Turkey: Peat Market 2022

Peat Market Size in Turkey

In 2021, the Turkish peat market increased by 0.8% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +10.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +42.4% against 2019 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to see steady growth in the near future.

Peat Production in Turkey

In value terms, peat production reduced modestly to $X in 2021 estimated in export price. Overall, production enjoyed a strong increase. The pace of growth appeared the most rapid in 2013 with an increase of 145% against the previous year. Peat production peaked at $X in 2020, and then declined slightly in the following year.

Peat Exports

Exports from Turkey

In 2021, overseas shipments of peat increased by 17% to X tons, rising for the third year in a row after three years of decline. Overall, exports saw a strong expansion. The growth pace was the most rapid in 2019 when exports increased by 132% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, peat exports surged to $X in 2021. Over the period under review, exports recorded buoyant growth. The pace of growth appeared the most rapid in 2019 when exports increased by 145%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the near future.

Exports by Country

Iraq (X tons) was the main destination for peat exports from Turkey, with a 55% share of total exports. Moreover, peat exports to Iraq exceeded the volume sent to the second major destination, Cyprus (X tons), threefold. Syrian Arab Republic (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Iraq stood at +12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+52.7% per year) and Syrian Arab Republic (+83.6% per year).

In value terms, Iraq ($X), Uzbekistan ($X) and Cyprus ($X) were the largest markets for peat exported from Turkey worldwide, with a combined 60% share of total exports.

In terms of the main countries of destination, Uzbekistan, with a CAGR of +100.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average peat export price stood at $X per ton in 2021, rising by 9.3% against the previous year. Over the period under review, the export price, however, showed a perceptible downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Uzbekistan ($X per ton), while the average price for exports to Iraq ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Uzbekistan (+9.1%), while the prices for the other major destinations experienced a decline.

Peat Imports

Imports into Turkey

For the third consecutive year, Turkey recorded growth in overseas purchases of peat, which increased by 5.7% to X tons in 2021. The total import volume increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 51%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, peat imports skyrocketed to $X in 2021. Overall, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +90.2% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Latvia (X tons), Estonia (X tons) and Lithuania (X tons) were the main suppliers of peat imports to Turkey, together accounting for 76% of total imports.

From 2012 to 2021, the biggest increases were in Estonia (with a CAGR of +29.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Latvia ($X) and Lithuania ($X) were the largest peat suppliers to Turkey, together accounting for 73% of total imports.

Estonia, with a CAGR of +31.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average peat import price stood at $X per ton in 2021, jumping by 29% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, peat import price increased by +71.9% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the Netherlands ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belarus (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :