Edible Oils and Fats Market for Baghdad: Market Valuation Estimated to Reach US$2.3 bn by 2025
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The market for edible oils and fats in Iraq is estimated to be valued at US$2.3 bn by 2025 as compared to US$1.3 bn in 2015, registering a CAGR of 6.0% over the forecast period from 2016 to 2025. In terms of volume, the edible oil and fats market in Iraq is prophesied to register a CAGR of a 3.3% during the forecast period.
The cumulative volume of edible oil and fats in Baghdad is expected to scale up to 268.3 thousand tons in 2025 from 190.9 thousand tons in 2015. This shall take the annual growth rate of edible oils and fats between 2010 and 2025 in Baghdad to 3.5%. Other regions expected to register a substantial CAGR for edible oils and fats market are Muthanna and Maysan. In terms of distribution channel, B2C dominated the market share in 2015 and is forecasted to hold the highest market share over the forecast period as well.
Rising Population Expands Edible Oils and Fats Market
The population of Iraq has been on a steady rise lately. There was a 3.9% increase in the overall population of Iraq over 2010-2015 and is expected to steadily rise over the forecast period as well. The purchasing power of the consumers in Iraq is also touching new heights, which has, in turn, resulted in people becoming increasingly health conscious. This has led to a significant rise in demand for high quality edible oils and fats, which has contributed to the growth of the oil and fats market in Iraq.
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Moreover, the infrastructural fettle of Iraq has seen some progress in recent times, which has encouraged tourism to the country. The country is also a prominent pilgrimage destination for a major faith of the world, which has kept its tourism industry highly functional. Steady rise of the tourism sector in the past years and a fine growth potential in the future years is expected to accentuate the demand for foods, which would subsequently fuel the edible oils and fats market in the country.
Feeble Economy Hinders Market Growth
Owing to the period of military siege that witnessed extreme entropy and unrest in Iraq, the economic activities in the country have been despairingly low. This has affected the overall GDP of the country and the adverse effects have trickled down to all other markets including the edible oils and fats market. Furthermore, the balance of payments situation is grim and there is meagre public finance, which slacks progress and underhandedly contributes to the low growth of the oils and fats market.
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