Albany - NY, Sept. 28, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Cooking Oil Market: GCC and Qatar Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2010–2024”. In terms of revenue, the cooking oil market in the GCC and Qatar was valued at USD 988.2 million in 2015 and is expected to reach USD 1736.1 million by 2024, growing at a CAGR of 6.6% from 2016 to 2024. In terms of volume, the market was valued at 334.8 thousand tons in 2015 and is expected to reach 685.1 thousand tons by the end of the forecast period, expanding at a CAGR of 8.4% during the forecast period.
Cooking oil is an edible form of oil that is also glycerol esters of fatty acids and may be obtained from animals, plants or even synthetically made. Corn oil, peanut oil, coconut oil, olive oil and others constitute some common types of cooking oil. It is a medium of heat-transfer that is used in frying to produce delicious cooked dishes.
Cooking oils, however, also have non-food applications as well such as the manufacturing of washing powders, personal care products and soaps among others. The oilseeds industry is a vast enterprise and almost every country across the globe produces oilseeds of a particular kind and most countries have at least one rudimentary processing industry that is engaged in the production of two basic products such as edible/cooking oil and protein meal.
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The cooking oil industry has witnessed a major shift in terms of investments since the last decade. Investments in the edible oil industry have doubled over the last decade, which is primarily fueled due to ever increasing population of the region and growing affluence among the consumers. Increasing investments has complemented the growth of the number of factories.
The process of extracting various types of cooking oils, however, involves several capital intensive processes. Solvent extraction, mechanical extraction, hydrogenation, and sparging are few of the methods that are implemented for extracting cooking oils and fats. These processes require a fairly large amount of capital investment, which becomes extremely difficult for any new player trying to enter this market. Furthermore, Most of the GCC countries depend on imports owing to their weak local production. Economic and political instability in some countries and adverse climatic conditions are some of the major factors restraining local production. Due to this reason, the countries majorly depend on imported products for sustenance. The price of imported products are generally on the higher side due to which consumers falling in the low income group range refrain themselves from buying such products due to high price.
The market of cooking oil is segmented by product type, packaging type and geographically. Product wise, the market is segmented into Sunflower Oil, Corn Oil, Palm Oil and others. The others segment comprises of soybean oil, flaxseed oil and coconut oil among others. By packaging type, the market is bifurcated into retail and bulk. Geographically, cooking oil market is divided into Qatar and rest of GCC countries such as Saudi Arabia, U.A.E, and Oman among others.
In the product category, Sunflower oil recorded the largest market share of more than 70% in 2015 and is expected to dominate the market during the forecast period of 2016-2024. Wide usage of sunflower oil among the residents in the GCC region is the primary reason fueling the demand for the same in the country. Market dominance of sunflower oil is closely followed by Corn oil which held market share of less than 7% in 2015 and is expected to grow at the fastest rate during the forecast period.
In the packaging category, retail package dominated the cooking oils market in GCC accounting for the major market share of more than 70% in 2015 as compared to bulk packaging.
Qatar is expected to experience some of the fastest consumer spending growth mainly in the food sector compared to the other countries in the GCC region. The purchasing power of Qataris are higher compared to other GCC countries and thus, coupled with the growing demand for healthy eating habit, the country is forecasted to witness a growth in the cooking oil sector.
The leading players operating in the GCC and Qatar cooking oil market include Savola Group, United Foods Company, Asia Africa General Trading L.L.C, Hayel Saeed Anam Group and Co., Omani Vegetables Oils and Derivatives Co. LLC, and Al Ghurair Resources Oils and Proteins
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GCC and Qatar’s cooking oil market has been segmented into:
By Product Type
- Sunflower Oil
- Corn Oil
- Palm Oil
- Palm Kernel
By Packaging Type
The market is broadly segmented on the basis of region into:
- Rest of GCC
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Source:Transparency Market Research