Turkey: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Turkey

The Turkish refined coconut oil market rose notably to $X in 2022, surging by 7.9% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Refined coconut oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Refined Coconut Oil Production in Turkey

In value terms, refined coconut oil production amounted to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 10%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Refined Coconut Oil Exports

Exports from Turkey

In 2022, the amount of refined coconut (copra) oil exported from Turkey surged to X tons, with an increase of 4,958% compared with the year before. In general, exports continue to indicate a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined coconut oil exports surged to $X in 2022. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2016 when exports increased by 6,147%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Russia (X tons), Ukraine (X tons) and Uzbekistan (X tons) were the main destinations of refined coconut oil exports from Turkey, together comprising 99% of total exports.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +99,274,800.0%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Turkey, comprising 86% of total exports. The second position in the ranking was held by Ukraine ($X), with an 11% share of total exports.

From 2013 to 2022, the average annual growth rate of value to Russia amounted to +148,912,150.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (0.0% per year) and Uzbekistan (+665.5% per year).

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, jumping by 17% against the previous year. In general, the export price posted a resilient expansion. The pace of growth appeared the most rapid in 2015 when the average export price increased by 206%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Ukraine ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+50.0%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Coconut Oil Imports

Imports into Turkey

Refined coconut oil imports into Turkey soared to X tons in 2022, increasing by 52% compared with the previous year's figure. In general, imports recorded a buoyant increase. The growth pace was the most rapid in 2019 with an increase of 57% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, refined coconut oil imports surged to $X in 2022. Overall, imports showed resilient growth. The growth pace was the most rapid in 2017 when imports increased by 80% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of refined coconut oil to Turkey, accounting for a 75% share of total imports. Moreover, refined coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+1.1% per year) and France (+55.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined coconut (copra) oil to Turkey, comprising 73% of total imports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+4.8% per year) and France (+61.1% per year).

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, increasing by 16% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil import price increased by +96.6% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 53%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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