In a highly consolidated business landscape, top five companies in the Iraq edible oils & fats market hold 70% of the overall market, states Transparency Market Research (TMR) in a new report. Marsan Gida San Ve Tic A.S. – the holding company which owns five brands in the edible oil and fats category is a key factor for its high market share. Heavy investments for research & development, joint ventures, and mergers and acquisitions have been key competitive strategies adopted by key players in this market. Expanding production facility in cost-effective regions has also been on the growth chart of leading players in the Iraq edible oils & fats market.
According to a market study by Transparency Market Research, the Iraq
edible oils & fats market is predicted to be worth US$2.3 bn by the end of
2025, rising at 6.0% CAGR between 2017 and 2025. The demand in the market was
valued at US$1.4 bn in 2017. Vis-à-vis revenue, vegetable & seed oil
product segment holds prominence in the Iraq edible oils & fats market. The
segment is anticipated to hold the leading 51.3% of the overall market by 2025.
Among the key regions, Baghdad is predicted to retain its dominance in the
overall market through 2025.
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Substantial R&D to Develop High Quality
Products to Benefit Market
Primarily fuelling the Iraq edible oils & fats market is increasing
demand for high quality edible oil. High quality edible oils are rich in
vitamin E, monounsaturated and polyunsaturated fatty acids, and omega-3. They
have a high smoking point which helps retain nutritional value at higher temperatures.
To cater to this demand, large companies involved in the production of edible
oils in the country are engaged in research and development to manufacture high
quality products. These companies are also making efforts to develop edible
oils & fats for health savvy consumers.
The increasing consumption of processed food which are mainly oil based
has also been a key factor behind the growth of Iraq edible oils & fats
market. Changing lifestyle and changing eating habits are fuelling demand for
ready-to-eat packaged food. This is favoring the growth of Iraq edible oils
& fats market.
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The growth of the tourism sector holds potential for the growth of Iraq
edible oils & fats market. Due to decades of war, closed regimes, and
recurrent political instability the Iraqi tourism sector is currently
underdeveloped and neglected. However, as political stability and economic
development gains momentum, Iraq has the potential to emerge as a global
tourist destination. Long considered a destination for pilgrims, leisure
tourism is pacing up albeit in low numbers. This is likely to indirectly
benefit the edible oils & fats market.
Apart from this, rising population leading to the increase in per capita
consumption of edible oils is spiking the growth of Iraq edible oils & fats
market. This, along with increasing disposable income of consumers which has
led to increased spending on dining out and purchase of ready-to-eat foods.
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Political Instability and Weak Economic Growth
Challenges Market
On the downside, political disturbances and economic upheavals are a key
restraint to the growth of Iraq edible oils & fats market. Weak economic
condition of large population along with rising population living below the
poverty line due to the ongoing conflict have been the reasons International
Monetary Fund has provided grant.
Moreover, high costs of extraction of various types of cooking oils is
restricting the entry of new players. This is slowing the growth of Iraq edible
oils & fats market.
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