Cooking Oil Market: Rising Tourism Bodes Well for Qatar Cooking Oil Market

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.

Rising Tourism Bodes Well for Qatar Cooking Oil Market

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.

GCC and Qatar Cooking Oil Market Consolidated Among a Few Players

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.

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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.

Cooking Oil Market in GCC and Qatar: Demand for Processed Food Surges Market Growth

The cooking oil market in the GCC region is marked by intense competition, Transparency Market Research finds, and focusing on research and development activities to introduce new products has augured well for these players.

For instance, market leader Savola Group launched a new line of canola oil products in February 2015 and this product – with high Omega-3 properties – has furthered strengthened its hold on the GCC and Qatar cooking oil market.

In terms of revenue, the cooking oil market in the GCC and Qatar was valued at US$988.2 mn in 2015 and is expected to reach US$1.7 bn by 2024, expanding at a 6.6% CAGR therein. In terms of volume, the market is projected to register a CAGR of 8.4% during the forecast period.

Corn Oil to Witness Rapid Growth despite Low Market Share

On the basis of product, the cooking oil market in the GCC and Qatar is led by the sunflower oil segment, which recorded a significant share of more than 70% in 2015. On the other hand, despite accounting for a share of less than 7% in 2015, corn oil is expected to grow at the fastest rate through 2024. By type of packaging, retail package emerged as the key contributor in the cooking oil market in GCC.

Geographically, the market is divided into Qatar and other GCC countries. In terms of revenue, the cooking oil market in the rest of GCC accounted for a larger share in 2015 and is projected to amount to US$1.6 bn by the end of the forecast period. Registering a 6.5% CAGR from 2016 to 2024, 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.

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Demand for Processed Food Surges as Consumption Patterns Evolve

The increasing demand for processed food among consumers residing in the GCC region has complemented the growth of the cooking oil market in Qatar and other GCC countries, TMR finds. “Keeping this in mind, manufacturers operating in this market are engaged in extensive research and development activities to produce high-quality cooking oils that can address the health requirements of the consumers,” the lead analyst states. High purchasing power and the increasingly busy lifestyle of the consumers in the GCC region have altered consumption patterns and this is also pushing the demand for various cooking oils.

Lack of Local Production Hindering Growth

Most of the countries in the GCC region depend on imports for cooking oil owing to their weak local production. The economic and political instability in some countries and adverse climatic conditions in most have restrained the local production of cooking oil. “Imported products are priced on the higher side, due to which, consumers in the low-income group refrain from buying such products,” the author of the study. This acts as a major restraint on the cooking oil market in the GCC.

By nature, the GCC and Qatar cooking oil market is highly consolidated, with the top three companies accounting for almost three quarters of the market in 2015. Savola Group, Emirates Refining Company Ltd., and United Foods Company dominate the scene through aggressive investments, strong distribution networks, and product innovations. 

Population and Taste Preferences to Trigger Use of Cooking Oil in Qatar and GCC

The market for cooking oil in the GCC and Qatar has been seeing a noteworthy shift in venture patterns lately. Over the previous decade, the funding in this market has multiplied inferable from players understanding the degree of prospect this market presents. The expanding populace and a higher affinity of buyers to spend on eatable oils are the essential elements driving the cooking oil market in the GCC and Qatar. The prevalence of core organizations in the region has expanded recently with the development sought after. Act of spontaneity and broadening of items in this market is a key methodology embraced by sellers. Nevertheless, the expensive nature of raw materials needed for the manufacturing of cooking oils is likely to have an adverse impact on the growth of the Qatar and GCC cooking oil market. The dearth of local manufacturing of cooking oils owing to adverse climate conditions and low rainfall are further anticipated to cause the market to slow down in the near future.

The Qatar and GCC market for cooking oil is anticipated to expand at a CAGR of 6.6% over the course of the forecast period. In 2015, the market was worth US$988.2 mn and is likely to reach a valuation of US$1.7 bn by the end of 2024.

Which is the most preferred product in the GCC?

On the premise of product, the market for cooking oil in the GCC and Qatar is divided into palm oil, corn oil, and sunflower oil, among others. The other products comprise coconut oil, flaxseed oil, and soybean oil, among others. Sunflower oil recorded a noteworthy offer in the cooking oil showcase, representing over 70% in 2015. The fragment is relied upon to lead the GCC and Qatar market all through the gauge time frame attributable to the across the board utilization of sunflower oil among occupants in the GCC area. Notwithstanding representing an offer of under 7% of every 2015 in the GCC and Qatar cooking oil advertise, corn oil is required to develop at the speediest rate through 2024.

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What factor is likely to be more relevant for boosting the Qatar cooking oil market?

Region-wise, the GCC and Qatar cooking oil market has been segmented into Qatar and other GCC nations, for instance, Oman, U.A.E., and Saudi Arabia. The cooking oil market in Qatar is as of now encountering pitiful development, with the parched region’s low populace being the major limiting element. However, customer spending in Qatar is probably going to rise quickly in the following couple of years, with the development being fixated on the sustenance area. The buying power of Qataris is higher contrasted with other GCC nations and combined with the surge in adhering to a good diet propensities, the nation is figure to witness impressive development in the cooking oil market.

GCC and Qatar Cooking Oil Market Driven by Increasing Demand for Processed Food

GCC and Qatar Cooking Oil Market: Scope and Methodology

This report provides a strategic analysis of the GCC and Qatar cooking oil market and offers the growth forecast for the period from 2016 to 2024, with 2015 being the base year. The scope of the report includes a competitive analysis of the market segments based on the product types, and package types for GCC and Qatar. The report strives to compile a broader view of the characteristics of cooking oils by providing historical data from 2010 to 2014, and forecast up to 2024 along with a detailed analysis of the revenue.

The report also identifies various factors effecting growth, which includes market drivers, restraints, and opportunities. These factors determine various market trends which impact growth. The market forecast has been provided based on constant currency rates. The GCC and Qatar cooking oil market size is provided in terms of revenue. Market revenue and volume are defined in USD Million and Thousand Tons. Market size and forecast for each product type is provided in the context of regional markets.

An intensive analysis of Qatar and GCC market, by considering the product type and package type of cooking oil is made in this report. Impact analysis of market dynamics that describe factors that are currently driving and restraining growth of the market is mentioned in the study, along with their impact in the near, medium, and long term. The research devises the revenue growth strategies from the market size and forecasts statistics for the upcoming eight years.

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The study also covers the drivers and restraints governing the dynamics of the market along with their impact on demand during the forecast period. Additionally, the report includes potential opportunities in the cooking oil market in the GCC countries and Qatar.

GCC and Qatar Cooking Oil Market: Segmentation

The market of cooking oil is segmented by product type, packaging type and geographically. Product wise, the market is segmented into Sunflower Oil, Corn Oil, Palm Oil and others. By packaging type, the market is bifurcated into retail and bulk. Geographically, the report divides cooking oil market into Qatar and rest of GCC countries such as Saudi Arabia, U.A.E, and Oman among others.

In the product category, Sunflower oil recorded the largest revenue in 2015 and is expected to dominate the market during the forecast period of 2016-2024. Wide usage of sunflower oil among the residents of Qatar is the primary reason fueling the demand for the same.

In the packaging category, retail package dominated the cooking oils’ market in GCC nations and Qatar. Retail packaging category accounted for a majority of the market share in 2015 and would continue to do so during the forecast period. Bulk packaging accounted for a comparatively less market share in 2015 and the same is expected to witness further decline by the end of the forecast period.

Market forecasting data provided in this report are derived based on demand generated from different applications and types of raw materials. Market dynamics prevalent in GCC countries and Qatar have been taken into account for estimating the growth of the specified market.

Market estimates for this study have been based on volume, with revenue being derived through regional pricing trends. Market data for each segment is based on volume and corresponding revenues. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback and application requirement. Forecasts have been based on the expected demand from cooking oil applications.

GCC and Qatar Cooking Oil Market: Competitive Landscape

The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. The leading players operating in GCC nations’ and Qatar cooking oil market include Savola Group, United Foods Company,Asia Africa General Trading L.L.C, Hayel Saeed Anam Group and Co., Omani Vegetables Oils and Derivatives Co. LLC, and Al Ghurair Resources Oils and Proteins.

GCC nations’ and Qatar cooking oil market has been segmented into:

By Product Type

• Sunflower Oil
• Corn Oil
• Palm Oil
• Palmolein
• Palm Kernel
• Others

By Packaging Type

• Retail
• Bulk

By Region: The market is broadly segmented on the basis of region into:

• Qatar
• Rest of GCC

GCC and Qatar Cooking Oil Market is Expected to Reach US$1.7 bn by 2024

By nature, the GCC and Qatar cooking oil market is highly consolidated, with the top three companies accounting for almost three quarters of the market in 2015. Savola Group, Emirates Refining Company Ltd., and United Foods Company dominate the scene through aggressive investments, strong distribution networks, and product innovations.

The cooking oil market in the GCC region is marked by intense competition, Transparency Market Research finds, and focusing on research and development activities to introduce new products has augured well for these players.

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For instance, market leader Savola Group launched a new line of canola oil products in February 2015 and this product – with high Omega-3 properties – has furthered strengthened its hold on the GCC and Qatar cooking oil market.

In terms of revenue, the cooking oil market in the GCC and Qatar was valued at US$988.2 mn in 2015 and is expected to reach US$1.7 bn by 2024, expanding at a 6.6% CAGR therein. In terms of volume, the market is projected to register a CAGR of 8.4% during the forecast period.

Corn Oil to Witness Rapid Growth despite Low Market Share

On the basis of product, the cooking oil market in the GCC and Qatar is led by the sunflower oil segment, which recorded a significant share of more than 70% in 2015. On the other hand, despite accounting for a share of less than 7% in 2015, corn oil is expected to grow at the fastest rate through 2024. By type of packaging, retail package emerged as the key contributor in the cooking oil market in GCC.

Geographically, the market is divided into Qatar and other GCC countries. In terms of revenue, the cooking oil market in the rest of GCC accounted for a larger share in 2015 and is projected to amount to US$1.6 bn by the end of the forecast period. Registering a 6.5% CAGR from 2016 to 2024, 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.

Demand for Processed Food Surges as Consumption Patterns Evolve

The increasing demand for processed food among consumers residing in the GCC region has complemented the growth of the cooking oil market in Qatar and other GCC countries, TMR finds. “Keeping this in mind, manufacturers operating in this market are engaged in extensive research and development activities to produce high-quality cooking oils that can address the health requirements of the consumers,” the lead analyst states. High purchasing power and the increasingly busy lifestyle of the consumers in the GCC region have altered consumption patterns and this is also pushing the demand for various cooking oils.

Lack of Local Production Hindering Growth

Most of the countries in the GCC region depend on imports for cooking oil owing to their weak local production. The economic and political instability in some countries and adverse climatic conditions in most have restrained the local production of cooking oil. “Imported products are priced on the higher side, due to which, consumers in the low-income group refrain from buying such products,” the author of the study. This acts as a major restraint on the cooking oil market in the GCC.

This review is based on the findings of a TMR report titled “Cooking Oil Market - GCC and Qatar Industry Analysis, Size, Share, Growth, Trends, and Trends and Forecast 2010 - 2024.”

GCC and Qatar Cooking Oil Market: by Product Type

• Sunflower Oil
• Corn Oil
• Palm Oil
• Palmolein
• Palm Kernel
• Others

GCC and Qatar Cooking Oil Market: by Packaging Type

• Retail
• Bulk

GCC and Qatar Cooking Oil Market: by Region

• Qatar
• Rest of GCC