Cooking Oil Market at a staggering CAGR rate of 6.6% and 7.4%
The GCC and Qatar cooking oil market is recognized as a compact matrix of consolidated key companies. Organizations such as United Food Company, Savola Group, and Emirate Refining Company are some of the key players of the matrix of GCC and Qatar cooking oil market. Altogether, these organizations acquire at least 75% of the market share by the end of 2015. In a market where the competition is extremely intense, many other companies are aggressively conducting research and development so as to introduce new product lines of nutritious cooking oils. In order to sustain the tough competition organizations are investing heavily in promotional activities so as to extend their knowledge about their new products and launch them with lavishly.
As per the market study conducted by Transparency Market Research (TMR), the GCC and Qatar cooking oil market is projected to grow at a staggering CAGR rate of 6.6% and 7.4% respectively from 2017 to 2024. At this rate, the GCC cooking oil market is to jump to $1736.1 million from $1103 million in the forecast tenure. On the other hand, Qatar cooking oil market is projected to translate the CAGR growth into $122.2 million in the projected forecast period.
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The GCC cooking oil market is segmented into various facets. By product type, the market is fragmented into sunflower oil, corn oil, and palm oil. Out of these segments, the sunflower oil segment tops every other cooking oil market segment.
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The reason that this segment exceeds other segments owing to its rising health concerns amongst end-users. Likewise, the Qatar cooking oil market is bifurcated on the basis of product type, package, and region. The market is expected to be owned by sunflower oil with a market share of 71.5% in terms of revenue in forthcoming years.
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Region wise the GCC is likely to excel better than other regions. This growth will be the outcome of a large number of immigrants from countries like India and Sri Lanka, where cooking oil is extensively used in their traditional cooking.
What are The Major Growth Drivers of Cooking Oil Market in GCC and Qatar?
The major driving factor of the growth of the cooking oil market in GCC and Qatar is the increasing demand for processed food. Extensive consumption of oil-based packaged food is yet another factor that drives the growth of GCC and Qatar cooking oil market. In order to fulfill this rising demand in the region, manufacturers are conducting various research and development activities. The changing lifestyle of the people and increasing disposable income of the public tends to change the eating habits of the people in the region. This yet again leads to the strengthening of GCC and Qatar cooking oil market.
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On the other hand, rising tourism is playing a crucial role in the growth of cooking oil market in GCC and Qatar. As this influx of tourist bodes effectively for hospitality sector along with ancillary industries. This rising tourism has drawn attention of various hotel chain in the region from various region of the world. This in turns supports the growth of GCC and Qatar cooking oil market.
What Restrains the Growth of GCC and Qatar Cooking Oil Market?
Since the region shows exception growth in the future, every big fish wants to grab the opportunity. However, factors such as minimal production locally owing to the harsh climatic conditions and major political instability, the growth of GCC and Qatar cooking oil market gets hampered. The above-mentioned reasons lead to high dependency over imports again playing a crucial role in hampering the growth of the cooking oil market in GCC and Qatar.
Another hampering factor for the GCC and Qatar cooking oil market is the involvement of high capital in mediatory processes of extracting cooking oil. This as a result restricts small business to enter GCC and Qatar cooking oil market hampering its growth. However, looking substantial growth in the demand for cooking oil and arrival of various international hotels in the region, the restraint shall not be able to hold back GCC and Qatar cooking oil market in the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR) titled ” Cooking Oil Market (By Product Type – Sunflower Oil, Corn Oil, Palm Oil, and Others; By Package Type – Retail and Bulk) – GCC and Qatar Industry Analysis, Size, Share, Growth, Trends, and Trends and Forecast 2017 – 2024 ”