Turkey: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Turkey

The Turkish margarine and shortening market rose modestly to $X in 2022, surging by 1.8% against the previous year. Overall, consumption, however, continues to indicate a noticeable shrinkage. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Margarine And Shortening Production in Turkey

In value terms, margarine and shortening production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced decrease. The pace of growth was the most pronounced in 2017 with an increase of 10% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Margarine And Shortening Exports

Exports from Turkey

In 2022, approx. X tons of margarine and shortening were exported from Turkey; falling by -6.6% on the previous year. In general, total exports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 50%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, margarine and shortening exports soared to $X in 2022. Overall, total exports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +151.1% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 108%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Iraq (X tons) was the main destination for margarine and shortening exports from Turkey, accounting for a 48% share of total exports. Moreover, margarine and shortening exports to Iraq exceeded the volume sent to the second major destination, Syrian Arab Republic (X tons), twofold. Romania (X tons) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iraq amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Syrian Arab Republic (0.0% per year) and Romania (+14.4% per year).

In value terms, Iraq ($X) remains the key foreign market for margarine and shortening exports from Turkey, comprising 49% of total exports. The second position in the ranking was taken by Syrian Arab Republic ($X), with an 18% share of total exports. It was followed by Romania, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Iraq totaled +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Syrian Arab Republic (0.0% per year) and Romania (+17.2% per year).

Export Prices by Country

The average margarine and shortening export price stood at $X per ton in 2022, picking up by 29% against the previous year. Over the period under review, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, margarine and shortening export price increased by +90.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 38%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Iran ($X per ton) and Turkmenistan ($X per ton), while the average price for exports to Georgia ($X per ton) and Lebanon ($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 Turkmenistan (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Margarine And Shortening Imports

Imports into Turkey

In 2022, overseas purchases of margarine and shortening increased by 9.8% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports showed a prominent increase. The pace of growth was the most pronounced in 2017 when imports increased by 64% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, margarine and shortening imports skyrocketed to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +9.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.4% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 56%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest margarine and shortening supplier to Turkey, with a 64% share of total imports. Moreover, margarine and shortening imports from Indonesia exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was held by Sweden (X tons), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia totaled +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+11.8% per year) and Sweden (+44.4% per year).

In value terms, Indonesia ($X) constituted the largest supplier of margarine and shortening to Turkey, comprising 54% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 16% share of total imports. It was followed by Sweden, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia stood at +22.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+12.6% per year) and Sweden (+47.3% per year).

Import Prices by Country

In 2022, the average margarine and shortening import price amounted to $X per ton, increasing by 24% against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, margarine and shortening import price increased by +113.6% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 62%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Russia ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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