Edible Oils and Fats Market for Baghdad: Market Valuation Estimated to Reach US$2.3 bn by 2025

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.

Iraq Edible Oils and Fats Market Key Growth Factors and Industry Analysis 2016-2024

The Iraq edible oils and fats market is extremely fragmented and the top seven players accounted for just under 90% of the overall market in 2015. These companies are Marsan Gida San Ve Tic A.S., Anadolu Group, Altunkaya Group of Companies, Zer Group, Aves A.S., Yildiz Holding, and Keskinoglu Ic Ve Dis Ticaret Ltd.

Transparency Market Research has identified some of the successful strategies adopted by these enterprises in order to strengthen their hold on the edible oils and fats market in Iraq. These include joint ventures, business expansions, investments in research and development of new technologies and processes, acquisitions, and expansion of product portfolios.

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The market was valued at US$1.3 bn in 2015 and is expected to reach US$2.3 bn by 2025, expanding at a CAGR of 6.0% therein. By volume, the Iraq edible oils and fats market is anticipated to register a 3.3% CAGR from 2016 to 2025.

Muthanna Presents High Scope for Growth by Value and Volume

On the basis of products, vegetable and seed oil led the edible oils and fats market in Iraq in terms of revenue and the segment is anticipated to account for slightly more than half the market by the end of the forecast period. The product segment is projected to retain its lead through 2025 despite a slight decline in its market share by the end of the forecast period. On the other hand, the others segment, which comprises olive oil, is projected to register a high annual growth of 7.7% from 2010 to 2025.

Regionally, the Iraq edible oils and fats market is led the Baghdad, which accounted for a 22.4% share in 2015. The region is anticipated to retain its dominance through 2025. In terms of revenue, Muthanna is projected to register a high CAGR of 9.7% between 2016 and 2025. This region is also immensely lucrative in terms of sales volume.

Government Support Encouraging Local Production of Edible Oils and Fats

One of the key factors likely to drive the market for edible oils and fats in Iraq in the coming years is the rising production capacity for the same and this can be attributed to support from the government. The Iraqi Trade Ministry has been focused on reducing dependence on imports and encourage local production so as to meet the rising demand for edible oils and fats. “Locally produced products will be priced on the lower side and this will encourage more customers to purchase edible oils and fats,” the analyst points out.

Weak Economic Conditions Hampering Growth

The GDP of Iraq had been on a stable if not rapid rise until 2014 and the country was considered among one of the upper-middle category nations. “However, the economic condition has been declining since mid-2014, with the per capita GDP witnessing a slump and poverty and unemployment on the rise,” the author of the study states. This acts as a major deterrent to the growth of the edible oils and fats market in Iraq.

The high cost of raw materials is also a key restraint, TMR finds. The extraction processes are immensely capital intensive and it becomes increasingly difficult for new players in the Iraq edible oils and fats market.

Market Research on Iraq Edible Oils and Fats Market 2016 and Analysis to 2024

Iraq Edible Oils and Fats Market: Trends and Opportunities

Edible oils, also known as consumable oils form an imperative part of the cooking process since these are used for frying, baking and other forms of cooking. Additionally, edible oils also find application in non food purposes as well such as manufacturing of washing powders, personal care products, soaps and bio-fuels.

Increasing demand for high quality edible oils is the primary factor pushing the growth of the market in Iraq. Over time, consumers have become extremely conscious about their health and about maintaining a healthy and active lifestyle. Due this factor consumers are shifting their focus towards the consumption of high quality edible oils. This factor has led the major manufacturers operating in this field to resort to extensive research and development activities in order to manufacture high quality edible oils that would cater to the health requirements of the consumers. High quality edible oils include high amounts of vitamin E, mono-unsaturated and poly-unsaturated fatty acids (MUFA’s and PUFA’s) and Omega 3. Further, high quality edible oils have a high smoking point which means they can retain their nutritional contents at higher temperatures.

However, the current economic and political condition of Iraq is a major factor hindering the growth of the edible oils market. Decline in the economic activity, balance of payments and public finance is a direct result of the current political condition in Iraq. Further, the GDP of Iraq has witnessed a sharp decline between 2014 and 2015 due to the political and economic instability. Moreover, the non oil economy in Iraq has seen a sharp decline between 2014 and 2015. These factors are barring the growth of the edible oils and fats market in Iraq, but the impact of this restraint is likely to reduce by the end of the forecast period.

However, the switch to local production of edible oils and fats is likely to pose as a suitable opportunity for the growth of the market in the future. Companies such as Aves A.S. and Etihad Food Industries are expected to open their edible oil refineries in Iraq, which is expected to increase the local production of edible oils and fats in the country. Further, the Iraqi trade ministry is taking the initiative to re-furbish some of the old factories of edible oils and fats in order to make them fully operational. This is expected to reduce the country’s dependency on imported products thus enabling the consumers to buy high quality edible oils at an affordable price, thereby boosting the demand for the edible oils and fats industry in Iraq.

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Iraq Edible Oils and Fats Market: Segmentation

The market has been bifurcated on the basis of product types into vegetable and seed oil, spreadable oils and fats, cooking fats and others. Vegetable and seed oil dominated the market and is expected to continue dominating the market throughout the forecast period. Vegetable and seed oils have been further bifurcated into sunflower oil, soybean, corn oil, palm oil, canola oil and others. Sunflower oil dominated the vegetable and seed oils segment and is expected to continue dominating throughout the forecast period. Spreadable oils and fats have been bifurcated into butter and margarine. Butter dominated this segment and is anticipated to continue dominating this segment throughout the forecast period. Cooking fats have been bifurcated into animal ghee and vegetable ghee. Vegetable ghee accounted for the largest market share.

By distribution channel, B2C held the major market share in 2015 and is expected retain market dominance throughout the forecast period. B2C has been further bifurcated into pubic distribution system (PDS) scheme and others. Public distribution system (PDS) is a food security system which involves the distribution of staple foods such as wheat, edible oil and fats, rice, sugar and kerosene among others through a series of ration shops (also known as fair price shops). Public distribution shops distribute rations at a reduced price to the residents falling in the BPL (Below Poverty Line) level. The B2B segment has been bifurcated into HoReCa and others.

The edible oils and fats market in Iraq has been bifurcated on the basis of region into Babil, Baghdad, Basra, Dhi Qar, Al- Qadisiyyah, Diyala, Karbala, Maysan, Muthanna, Najaf, Wasit, Erbil, Kirkuk, Sulaymania and others. Baghdad held the maximum market share. Baghdad is the largest city in Iraq and accounts for 40% of the total GDP of Iraq.

Iraq Edible Oils and Fats Market: Competitive Landscape

The edible oils and fats market in Iraq is marked by some intense competition from some of the major players operating in this market. The companies operating in this field are engaged in extensive research and development activities to bring out new offerings for its customers. Further, mergers and acquisitions, geographical expansions, joint ventures and partnerships are some of the key strategies adopted by these players to sustain in this market. Marsan Gida San Ve Tic A.S., Anadolu Group, Zer Group, Altunkaya Group of Companies, Aves A.S. are some of the key players operating in this market.

Iraq Edible Oils and Fats Market: Scope and Methodology

The report has been segmented by product type, and region and it includes drivers, restraints and opportunities (DRO’s), impacting the edible oils and fats market. The study highlights current market trends and provides forecasts from 2016 to 2025 with 2015 as base year. Further, historical data has been provided from 2010 to 2014. Additional analyses include local production, import and export, and price trends. We have featured the current market scenario for the Iraq edible oils and fats market and identified future trends that will impact demand for edible oils and fats during the forecast period.

Iraq Edible Oils and Fats Market to Benefit from Steady Presence of Local Markets, finds TMR

The Iraq edible oils market is considerably fragmented, with the top 7 players, namely Marsan Gida San Ve Tic A.S., Anadolu Group, Altunkaya Group of Companies, Zer Group, Aves A.S., Yildiz Holding, and Keskinoglu Ic Ve Dis Ticaret Ltd., accounting for close to 90% of the market in 2016. The strategies adopted by key players in the Iraq edible oils and fats market are mergers and joint ventures, investment in research in order to ensure steady development of new technologies, and subsequent smooth expansion of their product portfolio.

These seven players are likely to retain a steady dominance over the Iraq edible oils and fats market in the coming years. However, there is significant scope for smaller players in the market. Local production of edible oils and fats is on the rise in Iraq and is being encouraged by the government, which is likely to help the market for edible oils and fats in Iraq by providing an opportunity for smaller players. Etihad Food Company is one of the leading emerging companies in the Iraq edible oils and fats market and is likely to play an important role in the future development of the market thanks to strong local ties.

According to Transparency Market Research (TMR), the Iraq edible oils and fats market is expected to rise handsomely in the coming years, with a 6% CAGR expected between 2016 and 2025. The market’s value is expected to rise from US$1.3 bn in 2015 to US$2.3 bn by 2025.

PDS Likely to Remain a Key Distribution Channel for Edible Oils and Fats in Iraq

The Iraq edible oils and fats market is segmented on the basis of product type into spreadable oils and fats, vegetable and seed oil, cooking fats, and others. The vegetable and seed oil segment led the Iraq edible oils and fats market in 2016 and is likely to continue its dominance throughout the forecast period. This segment is further broken down into sunflower oil, soybean, corn oil, palm oil, canola oil, and others, with sunflower oil taking up the lion’s share in the production of vegetable and seed oils in Iraq. Spreadable oils and fats in the Iraq market include butter and margarine, with butter likely to dominate the Iraq edible oils and fats market in the coming years. Cooking fats include animal ghee and vegetable ghee, the latter accounting for the major share in the Iraq edible oils and fats market.

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B2C distribution of edible fats and oils was the dominant distribution channel in Iraq in 2015 and is expected to retain its dominance throughout the forecast period. B2C has been further categorized into the public distribution system (PDS) and others. Public distribution system (PDS) is a food security system that ensures the distribution of staple foods, including edible oils and fats, at a series of fair price shops. Public distribution shops distribute rations at a reduced price to citizens falling below the poverty line and are a crucial part of the Iraq edible oils and fats market.

Baghdad Emerges as Leading Region in Iraq Edible Oils and Fats Market

The Iraq edible oils and fats market has been segmented on the basis of region into Babil, Baghdad, Diyala, Basra, Sulaymania, Dhi Qar, Al-Qadisiyyah, Karbala, Maysan, Muthanna, Najaf, Wasit, Erbil, Kirkuk, and others. Baghdad has traditionally been the leader in the edible oils and fats market in Iraq in terms of both revenue and volume. Baghdad is the capital and the largest city in Iraq and accounts for 40% of the country’s total GDP, TMR finds. As a result, its dominance in the Iraq edible oils and fats market is likely to continue unabated in the coming years.

The high population of Baghdad is the key factor responsible for the steady growth of the edible oils and fats market in the region. In terms of volume, the Baghdad edible oils and fats market amounted to 190.9 thousand tons in 2015 and is expected to reach 268.3 thousand tons by the end of the forecast period, registering an annual growth rate of 3.5% from 2010 to 2025. Muthanna and Maysan also comprise key markets for edible oils and fats in Iraq and both are likely to exhibit a high CAGR between 2016 and 2025.

This review is based on the findings of a TMR report titled “Edible Oils and Fats Market - Iraq Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.”

Iraq Edible Oils and Fats Market, by Product Type

• Vegetable and Seed Oil
• Spreadable Oils and Fats
• Cooking Fats

Iraq Edible Oils and Fats Market, by Region

• Babil
• Baghdad
• Basra
• Dhi Qar
• Al-Qadisiyyah
• Diyala
• Karbala
• Maysan
• Muthanna
• Najaf
• Wasit
• Erbil
• Kirkuk
• Sulaymania
• Others

Iraq Edible Oils and Fats Market is Expected to Reach US$2.3 bn by 2025, Expanding at a CAGR of 6.0% between 2016-2024

The Iraq edible oils and fats market is extremely fragmented and the top seven players accounted for just under 90% of the overall market in 2015. These companies are Marsan Gida San Ve Tic A.S., Anadolu Group, Altunkaya Group of Companies, Zer Group, Aves A.S., Yildiz Holding, and Keskinoglu Ic Ve Dis Ticaret Ltd.

Transparency Market Research has identified some of the successful strategies adopted by these enterprises in order to strengthen their hold on the edible oils and fats market in Iraq. These include joint ventures, business expansions, investments in research and development of new technologies and processes, acquisitions, and expansion of product portfolios.

The market was valued at US$1.3 bn in 2015 and is expected to reach US$2.3 bn by 2025, expanding at a CAGR of 6.0% therein. By volume, the Iraq edible oils and fats market is anticipated to register a 3.3% CAGR from 2016 to 2025.

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Muthanna Presents High Scope for Growth by Value and Volume

On the basis of products, vegetable and seed oil led the edible oils and fats market in Iraq in terms of revenue and the segment is anticipated to account for slightly more than half the market by the end of the forecast period. The product segment is projected to retain its lead through 2025 despite a slight decline in its market share by the end of the forecast period. On the other hand, the others segment, which comprises olive oil, is projected to register a high annual growth of 7.7% from 2010 to 2025.

Regionally, the Iraq edible oils and fats market is led the Baghdad, which accounted for a 22.4% share in 2015. The region is anticipated to retain its dominance through 2025. In terms of revenue, Muthanna is projected to register a high CAGR of 9.7% between 2016 and 2025. This region is also immensely lucrative in terms of sales volume.

Government Support Encouraging Local Production of Edible Oils and Fats

One of the key factors likely to drive the market for edible oils and fats in Iraq in the coming years is the rising production capacity for the same and this can be attributed to support from the government. The Iraqi Trade Ministry has been focused on reducing dependence on imports and encourage local production so as to meet the rising demand for edible oils and fats. “Locally produced products will be priced on the lower side and this will encourage more customers to purchase edible oils and fats,” the analyst points out.

Weak Economic Conditions Hampering Growth

The GDP of Iraq had been on a stable if not rapid rise until 2014 and the country was considered among one of the upper-middle category nations. “However, the economic condition has been declining since mid-2014, with the per capita GDP witnessing a slump and poverty and unemployment on the rise,” the author of the study states. This acts as a major deterrent to the growth of the edible oils and fats market in Iraq.

The high cost of raw materials is also a key restraint, TMR finds. The extraction processes are immensely capital intensive and it becomes increasingly difficult for new players in the Iraq edible oils and fats market.

This review is based on the findings of a TMR report titled “Edible Oils and Fats Market - Iraq Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.”

Iraq Edible Oils and Fats Market, by Product Type

Vegetable and Seed Oil

• Soybean
• Sunflower Oil
• Corn Oil
• Palm Oil
• Canola Oil
• Others (Rapeseed, Mustard, Linseed among others)

Spreadable Oils and Fats

• Butter
• Margarine

Cooking Fats

• Animal Ghee
• Vegetable Ghee
• Others

Iraq Edible Oils and Fats Market, by Region

• Babil
• Baghdad
• Basra
• Dhi Qar
• Al-Qadisiyyah
• Diyala
• Karbala
• Maysan
• Muthanna
• Najaf
• Wasit
• Erbil
• Kirkuk
• Sulaymania
• Others