GCC and Qatar Cooking Oil Market Outlook, Opportunity And Demand Analysis, Forecast 2017 - 2024
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.
The GCC cooking oil market has been displaying steadfast growth over the past few decades. Changing lifestyle and increasing purchasing power have led to increasing consumption of processed food thereby benefitting the cooking oil market. Increasing investments for R&D to introduce new line of products is also favoring the GCC cooking oil market.
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Increasing consumption of oil based processed food bodes well for market
Growth of the hospitality sector benefits Qatar cooking oil market
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.
Rising Tourism Bodes Well for Qatar Cooking Oil Market
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.
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High Dependency on Import Crimps Growth
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.
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.
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