The
Iraq edible oils and fats market is extremely fragmented and the top
seven players accounted for just under 90% of the overall market in
2015. These companies are Marsan Gida San Ve Tic A.S., Anadolu Group,
Altunkaya Group of Companies, Zer Group, Aves A.S., Yildiz Holding,
and Keskinoglu Ic Ve Dis Ticaret Ltd.
Transparency
Market Research has identified some of the successful strategies
adopted by these enterprises in order to strengthen their hold on the
edible oils and fats market in Iraq. These include joint ventures,
business expansions, investments in research and development of new
technologies and processes, acquisitions, and expansion of product
portfolios.
The
market was valued at US$1.3 bn in 2015 and is expected to reach
US$2.3 bn by 2025, expanding at a CAGR of 6.0% therein. By volume,
the Iraq edible oils and fats market is anticipated to register a
3.3% CAGR from 2016 to 2025.
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Muthanna
Presents High Scope for Growth by Value and Volume
On
the basis of products, vegetable and seed oil led the edible oils and
fats market in Iraq in terms of revenue and the segment is
anticipated to account for slightly more than half the market by the
end of the forecast period. The product segment is projected to
retain its lead through 2025 despite a slight decline in its market
share by the end of the forecast period. On the other hand, the
others segment, which comprises olive oil, is projected to register a
high annual growth of 7.7% from 2010 to 2025.
Regionally,
the Iraq edible oils and fats market is led the Baghdad, which
accounted for a 22.4% share in 2015. The region is anticipated to
retain its dominance through 2025. In terms of revenue, Muthanna is
projected to register a high CAGR of 9.7% between 2016 and 2025. This
region is also immensely lucrative in terms of sales volume.
Government
Support Encouraging Local Production of Edible Oils and Fats
One
of the key factors likely to drive the market for edible oils and
fats in Iraq in the coming years is the rising production capacity
for the same and this can be attributed to support from the
government. The Iraqi Trade Ministry has been focused on reducing
dependence on imports and encourage local production so as to meet
the rising demand for edible oils and fats. “Locally produced
products will be priced on the lower side and this will encourage
more customers to purchase edible oils and fats,” the analyst
points out.
Weak
Economic Conditions Hampering Growth
The
GDP of Iraq had been on a stable if not rapid rise until 2014 and the
country was considered among one of the upper-middle category
nations. “However, the economic condition has been declining since
mid-2014, with the per capita GDP witnessing a slump and poverty and
unemployment on the rise,” the author of the study states. This
acts as a major deterrent to the growth of the edible
oils and fats market in Iraq.
The
high cost of raw materials is also a key restraint, TMR finds. The
extraction processes are immensely capital intensive and it becomes
increasingly difficult for new players in the Iraq edible oils and
fats market.
This
review is based on the findings of a TMR report titled “Edible Oils
and Fats Market - Iraq Industry Analysis, Size, Share, Growth, Trends
and Forecast, 2016 - 2024.”
Iraq
Edible Oils and Fats Market, by Product Type
Vegetable
and Seed Oil
- Soybean
- Sunflower Oil
- Corn Oil
- Palm Oil
- Canola Oil
- Others (Rapeseed, Mustard, Linseed among others)
Spreadable
Oils and Fats
- Butter
- Margarine
Cooking
Fats
- Animal Ghee
- Vegetable Ghee
- Others
Iraq
Edible Oils and Fats Market, by Region
- Babil
- Baghdad
- Basra
- Dhi Qar
- Al-Qadisiyyah
- Diyala
- Karbala
- Maysan
- Muthanna
- Najaf
- Wasit
- Erbil
- Kirkuk
- Sulaymania
- Others
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