Turkey: Palm Kernel Oil Market Overview 2021

Palm Kernel Oil Market Size in Turkey

The Turkish palm kernel oil market contracted markedly to $X in 2019, declining by -X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2008 when the market value increased by X% year-to-year. Palm kernel oil consumption peaked at $X in 2011; however, from 2012 to 2019, consumption failed to regain the momentum.

Palm Kernel Oil Exports

Exports from Turkey

In 2019, approx. X tonnes of palm kernel and babassu oil were exported from Turkey; rising by X% compared with 2018. In general, exports posted buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Exports peaked in 2019 and are expected to retain growth in the immediate term.

In value terms, palm kernel oil exports surged to $X in 2019. Overall, exports enjoyed a strong expansion. The pace of growth was the most pronounced in 2016 when exports increased by X% year-to-year. Over the period under review, exports reached the peak figure in 2019 and are expected to retain growth in the immediate term.

Exports by Country

Russia (X tonnes) was the main destination for palm kernel oil exports from Turkey, accounting for a X% share of total exports. Moreover, palm kernel oil exports to Russia exceeded the volume sent to the second major destination, Georgia (X tonnes), twofold.

From 2007 to 2019, the average annual rate of growth in terms of volume to Russia stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+X% per year) and Brunei Darussalam (+X% per year).

In value terms, the largest markets for palm kernel oil exported from Turkey were Russia ($X), Georgia ($X) and Brunei Darussalam ($X), with a combined X% share of total exports.

Georgia (+X% per year) recorded the highest rates of growth with regard to 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 palm kernel oil export price stood at $X per tonne in 2019, with a decrease of -X% against the previous year. Over the period under review, the export price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2017 when the average export price increased by X% y-o-y. The export price peaked at $X per tonne in 2009; however, from 2010 to 2019, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Brunei Darussalam ($X per tonne), while the average price for exports to Russia ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Brunei Darussalam, while the prices for the other major destinations experienced a decline.

Palm Kernel Oil Imports

Imports into Turkey

In 2019, overseas purchases of palm kernel and babassu oil were finally on the rise to reach X tonnes for the first time since 2015, thus ending a three-year declining trend. Overall, imports, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2009 when imports increased by X% against the previous year. As a result, imports attained the peak of X tonnes. From 2010 to 2019, the growth imports remained at a somewhat lower figure.

In value terms, palm kernel oil imports plummeted to $X in 2019. Over the period under review, imports, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. Imports peaked at $X in 2011; however, from 2012 to 2019, imports stood at a somewhat lower figure.

Imports by Country

In 2019, Malaysia (X tonnes) constituted the largest palm kernel oil supplier to Turkey, with a X% share of total imports. Moreover, palm kernel oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tonnes), ninefold.

From 2007 to 2019, the average annual rate of growth in terms of volume from Malaysia totaled +X%.

In value terms, Malaysia ($X) constituted the largest supplier of palm kernel oil to Turkey, comprising X% of total imports. The second position in the ranking was occupied by Indonesia ($X), with a X% share of total imports.

From 2007 to 2019, the average annual growth rate of value from Malaysia totaled +X%.

Import Prices by Country

The average palm kernel oil import price stood at $X per tonne in 2019, with a decrease of -X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2011 an increase of X% year-to-year. As a result, import price reached the peak level of $X per tonne. From 2012 to 2019, the growth in terms of the average import prices failed to regain the momentum.

Average prices varied noticeably amongst the major supplying countries. In 2019, the country with the highest price was Malaysia ($X per tonne), while the price for Indonesia totaled $X per tonne.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Malaysia.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for palm kernel and babassu oil in the world?

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The countries with the highest volumes of palm kernel oil consumption in 2019 were Indonesia (2.8M tonnes), Malaysia (1.9M tonnes) and China (802K tonnes), together comprising 66% of global consumption.

What are the largest producers of palm kernel and babassu oil in the world?

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Indonesia (4.7M tonnes) remains the largest palm kernel oil producing country worldwide, comprising approx. 56% of total volume. Moreover, palm kernel oil production in Indonesia exceeded the figures recorded by the second-largest producer, Malaysia (2.3M tonnes), twofold. Thailand (276K tonnes) ranked third in terms of total production with a 3.3% share.

What are the leading suppliers of palm kernel and babassu oil to Turkey?

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In value terms, Malaysia ($48M) constituted the largest supplier of palm kernel oil to Turkey, comprising 91% of total imports. The second position in the ranking was occupied by Indonesia ($4.7M), with a 8.8% share of total imports.

What are the leading importers of palm kernel and babassu oil from Turkey?

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In value terms, the largest markets for palm kernel oil exported from Turkey were Russia ($55K), Georgia ($31K) and Brunei Darussalam ($6.6K), with a combined 98% share of total exports.

What is the average export price for palm kernel and babassu oil in Turkey?

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In 2019, the average palm kernel oil export price amounted to $1,538 per tonne, reducing by -13.4% against the previous year.

What is the average import price for palm kernel and babassu oil in Turkey?

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In 2019, the average palm kernel oil import price amounted to $818 per tonne, waning by -34.8% against the previous year.