Press release
Edible Oils and Fats Market - Iraq Industry Analysis 2024
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.
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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
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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