Cooking Oil Market is Expected to Reach US$1.7 Bn by 2024 – Rising Demand for High-Quality Edible Oils to Drive Demand

Nov 8, 2017 - (Newswire)

A fresh business and commerce study by Transparency Market Research (TMR) has detected that the cooking oil market in GCC and Qatar is highly consolidated in nature, with top three companies reserved nearly three-fourth of the total shares as of 2015. These three companies are Emirates Refining Company Ltd., Savola Group, and United Foods Company, and are expected to remain most prominent via their diverse product portfolio, aggressive investments for research and development, and strong distribution network across the region. For example, in February 2015, Salova Group introduced its new line of canola oil products that have improved Omega-3 features. This move has helped the company to further strengthen their position in the GCC and Qatar cooking oil market.

As per the projections of the TMR report, the demand in the cooking oil market in gulf countries including Qatar will increment at a notable CAGR of 6.6% during the forecast period of 2016 to 2024. By the end of 2024, the report has estimated the valuation of GCC and Qatar cooking oil market to be US$1.7 bn, which is significantly higher than its evaluated worth of US$988.2 mn in 2015. In terms of volume, the report anticipated the demand to increase at a CAGR of 8.4% during the said forecast period.

Sunflower Oil Leads but Corn Oil Emerging as Lucrative Segment

Based on product type, the report segments the GCC and Qatar cooking oil market into corn oil, sunflower oil, and palm oil including palmolein and palm kernel. Among these, the sunflower cooking oil segment constituted for more than two-third of the total demand in 2015 and is expected to remain most prominent throughout the forecast period. Having said that, while corn oil accounted for merely 7% of the demand the same year, it is projected to exhibit the most robust CAGR and vendors who focus on this segment will be well served in the near future. Based on packaging type, the market for cooking oil in GCC and Qatar is bifurcated into retail and bulk, with retail package currently contributing the most prominent chunk of demand.

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GCC More Profitable than Qatar

As per the findings of the TMR report, GCC accounted for the most prominent chunk of demand for cooking oil in 2015 and is estimated to offer opportunities worth US$1.6 bn by the end of the forecast period, which is 2024. Exhibiting a 6.5% CAGR during the said forecast period, the regional segment will retain its dominance in the GCC and Qatar cooking oil market. The Qatar cooking oil market, on the other hand, is projected to witness a greater rise in terms of volume than by value.

Growing Popularity of Packaged Food Driving Demand

Major shift in investment patterns by some of the key companies in this region is the primary driver of the market. In the past decade, more than double investments have been made as vendors have realized that consumers are willing to spend extra for edible oils, which is a basic ingredient for most of the delicacies cooked by the residents. Constant increase in the demand for vegetable oil from the prospering food sector and introduction of biofuel policies and requirement of biodiesel are some of the other factors augmenting the demand in the GCC and Qatar cooking oil. On the other hand, high cost of raw materials, lack of local production of cooking oils as a result of adverse climatic conditions and negligible rainfall, and growing awareness among consumers regarding ill-effects on health as a result of extra usage of oil are a few restraints obstructing the global GCC and Qatar cooking oil market. Nevertheless, the vendors operating in this market are expected to gain new opportunities from the advent of palm and palm kernel oil, which is a substitute for trans-fat oil.

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The information presented in this review is based on a Transparency Market Research report, titled, “Cooking Oil Market (By Product Type - Sunflower Oil, Corn Oil, Palm Oil and Others; By Package Type - Retail and Bulk) - GCC and Qatar Industry Analysis, Size, Share, Growth, Trends, and Trends and Forecast 2016 – 2024.”

Original Source: https://www.newswire.com/news/cooking-oil-market-is-expected-to-reach-us-1-7-bn-by-2024-rising-20044990

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