Turkey: Non-Cane Molasses Market 2024

Non-Cane Molasses Market Size in Turkey

In 2022, the Turkish non-cane molasses market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption continues to indicate measured growth. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Non-Cane Molasses Production in Turkey

In value terms, non-cane molasses production shrank markedly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 69% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Non-Cane Molasses Exports

Exports from Turkey

In 2022, approx. X tons of molasses (excluding cane molasses) were exported from Turkey; declining by -33.7% against the year before. In general, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 762% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-cane molasses exports dropped to $X in 2022. Overall, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 1,131%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Yemen (X tons) was the main destination for non-cane molasses exports from Turkey, with a 49% share of total exports. Moreover, non-cane molasses exports to Yemen exceeded the volume sent to the second major destination, Cyprus (X tons), threefold. Greece (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Yemen stood at +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+65.2% per year) and Greece (-11.1% per year).

In value terms, Yemen ($X) remains the key foreign market for molasses (excluding cane molasses) exports from Turkey, comprising 64% of total exports. The second position in the ranking was taken by Greece ($X), with a 7% share of total exports. It was followed by Cyprus, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value to Yemen amounted to +25.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+29.6% per year) and Cyprus (+124.5% per year).

Export Prices by Country

In 2022, the average non-cane molasses export price amounted to $X per ton, growing by 39% against the previous year. In general, the export price, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2020 an increase of 117%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+45.9%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Cane Molasses Imports

Imports into Turkey

In 2022, the amount of molasses (excluding cane molasses) imported into Turkey soared to X tons, picking up by 96% on 2021. Over the period under review, total imports indicated a noticeable increase from 2012 to 2022: its volume 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, imports decreased by -13.3% against 2020 indices. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, non-cane molasses imports skyrocketed to $X in 2022. In general, imports continue to indicate a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) was the main supplier of non-cane molasses to Turkey, accounting for a 92% share of total imports. Moreover, non-cane molasses imports from Russia exceeded the figures recorded by the second-largest supplier, Egypt (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia stood at +4.1%.

In value terms, Russia ($X) constituted the largest supplier of molasses (excluding cane molasses) to Turkey, comprising 89% of total imports. The second position in the ranking was taken by Egypt ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Russia stood at +6.6%.

Import Prices by Country

In 2022, the average non-cane molasses import price amounted to $X per ton, growing by 35% against the previous year. Over the period under review, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-cane molasses import price increased by +128.2% against 2018 indices. The pace of growth appeared the most rapid in 2019 an increase of 42%. The import price peaked in 2022 and is expected to retain 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 Egypt ($X per ton), while the price for Russia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+6.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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