Turkey: Olive Oil Market 2024

Olive Oil Market Size in Turkey

The Turkish olive oil market expanded significantly to $X in 2022, surging by 7.5% against the previous year. Overall, consumption continues to indicate a resilient increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Olive Oil Production in Turkey

In value terms, olive oil production stood at $X in 2022 estimated in export price. Over the period under review, production showed buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 45% against the previous year. Olive oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Olive Oil Exports

Exports from Turkey

In 2022, approx. X tons of olive oil and its fractions were exported from Turkey; waning by -9.4% on the previous year's figure. In general, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 201%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, olive oil exports shrank sharply to $X in 2022. Over the period under review, exports, however, posted resilient growth. The pace of growth was the most pronounced in 2013 when exports increased by 198% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons), Saudi Arabia (X tons) and the United States (X tons) were the main destinations of olive oil exports from Turkey, together comprising 43% of total exports. Israel, Japan, Iran, the United Arab Emirates, Jordan, Italy, Egypt, Germany, Kuwait and Australia lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +76.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Saudi Arabia ($X) and the United States ($X) appeared to be the largest markets for olive oil exported from Turkey worldwide, with a combined 42% share of total exports. Japan, Israel, Iran, Germany, Jordan, the United Arab Emirates, Italy, Australia, Egypt and Kuwait lagged somewhat behind, together comprising a further 40%.

Israel, with a CAGR of +70.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average olive oil export price stood at $X per ton in 2022, dropping by -6.5% against the previous year. Overall, the export price continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 20%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the United Arab Emirates ($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 the United States (+0.5%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into Turkey

In 2022, approx. X tons of olive oil and its fractions were imported into Turkey; rising by 26% on the previous year's figure. Over the period under review, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2015 when imports increased by 8,715%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, olive oil imports totaled $X in 2022. Overall, imports posted significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 6,393% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Tunisia (X tons) and Greece (X tons) were the main suppliers of olive oil imports to Turkey, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +379.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Tunisia ($X) and Italy ($X) constituted the largest olive oil suppliers to Turkey, with a combined 96% share of total imports.

Spain, with a CAGR of +327.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average olive oil import price amounted to $X per ton, with a decrease of -18.9% against the previous year. Over the period under review, the import price continues to indicate a abrupt decrease. The growth pace was the most rapid in 2021 when the average import price increased by 45%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Italy ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+7.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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