Albany - NY, Sept. 29, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Edible Oils and Fats Market - Iraq Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2025,” the market was valued at USD 1,318.0 million in 2015, which is expected to reach USD 2,322.3 million by 2025, growing at a CAGR of 6.0% from 2016 to 2025. The market volume of Iraq Edible Oils and Fats was valued at 854.0 thousand tons in 2015, which is expected to reach 1,184.7 thousand tons by 2025 growing at a CAGR of 3.3% from 2016 to 2025.
Increasing population in a key factor complementing the growth of the edible oils and fats market in Iraq. The population in Iraq recorded a growth of 3.9% during the period from 2010 to 2015 and the population is expected to maintain a steady growth during the forecast period. Increasing population has resulted in the increase in per capita consumption of edible oils. Further, the increase in the per capita consumption of edible oils and fats is also attributed to the increasing purchasing power of the consumers. Further, with the increasing purchasing power, the consumers are shifting towards a healthier lifestyle that also comes with a change in the feeding habits; shift to healthier alternatives such as high quality edible oils and fats.
However, high cost of raw materials is one of the key factors barring the growth of this market in Iraq. The process of extracting various types of edible oils involves several processes that are capital intensive. Processes such as solvent extraction, mechanical extraction, hydrogenation and sparging require a large amount of capital and it becomes difficult for any new player to cope up with the huge capital requirements and thus becomes difficult for them to operate in this market.
Lack of local production is another major factor inhibiting the growth of the edible oils and fats market in Iraq. Most of the edible oils and fats are imported from countries such as Turkey, Kuwait and Azerbaijan among others. Lack of local production has resulted in the country’s complete dependency on imported products and this factor has resulted in the increased price of the products. However, initiatives taken up by the Iraqi Industry Ministry to re-furbish the old factories will boost the local production of edible oils and fats in Iraq. Further, establishment of refineries in the major cities in Iraq will also increase the local production in the future.
Further, due to complete reliability on imported products, prices for several types of oils and fats that are sold Iraq are on the higher side due to which customers refrain themselves from buying such products. Edible oils, especially olive oils have failed to stimulate the demand among the consumers since locally produced olive oils fail to sustain in the competition against imported olive oils primarily due to the quality. However, Iraq has the potential to improve the production of olive oil since they are considered to be cash crops for Iraqi farmers because they are considered to be good for limited water resources.
Sunflower oil dominated the vegetable and seed oil market in 2015 and is expected to maintain market dominance throughout the forecast period. Sunflower oil is widely used for cooking purposes. Further, added benefits of sunflower oil such as cancer prevention properties, cholesterol lowering properties, and improved heart health among others are some of the other factors attributing to the high revenue share of the sunflower oil segment.
Baghdad dominated the edible oils and fats market in Iraq, both in terms of revenue and volume. Huge population in Baghdad is the key factor aiding to the high growth of the edible oils and fats market in that region.
Aves A.S., Anadolu Group, Zer Group, Altunkaya Group of companies, are some of the major players operating in this industry. Product innovation through research and development activities, geographical expansion, and joint ventures and partnerships are some of the key strategies adopted by these players to increase their market presence and to address a broader customer base.
This report covers the Iraq edible oils and fats market and provides estimated in terms of revenue (USD Million) and volume (Thousand Tons) from 2015 to 2025, with historical data from 2010 to 2014. Market estimates on the basis of product types has been incorporated under the scope of the research. Production capacity, import and export analysis, and price trend analysis has been covered under the scope of the research.
The market has been segmented as follows:
Iraq Edible Oils and Fats Market, by Product Type
- Vegetable and Seed Oil
- Sunflower Oil
- Corn Oil
- Palm Oil
- Canola Oil
- Others (Rapeseed, Mustard, Linseed among others)
- Spreadable Oils and Fats
- Cooking Fats
- Animal Ghee
- Vegetable Ghee
Iraq Edible Oils and Fats Market, by Region
- Dhi Qar
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Source:Transparency Market Research