Turkey: Maize Oil Market 2024

Maize Oil Market Size in Turkey

The Turkish maize oil market reduced dramatically to $X in 2022, with a decrease of -44.9% against the previous year. Over the period under review, consumption recorded a abrupt shrinkage. Maize oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Maize Oil Production in Turkey

In value terms, maize oil production reached $X in 2022 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 -1.6% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 6.9%. Maize oil production peaked at $X in 2020; afterwards, it flattened through to 2022.

Maize Oil Exports

Exports from Turkey

In 2022, approx. X tons of maize oil were exported from Turkey; which is down by -20.4% against the previous year. In general, exports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2015 when exports increased by 133%. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped markedly in the following year.

In value terms, maize oil exports declined to $X in 2022. Overall, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 105% against the previous year. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Libya (X tons) was the main destination for maize oil exports from Turkey, accounting for a 52% share of total exports. Moreover, maize oil exports to Libya exceeded the volume sent to the second major destination, Azerbaijan (X tons), fourfold. Israel (X tons) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Libya totaled +17.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+20.2% per year) and Israel (-4.4% per year).

In value terms, Libya ($X) remains the key foreign market for maize oil exports from Turkey, comprising 54% of total exports. The second position in the ranking was held by Azerbaijan ($X), with a 12% share of total exports. It was followed by Israel, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Libya amounted to +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+19.2% per year) and Israel (-2.3% per year).

Export Prices by Country

In 2022, the average maize oil export price amounted to $X per ton, jumping by 19% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 32%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Israel ($X per ton) and Libya ($X per ton), while the average price for exports to Iraq ($X per ton) and Egypt ($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 Israel (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Turkey

In 2022, supplies from abroad of maize oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, showed a slight descent. The most prominent rate of growth was recorded in 2015 with an increase of 128% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, maize oil imports reached $X in 2022. Over the period under review, imports, however, recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2015 when imports increased by 126%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), Argentina (X tons) and Spain (X tons) were the main suppliers of maize oil imports to Turkey, together comprising 47% of total imports. Belgium, Brazil, Hungary, France and Ukraine lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +20.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest maize oil suppliers to Turkey were the United States ($X), Brazil ($X) and Spain ($X), together accounting for 50% of total imports.

Among the main suppliers, Brazil, with a CAGR of +16.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, which is down by -13.4% against the previous year. Overall, the import price saw a perceptible downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 38% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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