Turkey: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Turkey

The Turkish refined groundnut oil market reduced modestly to $X in 2021, shrinking by -2.5% against the previous year. In general, consumption enjoyed a resilient expansion. Refined groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in Turkey

In value terms, refined groundnut oil production declined modestly to $X in 2021 estimated in export price. Over the period under review, production recorded resilient growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 63% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports from Turkey

In 2021, overseas shipments of refined groundnut oil were finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports, however, faced a dramatic downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 270%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, refined groundnut oil exports dropped modestly to $X in 2021. Over the period under review, exports, however, recorded a precipitous setback. The pace of growth was the most pronounced in 2016 with an increase of 154% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Togo (X kg) was the main destination for refined groundnut oil exports from Turkey, with a 72% share of total exports. Moreover, refined groundnut oil exports to Togo exceeded the volume sent to the second major destination, Benin (X kg), threefold. The third position in this ranking was held by Burkina Faso (X kg), with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Togo amounted to -25.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-12.9% per year) and Burkina Faso (0.0% per year).

In value terms, Togo ($X) remains the key foreign market for refined groundnut oil exports from Turkey, comprising 44% of total exports. The second position in the ranking was taken by Benin ($X), with a 19% share of total exports. It was followed by the United Arab Emirates, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value to Togo amounted to -14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+2.1% per year) and the United Arab Emirates (-25.5% per year).

Export Prices by Country

The average refined groundnut oil export price stood at $X per ton in 2021, dropping by -11.4% against the previous year. Over the period under review, the export price, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 56%. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then declined in the following year.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Togo ($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 Saudi Arabia (+83.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Groundnut Oil Imports

Imports into Turkey

In 2021, approx. X tons of refined groundnut oil were imported into Turkey; growing by 168% on the year before. Over the period under review, imports enjoyed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined groundnut oil imports skyrocketed to $X in 2021. Overall, imports continue to indicate a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Tanzania (X tons), Belgium (X tons) and Germany (X tons) were the main suppliers of refined groundnut oil imports to Turkey, together comprising 88% of total imports. Italy, India and the United States lagged somewhat behind, together comprising a further 9.6%.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +33.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) constituted the largest supplier of refined groundnut oil to Turkey, comprising 60% of total imports. The second position in the ranking was taken by Germany ($X), with a 17% share of total imports. It was followed by Tanzania, with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium totaled +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.3% per year) and Tanzania (0.0% per year).

Import Prices by Country

In 2021, the average refined groundnut oil import price amounted to $X per ton, waning by -19.9% against the previous year. In general, the import price showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 when the average import price increased by 6.7% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020, and then contracted remarkably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :