (0.0% per year) and Belgium (0.0% per year).

Import Prices by Country

In 2021, the average cotton-seed oil import price amounted to $X per ton, declining by -56.5% against the previous year. Overall, the import price saw a sharp contraction. The most prominent rate of growth was recorded in 2020 when the average import price increased by 247% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was France ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2014 to 2021, the most notable rate of growth in terms of prices was attained by the UK (-27.5%).

Source: IndexBox Platform

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