In a highly consolidated business
landscape, top five companies in the Iraq edible oils & fats market hold
70% of the overall market, states Transparency Market Research (TMR) in a new
report. Marsan Gida San Ve Tic A.S. – the holding company which owns five
brands in the edible oil and fats category is a key factor for its high market
share. Heavy investments for research & development, joint ventures, and
mergers and acquisitions have been key competitive strategies adopted by key
players in this market. Expanding production facility in cost-effective regions
has also been on the growth chart of leading players in the Iraq edible oils
& fats market.
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According to a market study by
Transparency Market Research, the Iraq edible oils & fats market is
predicted to be worth US$2.3 bn by the end of 2025, rising at 6.0% CAGR between
2017 and 2025. The demand in the market was valued at US$1.4 bn in 2017.
Vis-à-vis revenue, vegetable & seed oil product segment holds prominence in
the Iraq edible oils & fats market. The segment is anticipated to hold the
leading 51.3% of the overall market by 2025. Among the key regions, Baghdad is
predicted to retain its dominance in the overall market through 2025.
Substantial R&D to Develop
High Quality Products to Benefit Market
Primarily fuelling the Iraq edible
oils & fats market is increasing demand for high quality edible oil. High
quality edible oils are rich in vitamin E, monounsaturated and polyunsaturated
fatty acids, and omega-3. They have a high smoking point which helps retain
nutritional value at higher temperatures. To cater to this demand, large
companies involved in the production of edible oils in the country are engaged
in research and development to manufacture high quality products. These
companies are also making efforts to develop edible
oils & fats for health savvy consumers.
The increasing consumption of
processed food which are mainly oil based has also been a key factor behind the
growth of Iraq edible oils & fats market. Changing lifestyle and changing
eating habits are fuelling demand for ready-to-eat packaged food. This is
favoring the growth of Iraq edible oils & fats market.
The growth of the tourism sector
holds potential for the growth of Iraq edible oils & fats market. Due to
decades of war, closed regimes, and recurrent political instability the Iraqi
tourism sector is currently underdeveloped and neglected. However, as political
stability and economic development gains momentum, Iraq has the potential to
emerge as a global tourist destination. Long considered a destination for
pilgrims, leisure tourism is pacing up albeit in low numbers. This is likely to
indirectly benefit the edible oils & fats market.
Apart from this, rising population
leading to the increase in per capita consumption of edible oils is spiking the
growth of Iraq edible oils & fats market. This, along with increasing
disposable income of consumers which has led to increased spending on dining
out and purchase of ready-to-eat foods.
Political Instability and Weak
Economic Growth Challenges Market
On the downside, political
disturbances and economic upheavals are a key restraint to the growth of Iraq
edible oils & fats market. Weak economic condition of large population
along with rising population living below the poverty line due to the ongoing
conflict have been the reasons International Monetary Fund has provided grant.
Moreover, high costs of extraction
of various types of cooking oils is restricting the entry of new players. This
is slowing the growth of Iraq edible oils & fats market.
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