Turkey: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in Turkey

In 2022, the Turkish crude soybean oil market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, recorded a perceptible decrease. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in Turkey

In value terms, crude soybean oil production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.1% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by 45%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports from Turkey

For the eighth year in a row, Turkey recorded growth in shipments abroad of crude soybean oil, which increased by 6.5% to X tons in 2022. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 378% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, crude soybean oil exports surged to $X in 2022. Over the period under review, exports saw a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 340%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Algeria (X tons), Egypt (X tons) and Tunisia (X tons) were the main destinations of crude soybean oil exports from Turkey, with a combined 72% share of total exports. India, Iran, Iraq and China lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +166.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude soybean oil exported from Turkey were Algeria ($X), Tunisia ($X) and Egypt ($X), together accounting for 73% of total exports. India, Iran, Iraq and China lagged somewhat behind, together comprising a further 23%.

In terms of the main countries of destination, Iran, with a CAGR of +189.0%, recorded 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 crude soybean oil export price stood at $X per ton in 2022, picking up by 27% against the previous year. Overall, the export price showed slight growth. The pace of growth appeared the most rapid in 2021 when the average export price increased by 63%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Tunisia ($X per ton) and Algeria ($X per ton), while the average price for exports to China ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+27.6%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Turkey

In 2022, overseas purchases of crude soybean oil decreased by -12.5% to X tons, falling for the ninth year in a row after two years of growth. Overall, imports saw a deep setback. The growth pace was the most rapid in 2013 when imports increased by 43% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports reduced to $X in 2022. In general, imports recorded a abrupt shrinkage. The growth pace was the most rapid in 2013 with an increase of 36% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Russia (X tons) was the main crude soybean oil supplier to Turkey, with a 99.9% share of total imports. It was followed by India (X kg), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia totaled -12.5%.

In value terms, Russia ($X) constituted the largest supplier of crude soybean oil to Turkey, comprising 99.9% of total imports. The second position in the ranking was taken by India ($X), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia was relatively modest.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, rising by 14% against the previous year. Over the period under review, the import price continues to indicate modest growth. The pace of growth was the most pronounced in 2021 when the average import price increased by 17% 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Russia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+93.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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