Corn
oil is an increasingly competitive market in Bangladesh, with a
number of external as well as internal factors shaping the overall
scenario. Transparency Market Research has observed that the intense
internal competition in the corn oil market in Bangladesh is owing to
the presence of a number of large international as well as small
domestic providers. These include Adani Wilmar Ltd, Associated
British Foods plc, American Vegetable Oils, Inc., and Olympic Oils
Ltd.
External
competition in this market is presented by producers and
distributors. These elements have been noted to adopt forward and
backward integration strategies and develop their own facilities to
produce corn oil.
In
terms of value, the Bangladesh
corn oil market
was valued at US$167,073 in 2015 and is expected to reach US$202,072
by 2026. If these values hold true, the market is expected to expand
at a CAGR of 1.8% during the forecast period.
Livestock
Emerges as Leading End-use Segment in Bangladesh Corn Oil Market
On
the basis of type, the corn oil market in Bangladesh is bifurcated
into edible and non-edible. Among these, non-edible corn oil is
expected to account for dominant share of 71.4% by the end of 2016.
On the other hand, edible corn oil is forecast to exhibit the highest
CAGR of 2.1% between 2016 and 2026.
Based
on end use, the Bangladesh corn oil market comprises food service
restaurants, food processors, retail, livestock, and pharmaceuticals.
By the end of 2016, livestock is expected to account for a value
share of 34.9%, emerging as the leading end-use segment. However, the
industrial segment is expected to register a growth rate higher than
any other category, reporting a 2.5% CAGR from 2016 to 2026.
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Rising
Focus on Health and Fitness Boosting Growth
One
of the most significant factors boosting the consumption of corn oil
across Bangladesh is the changing dietary habits and improving living
standards of the consumers, which can be attributed to the rise in
disposable income. “Just like consumers in European and North
American countries, consumers in Bangladesh are exhibiting a shift in
demand toward less processed foods,” the author of the report
states. “Growing health concerns and rising awareness about the
benefits of switching to healthier edible oils such as olive oil,
corn oil, rice bran oil, and blended oil have upped the demand for as
well as consumption of corn oil.”
In
addition to this, the corn oil market in Bangladesh is poised to be
driven by the easy availability of grains and a higher profit margin
for farmers and the overall food sector.
Low-key
Branding and Promotional Activities Restricting Sales
The
existence of an unorganized market, coupled with a weak distribution
system, cripples the Bangladesh corn oil market. Most of the edible
oil products in the country are sold in loose packets. In fact,
loosely-packed edible oils account for approximately 75.0% of the
overall market, with bottled edible oils accounting for the rest.
“Corn oil falls in the latter category and owing to a weak
distribution network for bottled edible oils, the corn oil market is
likely to take a hit in the forecast period,” the lead analyst
predicts.
Another
factor hampering the sales of corn oil in the country is the fact
that it is not used as an ingredient in traditional cooking. This can
be attributed to its high price and restricted availability. In
addition, low-key branding and promotional activities by
manufacturers in Bangladesh is expected to hinder the growth of the
corn oil market over the forecast period.
This
review is based on the findings of a TMR report titled “Corn Oil
Market - Bangladesh Industry Analysis, Size, Share, Growth, Trends,
and Forecast 2016 - 2026"
Bangladesh
Corn Oil Market, by Product Type
- Edible Corn Oil
- Non-edible Corn Oil
Bangladesh
Corn Oil Market, by End Use
- Food Service Restaurants
- Retail
- Pharmaceutical Industry
- Food Processors
- Livestock
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