GCC and Qatar Cooking Oil Market Assessment and Key Insights Analyzed till 2024

Market Research Reports Search Engine (MRRSE) has recently updated its massive research catalog by adding a new study, titled “Cooking Oil Market”. The study offers a clear insight about the prevailing trends and innovations happening in the Cooking Oil Market. Readers can further access details about research highlights and executive summary to gain a better idea about this assessment. The market overview covers key industry developments and market opportunity map during the mentioned forecast period. In addition, a holistic view of the entire global market scenario across all the prime regional segments, such as (Regions) has been delivered.

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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.

As per a market study by MRRSE, 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.

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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.

For the research report, analysts conducted extensive interviews with industry experts and opinion leaders. Primary research accounts for majority of the research effort, supplemented by extensive secondary research. Secondary research phase involved reviewing key players’ product literature, press releases, annual reports, and pertinent documents for competitive analysis and market understanding. Secondary research phase includes examining recent trade and technical writing websites, internet sources, along with statistical data from government websites, trade associations, and agencies. Tapping into several sources for data collection and scrutinizing the data has evinced to be the most reliable, effective, and successful approach to obtain precise market data, capture industry insights, and recognizing business opportunities.

Secondary research sources reached out include but were not limited to company websites, annual reports, broker reports, SEC filings, investor presentations, and financial reports. Internal and external proprietary databases, relevant patents, regulatory databases, national government documents, statistical databases, and market reports are some other sources tapped into in the secondary research phase. In addition, industry trade journals, scientific journals, and other technical literature are some other sources reached out for secondary research.

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Primary research phase comprised conducting interviews with industry experts and opinion leaders on an ongoing basis. This is to obtain insightful inputs regarding growth trends and to validate the analysis of the GCC and Qatar cooking oil market presented herein.

Primary research phase helped to obtain first-hand information on market size, growth trends, competitive outlook, future prospects, etc.
To validate and endorse secondary research findings
Helps develop research team’s competency and market understanding
Primary research phase involved e-mail communication along with face-to-face and telephonic interviews with industry experts for key segment under different category spread across geographies

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This release was published on openPR.