Turkish sugar market restructuring and expansion

The Turkish sugar market has undergone significant shifts involving competition and corporate restructuring. Initially, state-owned Türkşeker’s decision to offer six-month deferred payment terms triggered a competitive response from private firms İşmen Gıda and Remzi Çakar, who offered similar terms at lower prices. During this period, Bor Şeker (BORSK) faced financial difficulties, reporting a net loss of 282.2 million lira for the April-June 2026 period, leading the company to approve a 250 million lira share buyback program to stabilize its stock price.

Following these financial challenges, Bor Şeker expanded its market position by acquiring a 99.584% stake in the Adapazarı Sugar Factory from Yıldız Holding for $50 million. This acquisition doubled Bor Şeker’s share of Turkey’s total sugar production quota from roughly 2.5% to 5%. As part of this transition, sugar beets grown in the Adapazarı region are expected to be transported to Bor Şeker’s Niğde factory for processing rather than being processed locally, a move driven by shrinking cultivation areas and low sugar content in local crops.