Turkey - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSoybean Oil Price in Turkey - 2023
Contents:
- Soybean Oil Price in Turkey (FOB) - 2023
- Soybean Oil Price in Turkey (CIF) - 2022
- Soybean Oil Exports in Turkey
- Soybean Oil Imports in Turkey
Soybean Oil Price in Turkey (FOB) - 2023
In July 2023, the average soybean oil export price amounted to $945 per ton, reducing by -4.8% against the previous month. Over the period under review, the export price saw a perceptible shrinkage. The pace of growth was the most pronounced in December 2022 when the average export price increased by 2.1% month-to-month. The export price peaked at $1,696 per ton in July 2022; however, from August 2022 to July 2023, the export prices stood at a somewhat lower figure.
Average prices varied somewhat for the major external markets. In July 2023, the countries with the highest prices were Iran ($1,244 per ton) and Libya ($1,228 per ton), while the average price for exports to Algeria ($850 per ton) and Egypt ($864 per ton) were amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (0.0%), while the prices for the other major destinations experienced a decline.
Soybean Oil Price in Turkey (CIF) - 2022
The average soybean oil import price stood at $1,613 per ton in 2022, picking up by 18% against the previous year. Overall, import price indicated a notable increase 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 pace of growth appeared the most rapid in 2021 when the average import price increased by 21% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.
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 ($25,200 per ton), while the price for Russia ($1,408 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.
Soybean Oil Exports in Turkey
In 2022, soybean oil exports from Turkey expanded modestly to 311K tons, growing by 4.8% against the year before. Over the period under review, exports recorded significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 79%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.
In value terms, soybean oil exports soared to $453M in 2022. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 133% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.
Export of Soybean Oil in Turkey (Million USD) | |||||
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COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Algeria | 21.0 | 36.1 | 113 | 153 | 93.9% |
Tunisia | 8.7 | 6.9 | 15.4 | 88.1 | 116.3% |
Egypt | 4.3 | 3.1 | 13.3 | 87.1 | 172.6% |
India | N/A | 31.9 | 73.7 | 38.2 | 9.4% |
Iran | 25.4 | 20.8 | 46.1 | 37.3 | 13.7% |
Iraq | 14.6 | 18.0 | 23.5 | 26.1 | 21.4% |
Bangladesh | N/A | 6.3 | 6.4 | N/A | 1.6% |
Others | 4.6 | 23.7 | 51.0 | 23.2 | 71.5% |
Total | 78.6 | 147 | 342 | 453 | 79.3% |
Top Export Markets for Soybean Oil from Turkey in 2022:
- Algeria (103.5K tons)
- Egypt (62.1K tons)
- Tunisia (58.1K tons)
- India (28.1K tons)
- Iran (26.4K tons)
- Iraq (18.3K tons)
Soybean Oil Imports in Turkey
In 2022, approx. 1.9K tons of soybean oil were imported into Turkey; waning by -12.4% compared with the year before. Overall, imports saw a drastic downturn. The smallest decline of -6.2% was in 2021.
In value terms, soybean oil imports expanded to $3.1M in 2022. The total import value increased at an average annual rate of +6.5% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 13%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.
Import of Soybean Oil in Turkey (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Russia | N/A | N/A | 2,489 | 2,479 | -0.4% |
Belgium | 7.8 | N/A | 187 | 353 | 256.4% |
Germany | 2,480 | 116 | 147 | 22.8 | -79.1% |
United States | 0.8 | 2,437 | 0.1 | 0.9 | 4.0% |
Others | 75.4 | 90.9 | 174 | 241 | 47.3% |
Total | 2,564 | 2,644 | 2,997 | 3,096 | 6.5% |
Top Suppliers of Soybean Oil to Turkey in 2022:
- Russia (1760.4 tons)
- Belgium (111.5 tons)
- Germany (3.9 tons)
- United States (0.2 tons)
This report provides an in-depth analysis of the soybean oil market in Turkey. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 237 - Oil of Soybeans
Country coverage:
- Turkey
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Turkey
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
This report provides an in-depth analysis of the soybean oil market in Turkey.
This report provides an in-depth analysis of the soybean oil market in Turkey.
This report provides an in-depth analysis of the crude soybean oil market in Turkey.
This report provides an in-depth analysis of the refined soybean oil market in Turkey.
This report provides an in-depth analysis of the global soybean oil market.
Global Soybean Oil Market Report 2019. This report provides an in-depth analysis of the global soybean oil market.
This report provides an in-depth analysis of the global crude soybean oil market.
This report provides an in-depth analysis of the global refined soybean oil market.
This report provides an in-depth analysis of the soybean oil market in Turkey.
This report provides an in-depth analysis of the soybean oil market in Turkey.
In January 2023, the soybean oil price amounted to $1,293 per ton (FOB, Turkey), remaining constant against the previous month.
In January 2023, the crude soybean oil price amounted to $1,293 per ton (FOB, Turkey), approximately equating the previous month.
Explore the top import markets for soybean oil and learn about the key countries driving the global soybean oil trade. Discover the trends and statistics behind the world's best import markets for this popular cooking oil.
In 2022, soybean oil prices are forecast to rise by nearly 4% to $1,425 per ton, driven by boosting demand for biofuels. In 2021, the average annual soybean oil price skyrocketed, rising 65% y-o-y to $1,385 per ton. India remains the world’s largest soybean oil importer, while Argentina holds the position of the leading global supplier.
The soybean oil market indicates steady growth, despite the COVID-19 pandemic cut demand for biofuel. The competitive price of soybean oil, against the price for sunflower and palm oil, combined with the potential growth in demand for biofuels and increasingly robust environmental standards, signal tangible prospects for the further development of the soybean oil market.
Global soybean oil consumption amounted to X thousand tons in 2015, picking up by +X% against the previous year level.
Global soybean oil exports amounted to X thousand tons in 2015, picking up by +X% against the previous year level.
Global soybean oil imports amounted to X thousand tons in 2015, jumping by +X% against the previous year level.
In 2015, the countries with the highest levels of production were China (X thousand tons), the United States (X thousand tons), Brazil (X thousand tons), together accounting for X% of total output.
Argentina leads the way in the global soya-bean oil trade. In 2014, Argentina exported X thousand tons of soya-bean oil totaling X million USD, X% under the previous year. Its primary trading partner was India, where it supplied X% of its t