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.
Download
exclusive Sample of this report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=15008
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.
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.
No comments:
Post a Comment