Cooking Oil Market Proliferates at 7.4% CAGR, Driven by Hospitality Sector Growth | TMR Study

The cooking oil market in the Gulf Cooperation Council (GCC) region, including Qatar, has witnessed remarkable growth over the past few decades. This growth has been fueled by factors such as changing lifestyles, increasing disposable incomes, and rising consumption of processed foods. Despite facing challenges such as dependency on imports and high capital investment in production processes, the market continues to expand steadily, driven by innovation and rising demand in the hospitality and food processing industries. Below is an in-depth analysis of the GCC and Qatar cooking oil market, covering market trends, challenges, growth forecasts, and key players.

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Market Overview

GCC Cooking Oil Market: Growth Trends

The GCC cooking oil market has shown steady progress due to a shift in consumer preferences toward convenience and processed food products. Rising urbanization, coupled with increasing disposable income, has resulted in higher consumption of cooking oils, particularly in urban households. Moreover, significant investments in research and development (R&D) to introduce new, healthier cooking oil products have positively influenced market growth.

From 2017 to 2024, the GCC cooking oil market is expected to register a compound annual growth rate (CAGR) of 6.6%, highlighting the region's robust demand for cooking oils. Sunflower oil, known for its health benefits, remains the dominant product type in the GCC market.

Market Segmentation

By Product Type: Sunflower Oil Leads the Market

Cooking oils in the GCC and Qatar markets are segmented into sunflower oil, palm oil, corn oil, and others. Among these, sunflower oil holds the largest market share due to its perceived health benefits and widespread use in both household and commercial settings.

Sunflower Oil:

Sunflower oil is anticipated to dominate the Qatar cooking oil market, accounting for 71.5% of revenue and 72.6% of volume by the end of 2024. The oil's high content of healthy fats and antioxidants makes it a preferred choice for health-conscious consumers.

Palm Oil:

Palm oil, on the other hand, is projected to see a decline in market share, with only 1.8% of revenue by 2024. Concerns over its environmental impact and the availability of healthier alternatives contribute to this trend.

Corn Oil and Others:

While corn oil and other types of cooking oils hold smaller shares, they are gradually gaining popularity due to their unique flavors and nutritional profiles.

By Packaging Type: Retail Dominates

In terms of packaging, the Qatar cooking oil market is divided into retail and bulk segments.

Retail Packaging:

The retail packaging segment dominates the market, with a projected revenue share of 76.1% by 2024. This segment is expected to reach an estimated value of USD 93.0 million by the end of the forecast period, driven by consumer demand for convenience and smaller packaging sizes suitable for households.

Bulk Packaging:

Bulk packaging is primarily used in commercial sectors such as restaurants, hotels, and food processing units. While this segment accounts for a smaller market share (23.9% in revenue by 2024), it remains crucial for the hospitality and foodservice industries.

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Regional Dynamics

GCC Cooking Oil Market: Boost from Immigrant Populations

The GCC region's large expatriate population, particularly from South Asia and Europe, significantly influences the cooking oil market. Immigrants from countries like India and Sri Lanka have a high demand for specific types of cooking oils that cater to their traditional cuisines. European expatriates contribute to the rising demand for premium and organic cooking oils.

Qatar Cooking Oil Market: Hospitality Industry as a Catalyst

Qatar's flourishing hospitality industry plays a pivotal role in driving the cooking oil market. The influx of international hotel chains and rising tourism have spurred the demand for high-quality cooking oils. Additionally, Qatar's diverse population, comprising expatriates from various regions, drives demand for a wide variety of cooking oils to cater to different culinary preferences.

Challenges in the GCC and Qatar Cooking Oil Market

Despite its growth prospects, the cooking oil market in the GCC and Qatar faces several challenges:

High Dependency on Imports:

Local production of cooking oil in the GCC region is minimal, resulting in a heavy reliance on imports. This dependency can lead to supply chain disruptions and fluctuating prices.

High Capital Investment:

The intermediate processes involved in extracting and refining cooking oil require substantial capital investment. This creates a barrier for small and medium-sized enterprises (SMEs) to enter the market, limiting competition and innovation.

Health and Environmental Concerns:

Growing awareness about the health risks associated with certain cooking oils, along with environmental concerns over palm oil production, poses challenges for market growth.

Key Players in the Market

Key players in the GCC and Qatar cooking oil industry include United Foods Company, Savola Group, Emirates Refining Company Ltd., Hayel Saeed Anam Group and Co., Asia Africa General Trading LLC, Ghurair Resources Oils and Proteins, and Omani Vegetables Oils and Derivatives Co. LLC.

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