Turkey: Soybean Oil Market 2024

Soybean Oil Market Size in Turkey

In 2022, the Turkish soybean oil market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption continues to indicate a perceptible expansion. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Soybean Oil Production in Turkey

In value terms, soybean oil production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate significant growth. The growth pace was the most rapid in 2015 with an increase of 90%. Soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from Turkey

Soybean oil exports from Turkey expanded to X tons in 2022, growing by 4.8% on the previous year. In general, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 345% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, soybean oil exports soared to $X in 2022. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 304%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Algeria (X tons), Egypt (X tons) and Tunisia (X tons) were the main destinations of soybean oil exports from Turkey, with a combined 72% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +349.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Turkey were Algeria ($X), Tunisia ($X) and Egypt ($X), together comprising 72% of total exports.

Egypt, with a CAGR of +338.0%, 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 soybean oil export price stood at $X per ton in 2022, increasing by 26% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 63% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Tunisia ($X per ton) and Algeria ($X per ton), while the average price for exports to China ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Tunisia (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Turkey

In 2022, overseas purchases of soybean oil decreased by -12.4% to X tons, falling for the ninth consecutive year after two years of growth. Over the period under review, imports showed a drastic downturn. The pace of growth appeared the most rapid in 2013 with an increase of 43% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, soybean oil imports rose slightly to $X in 2022. In general, imports recorded a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 36% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) was the main soybean oil supplier to Turkey, with a 92% share of total imports. Moreover, soybean oil imports from Russia exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. Italy (X tons) ranked third in terms of total imports with a 0.1% share.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to -12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+110.0% per year) and Italy (-66.4% per year).

In value terms, Russia ($X) constituted the largest supplier of soybean oil to Turkey, comprising 80% of total imports. The second position in the ranking was held by Belgium ($X), with an 11% share of total imports. It was followed by Italy, with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+76.6% per year) and Italy (-62.9% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, surging by 18% against the previous year. In general, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +106.4% against 2016 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 21% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+93.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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