Why this is important to Wisconsin businesses:
Demand for high-quality processed foods and sustainable foods is growing, and Wisconsin producers may be able to fill some of that need.
Turkey’s food and beverage industry offers the potential for substantial growth, and that creates opportunities for Wisconsin suppliers in that sector.
Turkey is the world’s seventh-largest agricultural producer, with nearly 3 million farms—mostly family operated, according to 2020 figures from NASA’s Earth Observatory.
The food and beverage industry is expected to increase at a 16.9% compound annual growth rate, with a clear trend in support of environmentally friendly, sustainable products and packaging. The growing middle class is fueling demand for high-quality processed food, and the availability of convenience foods is limited.
Turkey’s economy grew 6.2% between 2019 and 2022, and foreign investments totaled $6.5 billion in 2022. The government says its top priority is fighting inflation. Meanwhile, the World Bank has announced that it will increase its loan package to Turkey from $17 billion to $35 billion over the next three years in order to support economic development.
Turkey produces a lot of its own foods and beverages; the $141 billion industry represented nearly 20% of the country’s gross domestic product, according to WorldFood Istanbul. Turkey is a world leader in producing and processing hazelnuts, apricots, figs, cherries, quinces, and raisins; its tomatoes are in big demand in Russia.
At the same time, Turkey imports about $5 billion a year worth of food and beverages. Fish and seafood, processed fruits and vegetables, and snack foods are in highest demand, according to the U.S. Department of Agriculture. Niche products such as cocoa, specialty cheeses, and organic foods also are popular imported items.
Wisconsin exporters can also take advantage of other opportunities, such as food ingredients, processing equipment, and technology for cold storage, warehouses, greenhouses, irrigation, and fertilization.
Companies interested in entering Turkey’s food and beverage sector are encouraged to keep up-to-date on the country’s economic development and on its regulations for importing and market introduction.
