Turkey: Palm Kernel Oil Market 2022

Palm Kernel Oil Market Size in Turkey

In 2021, the Turkish palm kernel oil market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, showed a relatively flat trend pattern. Palm kernel oil consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Palm Kernel Oil Exports

Exports from Turkey

In 2021, shipments abroad of palm kernel and babassu oil was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, palm kernel oil exports skyrocketed to $X in 2021. Overall, exports showed a significant expansion. The growth pace was the most rapid in 2018 when exports increased by X%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Russia (X tons) 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 tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+X% per year) and Greece (+X% per year).

In value terms, Russia ($X) remains the key foreign market for palm kernel oil exports from Turkey, comprising X% of total exports. The second position in the ranking was taken by Georgia ($X), with a X% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Russia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+X% per year) and Greece (+X% per year).

Export Prices by Country

The average palm kernel oil export price stood at $X per ton in 2021, declining by -X% against the previous year. In general, the export price recorded a slight downturn. The growth pace was the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Georgia ($X per ton), while the average price for exports to Greece ($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 Greece (-X%), while the prices for the other major destinations experienced a decline.

Palm Kernel Oil Imports

Imports into Turkey

In 2021, overseas purchases of palm kernel and babassu oil increased by X% to X tons, rising for the third year in a row after three years of decline. Overall, imports continue to indicate a relatively flat trend pattern. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, palm kernel oil imports soared to $X in 2021. In general, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) was the main 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 tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia amounted to +X%.

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

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia amounted to +X%.

Import Prices by Country

The average palm kernel oil import price stood at $X per ton in 2021, growing by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Indonesia ($X per ton), while the price for Malaysia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+X%).

Source: IndexBox Market Intelligence Platform

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