Turkey: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Turkey

The Turkish market for sunflower-seed or safflower oil, refined, but not chemically modified rose significantly to $X in 2021, with an increase of 10% against the previous year. Overall, consumption, however, saw a perceptible slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Turkey

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified dropped to $X in 2021 estimated in export price. In general, production continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2019 with an increase of 6.8% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Turkey

In 2021, after two years of growth, there was significant decline in shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified, when their volume decreased by -25.7% to X tons. In general, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 92%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified totaled $X in 2021. Over the period under review, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +77.1% against 2018 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 59%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Djibouti (X tons), Yemen (X tons) and Iraq (X tons) were the main destinations of exports of sunflower-seed or safflower oil, refined, but not chemically modified from Turkey, together accounting for 48% of total exports.

From 2012 to 2021, the biggest increases were in Djibouti (with a CAGR of +115.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sunflower-seed or safflower oil, refined, but not chemically modified exported from Turkey were Djibouti ($X), Yemen ($X) and Iraq ($X), together accounting for 48% of total exports.

Among the main countries of destination, Djibouti, with a CAGR of +114.6%, 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 export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, rising by 54% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Libya ($X per ton), while the average price for exports to Myanmar ($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 Yemen (+0.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Turkey

In 2021, the amount of sunflower-seed or safflower oil, refined, but not chemically modified imported into Turkey contracted significantly to X tons, dropping by -56.4% on 2020. In general, imports, however, posted a significant increase. The growth pace was the most rapid in 2013 when imports increased by 1,011% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified declined sharply to $X in 2021. Over the period under review, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 804% against the previous year. Over the period under review, imports of hit record highs at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Bosnia and Herzegovina (X tons) constituted the largest sunflower-seed or safflower oil, refined, but not chemically modified supplier to Turkey, accounting for a 88% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Bosnia and Herzegovina exceeded the figures recorded by the second-largest supplier, Romania (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Bosnia and Herzegovina totaled +42.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+110.3% per year) and Austria (+133.3% per year).

In value terms, Bosnia and Herzegovina ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Turkey, comprising 84% of total imports. The second position in the ranking was held by Romania ($X), with a 3.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Bosnia and Herzegovina amounted to +39.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+77.1% per year) and Austria (+135.4% per year).

Import Prices by Country

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, increasing by 44% against the previous year. Over the period under review, the import price, however, showed a pronounced contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was Austria ($X per ton), while the price for Bosnia and Herzegovina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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