Turkey: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Turkey

In 2021, after four years of growth, there was significant decline in the Turkish waffle and wafer market, when its value decreased by -24.6% to $X. Overall, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then declined dramatically in the following year.

Waffle And Wafer Production in Turkey

In value terms, waffle and wafer production reduced to $X in 2021 estimated in export price. Over the period under review, production showed resilient growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 45%. Waffle and wafer production peaked at $X in 2020, and then contracted in the following year.

Waffle And Wafer Exports

Exports from Turkey

For the sixth year in a row, Turkey recorded growth in shipments abroad of waffles and wafers, which increased by 122% to X tons in 2021. Overall, exports showed a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, waffle and wafer exports skyrocketed to $X in 2021. In general, exports recorded buoyant 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 waffle and wafer exports from Turkey, with a 35% share of total exports. Moreover, waffle and wafer exports to Iraq exceeded the volume sent to the second major destination, Israel (X tons), sevenfold. The third position in this ranking was held by Venezuela (X tons), with a 4.2% share.

From 2012 to 2021, the average annual growth rate of volume to Iraq stood at +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+22.0% per year) and Venezuela (+56.4% per year).

In value terms, Iraq ($X) remains the key foreign market for waffles and wafers exports from Turkey, comprising 36% of total exports. The second position in the ranking was held by Israel ($X), with a 6% share of total exports. It was followed by Libya, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Iraq totaled +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+20.1% per year) and Libya (+14.8% per year).

Export Prices by Country

The average waffle and wafer export price stood at $X per ton in 2021, falling by -4.1% against the previous year. Over the period under review, the export price recorded a slight decrease. The pace of growth appeared the most rapid in 2015 when the average export price increased by 4.3% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Oman ($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 (+2.2%), while the prices for the other major destinations experienced mixed trend patterns.

Waffle And Wafer Imports

Imports into Turkey

In 2021, supplies from abroad of waffles and wafers increased by 23% to X tons, rising for the second year in a row after four years of decline. In general, imports, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2015 when imports increased by 43%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, waffle and wafer imports soared to $X in 2021. Over the period under review, imports, however, saw a noticeable decline. The pace of growth was the most pronounced in 2015 when imports increased by 45%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Bulgaria (X tons), the Netherlands (X tons) and Germany (X tons) were the main suppliers of waffle and wafer imports to Turkey, with a combined 53% share of total imports. Italy, Poland, the Czech Republic and Romania lagged somewhat behind, together comprising a further 35%.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +250.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest waffle and wafer suppliers to Turkey were Germany ($X), Italy ($X) and Poland ($X), together accounting for 61% of total imports. These countries were followed by the Netherlands, Bulgaria, Romania and the Czech Republic, which together accounted for a further 31%.

In terms of the main suppliers, Romania, with a CAGR of +191.7%, 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

In 2021, the average waffle and wafer import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 33%. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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