The Soybean Oil Processing volume in Turkey has shown a consistent decline since 2014. It stood at 83 thousand metric tons in 2023, reflecting a -7.78% year-on-year decline. Over the past two years, the decline continued at -7.78% from 2022 to 2023 and -7.22% from 2021 to 2022. The compound annual growth rate (CAGR) over the last five years was -5.13%, highlighting a sustained downward trend.
Over the longer period from 2014, there was a significant decrease from 199 thousand metric tons, with annual decreases including -20.2% in 2016, -12.03% in 2017, and -22.3% in 2018. A brief positive fluctuation of 2.78% was observed in 2019, followed by steady declines with significant drops reflected in CAGR values of -11.02% in 2019 and -12.08% in 2020. The forecast for the next five years predicts an average annual decrease (CAGR) of -8.78%, with a total decline of -36.84% by 2028.
Future trends to watch for include potential impacts from shifts in global soybean markets, changes in consumer preferences, advancements in alternative oil technologies, and domestic agricultural policy developments in Turkey. Addressing these factors could influence the trajectory of soybean oil processing volumes.
