The
GCC and Qatar cooking oil market is characterized by a high degree of
consolidation with key companies, namely Savola Group, United Foods
Company, and Emirates Refining Company Ltd holding close to seventy
five percent share in 2015. In this intensely competitive market, key
companies are aggressively engaged in research and development to
introduce new line of cooking oils loaded with nutritional value.
Extensive promotional activities are carried out to extend knowledge
about new products and to launch them with a bang. For example, in
2015, Savola Group launched a new line of canola oil products with
high omega-3 content.
Frequent
mergers and acquisitions and joint ventures are some of the winning
strategies of leading vendors in the GCC and Qatar cooking oil
market.
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As
per a market study by Transparency Market Research (TMR), GCC cooking
oil market is likely to expand at a CAGR of 6.6% between 2017 and
2024. At this rate, the market which stood at US$1103.0 mn in 2017
will become US$1736.1 mn by the end of 2024.
On
the other hand, Qatar cooking oil market is likely to proliferate at
7.4% CAGR in terms of revenue between 2017 and 2024. Proliferating at
this rate, the demand in the market will translate into a revenue of
US$122.2 mn by 2024 end.
By
product type, sunflower oil accounts for the leading demand in the
GCC region. The segment is likely to display substantial demand in
the upcoming years. In terms of product type, sunflower oil is likely
to hold the leading 71.5% share by the end of 2024. Palm oil, on the
other hand, is anticipated to display a declined share until 2024. By
package type, retail package is anticipated to hold the leading share
in terms of revenue through 2024.
Primarily
driving the cooking
oil market in GCC is increasing demand for processed food.
Widespread consumption of packaged foods that are oil based displays
massive demand for cooking oil in the GCC region. To cater to this
demand, product manufacturers are engaged in research and development
to introduce high quality cooking oils that serve health requirements
of consumers. Refined cooking oil are claimed to be good over
non-refined oils as they help lower cholesterol in the body.
In
addition, changing lifestyle coupled with rising purchasing power
have led to changing eating habits in the GCC region. Increasing
trend of eating out and high consumption of ready-to-eat meals is
also fuelling the GCC cooking oil market.
Rising
tourism is a key factor behind the growth of Qatar cooking oil
market. The influx of tourists bodes well for the hospitality sector
as well as ancillary industries such as food industry. Increasing
tourism has also aroused interest of international hotel chains to
foray in the region. This in turn, has complemented the growth of
cooking oils industry in this region.
In
the past decade, the cooking oil industry has witnessed increasing
investments due to rising population and growing affluence among
consumers. This has led to the increasing number of oil processing
plants with high processing capacity along with surging labor
population. These factors are greatly pushing the growth of cooking
oil industry in the GCC and Qatar region.
On
the other hand, factors such as small volume local production due to
adverse climatic conditions and political instability leading to high
dependency on imports is a key hindrance to the growth of GCC cooking
oil market. High capital involved in intermediate processes to
extract cooking oil is restricting the entry of small players. This
is hampering the growth of the market to some extent.
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