The rice and products market in Turkey has shown steady growth from 2014 to 2023, with a volume reaching 1.37 million metric tons in 2023. Over the past decade, the market recorded a Compound Annual Growth Rate (CAGR) of approximately 0.81%. The year-on-year growth rate for 2023 was 0.89%, consistent with the trend observed since 2019 when the annual growth rates began to stabilize below 1%. Between 2014 and 2017, the market experienced higher growth rates, peaking in 2017 with a 5.45% increase, followed by a gradual decline in the growth rate in subsequent years, reflecting a maturing market.
Looking forward, the rice and products market in Turkey is expected to continue its marginal growth trajectory, with a forecasted CAGR of 0.63% from 2024 to 2028. The total market size is anticipated to grow by 3.19% over the next five years, indicating a consistent but slower expansion pace compared to historical performance.
Future trends to watch for include:
- Potential policy changes affecting rice imports and local production.
- Shifts in consumer preferences towards organic or specialty rice products.
- Technological advancements in agriculture that may influence rice yields and market supply.
- Impact of global rice market fluctuations on local prices and volume.
