Turkey's soybean oil export volume has shown significant growth from 2014 to 2023, starting at 3.0 Thousand Metric Tons in 2014 and reaching 106.0 Thousand Metric Tons in 2023, marking a considerable expansion. The year-on-year variations have seen dramatic shifts in early years, particularly between 2014 and 2016, with an exceptional peak in 2016. Recent trends indicate a more stable growth pattern, marked by slight annual increases. The CAGR over the last five years, from 2018 to 2023, averaged 4.51%, suggesting sustained growth albeit at a slower pace than earlier years.
The forecast for the next five years anticipates a continued increase in export volumes, with a projected 2028 volume of 135.0 Thousand Metric Tons and an expected CAGR of 3.81%. This reflects a predicted overall growth rate of 20.54% over this period, indicating that while growth will persist, it may do so at a moderated rate compared to historical data.
Future trends to watch for include potential changes in global demand, shifts in trade policies, advancements in agricultural technology, and the impact of climate change on soybean production. Monitoring these factors will be crucial in anticipating shifts in Turkey's soybean oil export market.
