From 2014 to 2023, coconut oil demand in Turkey demonstrated significant volatility. Notable years include 2017, with a sharp increase of 35.71%, and 2018, with a substantial decrease of 47.37%. The demand began to stabilize from 2019 to 2023, leading to a decline from an initial 18.0 thousand metric tons in 2014 to 10.0 thousand metric tons in 2023. The year-on-year variation for 2023 stood at 0%, indicating no change from the previous year. Over the last five years, the compounded annual growth rate (CAGR) is approximately -4.9%.
Looking ahead, forecasts predict a continuous decline, with a projected demand of 7.0 thousand metric tons by 2028. Future market trends to watch for include:
- Changes in consumer preferences towards alternative oils
- Potential influences from health trends and dietary shifts
- Market impacts from economic factors and import policies
- Possible technological advancements in oil extraction and processing
