Turkey’s Margarine And Shortening Exports Fall By 4% to $157 Million in 2024 – News and Statistics – IndexBox
Jan 23, 2025
Turkey Margarine And Shortening Exports
For the third year in a row, Turkey recorded decline in overseas shipments of margarine and shortening, which decreased by -1.4% to 109K tons in 2024. In general, exports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 50%. Over the period under review, the exports attained the peak figure at 190K tons in 2016; however, from 2017 to 2024, the exports failed to regain momentum.
In value terms, margarine and shortening exports declined to $157M (IndexBox estimates) in 2024. Overall, exports recorded a mild decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 108% against the previous year. Over the period under review, the exports attained the peak figure at $246M in 2022; however, from 2023 to 2024, the exports failed to regain momentum.
Exports by Country
Iraq (50K tons) was the main destination for margarine and shortening exports from Turkey, with a 46% share of total exports. Moreover, margarine and shortening exports to Iraq exceeded the volume sent to the second major destination, Syrian Arab Republic (20K tons), twofold. Romania (5.5K tons) ranked third in terms of total exports with a 5.1% share.
From 2014 to 2024, the average annual rate of growth in terms of volume to Iraq stood at -3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Syrian Arab Republic (-6.4% per year) and Romania (+17.4% per year).
In value terms, Iraq ($72M) remains the key foreign market for margarine and shortening exports from Turkey, comprising 46% of total exports. The second position in the ranking was taken by Syrian Arab Republic ($28M), with an 18% share of total exports. It was followed by Romania, with a 5.3% share.
From 2014 to 2024, the average annual rate of growth in terms of value to Iraq totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Syrian Arab Republic (-4.5% per year) and Romania (+20.3% per year).
Exports by Type
Liquid margarine and edible mixtures of animal or vegetable fats (76K tons) was the largest type of margarine and shortening exported from Turkey, accounting for a 69% share of total exports. Moreover, liquid margarine and edible mixtures of animal or vegetable fats exceeded the volume of the second product type, non-liquid margarine (33K tons), twofold.
From 2014 to 2024, the average annual growth rate of the volume of liquid margarine and edible mixtures of animal or vegetable fats exports totaled +1.7%.
In value terms, liquid margarine and edible mixtures of animal or vegetable fats ($114M) remains the largest type of margarine and shortening exported from Turkey, comprising 72% of total exports. The second position in the ranking was taken by non-liquid margarine ($43M), with a 28% share of total exports.
From 2014 to 2024, the average annual growth rate of the value of liquid margarine and edible mixtures of animal or vegetable fats exports stood at +4.1%.
Export Prices by Country
In 2024, the margarine and shortening price amounted to $1,439 per ton (FOB, Turkey), waning by -2.6% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2014 to 2024: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, margarine and shortening export price decreased by -17.0% against 2022 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 38%. Over the period under review, the average export prices hit record highs at $1,734 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.
There were significant differences in the average prices for the major overseas markets. In 2024, amid the top suppliers, the country with the highest price was Iran ($2,139 per ton), while the average price for exports to Georgia ($1,310 per ton) was amongst the lowest.
From 2014 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform
This report provides an in-depth analysis of the margarine and shortening 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 1242 – Margarine and Shortening
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