The palm kernel oil processing industry in Turkey has experienced a general decline over the past decade, with actual values dropping from 80.0 thousand metric tons in 2014 to 46.0 thousand metric tons in 2023. A significant year-on-year decline was noted in several years, highlighted by a sharp drop in 2018 at -28.17% and a consistent downward trend in the last years leading to 2023. The compound annual growth rate (CAGR) over the last five years was -2.04%, indicating a steady decrease in production volume.
Looking forward, data forecasts from 2024 to 2028 predict a continued decline in the industry. The projected five-year CAGR is -4.47%, with an expected total reduction of 20.45% by 2028. This suggests ongoing challenges for the sector, possibly due to market shifts, regulatory changes, or supply chain issues.
Future trends to watch for:
- Potential impacts of global competition on Turkey's palm kernel oil processing industry.
- Technological advancements in oil processing techniques that could either mitigate or exacerbate the decline.
- Changes in consumer preferences and demand for alternative oils or fats.
- Regulatory or policy shifts both locally and globally that could affect production rates or profitability.
