Middle East Edible Oil Co-Products and By-Products Market Poised to Expand at CAGR of 5.0% from 2016 to 2024
The edible oils industry in the Middle East has, over the years, witnessed considerable investment, which has resulted in a significant rise in workforce, number of factories, and total production capacity. The edible oil co-products and by-products market in the Middle East has benefited from these developments and from the growing affluence and rise in population in the region. In terms of value, the market is poised to expand at CAGR of 5.0% from 2016 to 2024. The demand for edible oil co-products and by-products is set to increase from 388,944.3 tonnes in 2015 to 559,775.89 tonnes, registering 4.2% CAGR therein.
Consumers in the Middle East are constantly seeking new tastes, flavors, and applications and companies in the edible oil co-products and by-products market have been devising strategies around this trend to stay competitive.
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Dried Soap Stock Exhibits Strong Demand and Revenue
By product type, edible oil co-products and by-products are segmented into dried soap stock, hard oil fatty acid distillate, pure soft oil fatty acid distillate, mixed soft oil fatty acid distillate, pure acid oil, palmitic acid, stearic acid, sludge, and earth distillate.
Dried soap stock is projected to be the leading segment in the Middle East market for edible oil co-products and by-products in terms of value as well as volume. The market for dried soap stock in the Kingdom of Saudi Arabia is likely to grow considerably during the forecast period owing to the increasing utilization of this co-product in animal feed. The soap produced from dried soap stock is biodegradable and is widely used as anionic surfactant in powder detergents.
Mixed soft oil fatty acid distillates are anticipated to exhibit a strong CAGR by volume and value during the forecast period of 2016 to 2024.
Steady Demand Projected for Fatty Acid Distillates and Dried Soap Stock in Egypt
Based on country, the Middle East edible oil co-products and by-products market is segmented into the Kingdom of Saudi Arabia, Iran, Egypt, Sudan, Morocco, Algeria, and Turkey.
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The oil and soap industry is one of the oldest and most important industries in Egypt. There is a high demand for dried soap stock in the country as it reduces the expense of raw material required for soap manufacturing and provides several economic benefits. Stearic acid acts as an emulsifying and thickening agent when used in cosmetics. With the growing middle-class population in Egypt, the demand for personal care products is rising, which is projected to push the demand for stearic acid in Egypt during the forecast period.
The market for dried soap stock in Saudi Arabia is set to rise over the course of the forecast period owing to the extensive use of this by-product for the production of soap and detergents and as an animal feed ingredient. Iran is a leading producer of soaps and detergents and there is immense potential for the growth of the dried soap stock and pure acid oil markets in the country. Egypt and Morocco are anticipated to witness considerable growth for fatty acid distillates in the Middle East. The demand for hard oil fatty acid is comparatively higher in Turkey than in any other country in the region, driven by the increasing production of soaps and detergents and the rising disposable income in the country.
Some of the prominent players in the Middle East edible oil co-products and by-products market are VVF L.L.C., Cayman Chemical Company, Rade Chemicals, Chemipakhsh Iran Co. Ltd., Mallinath Group, A & B Chemical Corporation, Iran Chemical Provider Co., Genome Specialities Fzc, Oleo Misr, and Arabian Environmental Protection Co. LLC.
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