The
edible oils and fats market in Iraq possesses immense potential for
growth and is majorly captured by prominent international companies
such as Anadolu Group, Altunkaya Group of Companies, Marsan Gida San
Ve Tic A.S., Aves A.S., and Zer Group. These companies accounted for
an approximate market share of 90% in 2015, and have used an array of
strategies to attain an oligopoly in the market. They have invested
in the research and development of various technologies, established
joint ventures, expanded their business, and have even acquired
regional traders. Despite the proven success of these companies,
local firms such as Etihad Food Industries are on the verge of
beginning operations in the Iraq oil and fats market.
Consequentially, the locally produced oils and fats are expected to
witness an escalating demand, estimates TMR.
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The
market for edible oils and fats in Iraq is estimated to be valued at
US$2.3 bn by 2025 as compared to US$1.3 bn in 2015, registering a
CAGR of 6.0% over the forecast period from 2016 to 2025. In terms of
volume, the edible oil and fats market in Iraq is prophesied to
register a CAGR of a 3.3% during the forecast period.
The
cumulative volume of edible oil and fats in Baghdad is expected to
scale up to 268.3 thousand tons in 2025 from 190.9 thousand tons in
2015. This shall take the annual growth rate of edible oils and fats
between 2010 and 2025 in Baghdad to 3.5%. Other regions expected to
register a substantial CAGR for edible oils and fats market are
Muthanna and Maysan. In terms of distribution channel, B2C dominated
the market share in 2015 and is forecasted to hold the highest market
share over the forecast period as well.
Rising
Population Expands Edible Oils and Fats Market
The
population of Iraq has been on a steady rise lately. There was a 3.9%
increase in the overall population of Iraq over 2010-2015 and is
expected to steadily rise over the forecast period as well. The
purchasing power of the consumers in Iraq is also touching new
heights, which has, in turn, resulted in people becoming increasingly
health conscious. This has led to a significant rise in demand for
high quality edible oils and fats, which has contributed to the
growth of the oil and fats market in Iraq.
Moreover,
the infrastructural fettle of Iraq has seen some progress in recent
times, which has encouraged tourism to the country. The country is
also a prominent pilgrimage destination for a major faith of the
world, which has kept its tourism industry highly functional. Steady
rise of the tourism sector in the past years and a fine growth
potential in the future years is expected to accentuate the demand
for foods, which would subsequently fuel the edible
oils and fats market in the country.
Feeble
Economy Hinders Market Growth
Owing
to the period of military siege that witnessed extreme entropy and
unrest in Iraq, the economic activities in the country have been
despairingly low. This has affected the overall GDP of the country
and the adverse effects have trickled down to all other markets
including the edible oils and fats market. Furthermore, the balance
of payments situation is grim and there is meagre public finance,
which slacks progress and underhandedly contributes to the low growth
of the oils and fats market.
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