Turkey: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Turkey

The Turkish sunflower-seed and safflower oil market soared to $X in 2022, with an increase of 16% against the previous year. Over the period under review, consumption saw a perceptible expansion. Sunflower-seed and safflower oil consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Production of Sunflower-Seed And Safflower Oil in Turkey

In value terms, sunflower-seed and safflower oil production reduced remarkably to $X in 2022 estimated in export price. Overall, production enjoyed strong growth. The growth pace was the most rapid in 2021 when the production volume increased by 68% against the previous year. Sunflower-seed and safflower oil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Turkey

Sunflower-seed and safflower oil exports from Turkey surged to X tons in 2022, jumping by 75% compared with 2021 figures. Over the period under review, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 92% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, sunflower-seed and safflower oil exports skyrocketed to $X in 2022. Overall, exports continue to indicate resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Iraq (X tons) was the main destination for sunflower-seed and safflower oil exports from Turkey, with a 28% share of total exports. Moreover, sunflower-seed and safflower oil exports to Iraq exceeded the volume sent to the second major destination, Djibouti (X tons), twofold. The third position in this ranking was taken by India (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iraq totaled +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Djibouti (+105.5% per year) and India (+118.2% per year).

In value terms, Iraq ($X), Djibouti ($X) and India ($X) constituted the largest markets for sunflower-seed and safflower oil exported from Turkey worldwide, with a combined 51% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +125.0%, recorded 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 sunflower-seed and safflower oil export price stood at $X per ton in 2022, increasing by 17% against the previous year. Overall, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunflower-seed and safflower oil export price increased by +91.5% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 50% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Libya ($X per ton), while the average price for exports to Iraq ($X per ton) and Syrian Arab Republic ($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 the United Arab Emirates (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Turkey

In 2022, purchases abroad of sunflower-seed and safflower oil increased by 60% to X tons, rising for the fourth year in a row after four years of decline. In general, imports enjoyed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sunflower-seed and safflower oil imports surged to $X in 2022. Over the period under review, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), Ukraine (X tons) and Bosnia and Herzegovina (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Turkey, together comprising 98% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bosnia and Herzegovina (with a CAGR of +27.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Ukraine ($X) and Bosnia and Herzegovina ($X) were the largest sunflower-seed and safflower oil suppliers to Turkey, together comprising 98% of total imports.

In terms of the main suppliers, Bosnia and Herzegovina, with a CAGR of +25.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, with an increase of 15% against the previous year. Overall, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunflower-seed and safflower oil import price increased by +109.8% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 67% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+1.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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