Turkey: Glucose Market 2024

Glucose Market Size in Turkey

The Turkish glucose market totaled $X in 2021, approximately reflecting the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Glucose Production in Turkey

In value terms, glucose production totaled less than $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern.

Glucose Exports

Exports from Turkey

For the third year in a row, Turkey recorded growth in overseas shipments of glucose and glucose syrup, which increased by 4.2% to X tons in 2021. Overall, exports posted a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 58%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, glucose exports soared to $X in 2021. In general, exports posted strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 43%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Nigeria (X tons) was the main destination for glucose exports from Turkey, with a 24% share of total exports. Moreover, glucose exports to Nigeria exceeded the volume sent to the second major destination, Iraq (X tons), threefold. Ghana (X tons) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume to Nigeria totaled +61.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+18.7% per year) and Ghana (+29.4% per year).

In value terms, Nigeria ($X) remains the key foreign market for glucose and glucose syrup exports from Turkey, comprising 23% of total exports. The second position in the ranking was held by Iraq ($X), with an 8.3% share of total exports. It was followed by Ghana, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Nigeria stood at +55.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+14.0% per year) and Ghana (+25.5% per year).

Export Prices by Country

The average glucose export price stood at $X per ton in 2021, picking up by 14% against the previous year. In general, the export price, however, saw a pronounced descent. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Peru ($X per ton) and Cameroon ($X per ton), while the average price for exports to Cote d'Ivoire ($X per ton) and South Africa ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mozambique (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.

Glucose Imports

Imports into Turkey

Glucose imports into Turkey fell to X tons in 2021, which is down by -8.8% against the previous year's figure. Over the period under review, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -28.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 32% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, glucose imports expanded significantly to $X in 2021. The total import value increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 17% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), Bosnia and Herzegovina (X tons) and Belgium (X tons) were the main suppliers of glucose imports to Turkey, with a combined 63% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +42.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and Belgium ($X) constituted the largest glucose suppliers to Turkey, together accounting for 65% of total imports.

Belgium, with a CAGR of +43.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average glucose import price stood at $X per ton in 2021, surging by 16% against the previous year. Over the period under review, the import price, however, saw a slight decrease. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood 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 France ($X per ton), while the price for Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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