Published By : 05 Oct 2016 | Published By : QYRESEARCH
The cooking oil market in GCC and Qatar is immensely consolidated in nature and has Emirates Refining Company Ltd., United Foods Company, and Savola Group as the leading 3 players. There is a lot of competition in this market and a number of research and development activities are taking place in this market for the launch of new products.
Increasing Population will Raise Prospects of Market Growth in GCC and Qatar
The growing population and the increasing willingness of consumers to expend on edible oils are amongst the top factors providing impetus to the growth of the cooking oil market in GCC and Qatar. The introduction of a variety of products in the market has come up as a key development strategy implemented by the top players. On the other hand, the increasing prices of raw materials employed for cooking oil extraction is a main factor impeding the development of this market. In addition, the low cooking oil production owing to unfavorable climatic conditions and meagre rainfall may negatively impact the development of the cooking oil market in GCC and Qatar.
Sunflower Oil Led in 2015, Corn Oil to Hold Promising Market
There are various types of cooking oils present in GCC and Qatar such as palm oil, corn oil, sunflower oil, and others. The segment of others is further categorized into coconut oil, flaxseed oil, and soybean oil. Amongst these, sunflower oil led the market in 2015 with a share of over 70%. This segment is poised to maintain its dominance in the coming years due to sunflower oil being extensively utilized by the individuals residing in the region of GCC. On the other hand, corn oil is anticipated to hold the most lucrative opportunity in the market in the coming years in spite of holding an insignificant share of lower than 7% in the market in 2015.
Qatar Cooking Oil Market to Rise Higher in Terms of Volume
Revenue wise, the GCC cooking oil market held a greater share in 2015 and is predicted to touch US$1.6bn by 2024. This segment is predicted to maintain its superiority all through 2024. However, the Qatar cooking oil market will grow more exponentially in the coming years, on the basis of volume.