Chocolate Market Overview in Turkey
In value terms, chocolate production rose markedly to $ in 2019 estimated in export prices. Over the period under review, the total production indicated a strong increase from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, production increased by +% against 2014 indices. The most prominent rate of growth was recorded in 2010 with an increase of % y-o-y. Chocolate production peaked in 2019 and is expected to retain growth in years to come.
The size of the chocolate market in Turkey rose rapidly to $ in 2019, increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted a buoyant expansion. The growth pace was the most rapid in 2008 when the market value increased by % y-o-y. Over the period under review, the market hit record highs in 2019 and is likely to see steady growth in the immediate term.