Turkey: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Turkey

The Turkish fish fat and oil market surged to $X in 2022, growing by 39% against the previous year. In general, consumption continues to indicate a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Fish Fats And Oils in Turkey

In value terms, fish fat and oil production dropped to $X in 2022 estimated in export price. In general, production, however, continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of 160%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Fish Fats And Oils

Exports from Turkey

Fish fat and oil exports from Turkey skyrocketed to X tons in 2022, picking up by 94% compared with the year before. In general, exports posted buoyant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 186%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, fish fat and oil exports soared to $X in 2022. Overall, exports saw a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 187% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Peru (X tons), Denmark (X tons) and France (X tons) were the main destinations of fish fat and oil exports from Turkey, with a combined 63% share of total exports. Chile, Norway, Colombia and Morocco lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Chile (with a CAGR of +92.5%), while the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), Denmark ($X) and Chile ($X) were the largest markets for fish fat and oil exported from Turkey worldwide, together accounting for 63% of total exports.

In terms of the main countries of destination, Chile, with a CAGR of +128.8%, recorded the highest growth rate of 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

In 2022, the average fish fat and oil export price amounted to $X per ton, picking up by 34% against the previous year. In general, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil export price increased by +64.4% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 46%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Chile ($X per ton) and Colombia ($X per ton), while the average price for exports to France ($X per ton) and Norway ($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 Greece (+31.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fats And Oils

Imports into Turkey

In 2022, fish fat and oil imports into Turkey skyrocketed to X tons, increasing by 18% on 2021. Over the period under review, imports showed strong growth. The pace of growth was the most pronounced in 2018 when imports increased by 41%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, fish fat and oil imports surged to $X in 2022. Overall, imports enjoyed buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Norway (X tons) constituted the largest fish fat and oil supplier to Turkey, with a 51% share of total imports. Moreover, fish fat and oil imports from Norway exceeded the figures recorded by the second-largest supplier, Chile (X tons), threefold. The third position in this ranking was held by Georgia (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Norway stood at +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+21.5% per year) and Georgia (+27.2% per year).

In value terms, Norway ($X) constituted the largest supplier of fish fats and oils to Turkey, comprising 46% of total imports. The second position in the ranking was taken by Chile ($X), with an 18% share of total imports. It was followed by Georgia, with a 16% share.

From 2012 to 2022, the average annual growth rate of value from Norway amounted to +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+23.5% per year) and Georgia (+34.4% per year).

Import Prices by Country

In 2022, the average fish fat and oil import price amounted to $X per ton, rising by 40% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fish fat and oil import price increased by +59.6% against 2020 indices. The import price peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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