Turkey: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Turkey

The Turkish virgin olive oil market expanded significantly to $X in 2022, with an increase of 5.4% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in Turkey

In value terms, virgin olive oil production declined to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a slight setback. The pace of growth appeared the most rapid in 2017 when the production volume increased by 43% against the previous year. Virgin olive oil production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Virgin Olive Oil Exports

Exports from Turkey

Virgin olive oil exports from Turkey fell to X tons in 2022, dropping by -9.4% against the year before. Over the period under review, exports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 201%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports shrank remarkably to $X in 2022. Overall, exports, however, recorded strong growth. The pace of growth was the most pronounced in 2013 when exports increased by 198%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

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

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Israel (with a CAGR of +76.9%), while the other leaders experienced more modest paces of growth.

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

Israel, with a CAGR of +70.3%, recorded the highest growth rate of 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 virgin olive oil export price stood at $X per ton in 2022, waning by -6.5% against the previous year. Overall, the export price showed a slight decrease. The growth pace was the most rapid in 2014 an increase of 20% against the previous year. 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 remained at a lower figure.

There were significant differences in the average prices for the major export 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.

Virgin Olive Oil Imports

Imports into Turkey

In 2022, virgin olive oil imports into Turkey skyrocketed to X tons, growing by 26% compared with 2021. In general, imports recorded significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 8,715%. 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, virgin olive oil imports expanded slightly to $X in 2022. Over the period under review, imports recorded a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of 6,393% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X tons), Tunisia (X tons) and Greece (X tons) were the main suppliers of virgin olive oil imports to Turkey, together comprising 96% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +379.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Tunisia ($X) and Italy ($X) appeared to be the largest virgin olive oil suppliers to Turkey, together comprising 96% of total imports.

In terms of the main suppliers, Spain, with a CAGR of +327.3%, 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 virgin olive oil import price stood at $X per ton in 2022, which is down by -18.9% against the previous year. Over the period under review, the import price showed a deep downturn. The pace of growth appeared the most rapid in 2021 when the average import price increased by 45% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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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