The food processing industry is one of the major contributors to the growth of the Turkey economy. As per the Turkish Statistical Institute, the food processing industry accounted for 16% of all industrial production in the country. The sector consists of 595 beverages producing and 47,617 food processing companies in 2017. Processing and preserving of fruits and vegetables held the largest share of 16% in the country’s food processing industry, followed by processing, preserving, production of meat and meat products (13%) and dairy products (12%) in 2017. Some crucial food processing companies operating in the country include Anadolu Efes, Unilever, Hormel Foods, Ülker Bisküvi, Et ve Balik Kurumu, and Türkiye Şeker Fabrikaları.
Due to the increasing cases of coronavirus, the Turkish government declared the impose of 4 days lockdown from April 23 and April 27, 2020 on 31 provinces. Due to some measures, the companies have witnessed the closure of their factories. For instance, on 24th April 2020, a Hormel Foods subsidiary has closed Jennie-O turkey plants as some employees have tested positive with COVID-19. The company stated that their 14 employees were tested positive with COVID-19 and as a proactive measure the company shut down the store to support reduce transmission rate in the country. Turkey is one of the suppliers of processed food products to the US and thereby the closure of plants will eventually lead to the shortage in the supply of food products in the local as well as international markets. The OMR report titled “Impact of COVID-19 on Turkey Economy” has provided the pre and post COVID-19 impact along with industry verticals analysis. Multiple authentic sources are used to properly estimate the effect of the outbreak on Turkey economy and values are derived accordingly.
Automobile and Textile industry has been significantly affected by the COVID-19 pandemic
The majority of textile and automotive factories in Turkey have stopped production coupled due to the cancellation of orders from Europe. Some of the textile companies that have suspended production in the country include Sanko Tekstil, Mendered Tekstile, Sikel Tekstile, and Gökhan Textile. Additionally, on 4th week of March 2020, the automobile companies, such as Türk Traktör, Karsan, Anadolu Isuzu, Temsa, and Otokar, declared suspension of production activity to limit the spread of COVID-19. This may also occur due to supply chain disruption in the automobile sector. Due to the shutdown of plants, these industries would significantly affect the COVID-19 outbreak.
OMR Global Recently Published Report on:https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-turkey-economy
The Report Covers-
- Historical market growth estimation of the Turkey economy excluding COVID-19 pandemic effect
- Deviations in the Turkey economy growth rate due to COVID-19 pandemic
Verticals Affected Most
- Textile
- Food and Beverage
- Automobile
- Electronics
- Others (Paper)
Company Profiles
- Anadolu Isuz
- ASELSANA.?.
- Bayraktar Tactical UAS
- Gökhan Textile
- Menderes Tekstil
- Modern Karton San. ve Tic. A.
- Otokar Otomotiv ve Savunma Sanayi A.
- Sanko Textiles
- TEMSA
To Learn More About this Report Request a Free Sample Copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-turkey-economy
