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.
Rising
Tourism Bodes Well for Qatar Cooking Oil Market
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.
High
Dependency on Import Crimps Growth
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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