In Turkey, the palm oil market displayed fluctuating yet overall positive growth from 2014 to 2023, reaching 548 thousand metric tons in 2023. Key annual growth rates were noted in 2015 (21.22%) and 2016 (11.82%), but certain years like 2017 saw a decline (-3.72%). The last five-year average growth rate stands at 1.67% year-on-year, with a CAGR of 1.81%. Notably, from 2024 to 2028, a forecasted CAGR of 1.16% indicates steady but slower growth, projecting the market size to reach 590 thousand metric tons by 2028.
Future trends to watch include:
• Sustainable and eco-friendly production practices gaining traction.
• Increased governmental and societal pressure to limit deforestation linked to palm oil production.
• Potential shifts in consumer preferences towards alternative oils that could influence market dynamics.
• Trade policies and economic factors that may impact palm oil pricing and consumption.
