Chocolate Market Overview in Turkey
Market Overview
The Turkish chocolate market rose significantly to $
in 2019, with an increase of % 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). Overall, consumption enjoyed a buoyant increase. The pace of growth was the most pronounced in 2008 when the market value increased by % y-o-y. Chocolate consumption peaked in 2019 and is expected to retain growth in the near future.
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.
in 2019, with an increase of % 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). Overall, consumption enjoyed a buoyant increase. The pace of growth was the most pronounced in 2008 when the market value increased by % y-o-y. Chocolate consumption peaked in 2019 and is expected to retain growth in the near future.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.Consumption
In 2019, chocolate consumption in Turkey reached tonnes, surging by % against the year before. Overall, consumption continues to indicate a strong increase. The pace of growth was the most pronounced in 2008 when the consumption volume increased by % y-o-y. Chocolate consumption peaked in 2019 and is likely to continue 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.
tonnes, surging by % against the year before. Overall, consumption continues to indicate a strong increase. The pace of growth was the most pronounced in 2008 when the consumption volume increased by % y-o-y. Chocolate consumption peaked in 2019 and is likely to continue 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.Market Forecast
Driven by increasing demand for chocolate in Turkey, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .
% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .Market Structure
Over the period under review, the share of imports in terms of total chocolate consumption in Turkey was relatively small in physical terms, fluctuating under an % figure. In value terms the share of imports also stood at a low figure, which means that the Turkey chocolate market is largely supplied by domestic manufacturers.
% figure. In value terms the share of imports also stood at a low figure, which means that the Turkey chocolate market is largely supplied by domestic manufacturers.Trade Balance
This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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