The demand for palm oil in Turkey has shown a generally upward trend from 2014 to 2023, starting at 508 thousand metric tons in 2014 and reaching 705 thousand metric tons in 2023. Significant year-on-year variation was seen in 2015 with 23.82% growth, while the lowest was in 2017 with a -3.87% decline. Recent growth has stabilized with an average growth of around 1.44% over the last two years. The Compound Annual Growth Rate (CAGR) for the period shows consistent growth, reaching 1.67% by 2023.
Future forecasts indicate continued growth, with demand expected to reach 752 thousand metric tons by 2028. The forecasted five-year CAGR is 1.01%, indicating a slight decline in growth rate compared to previous years. The five-year growth rate from 2024 to 2028 is expected to be 5.17%.
Future trends to watch for include:
- Environmental and sustainability concerns impacting palm oil production and consumption.
- Potential shifts towards alternative oils due to health trends and regulatory changes.
- Economic fluctuations and trade policies affecting import volumes and pricing.
