The
GCC and Qatar cooking oil market is recognized as a compact matrix of
consolidated key companies. Organizations such as United Food Company, Savola
Group, and Emirate Refining Company are some of the key players of the matrix
of GCC and Qatar cooking
oil market.
Altogether, these organizations acquire at least 75% of the market share by the
end of 2015. In a market where the competition is extremely intense, many other
companies are aggressively conducting research and development so as to
introduce new product lines of nutritious cooking oils. In order to sustain the
tough competition organizations are investing heavily in promotional activities
so as to extend their knowledge about their new products and launch them with
lavishly.
As
per the market study conducted by Transparency Market Research (TMR), the GCC
and Qatar cooking oil market is projected to grow at a staggering CAGR rate of
6.6% and 7.4% respectively from 2017 to 2024. At this rate, the GCC cooking oil
market is to jump to $1736.1 million from $1103 million in the forecast tenure.
On the other hand, Qatar cooking oil market is projected to translate the CAGR
growth into $122.2 million in the projected forecast period.
The
GCC cooking oil market is segmented into various facets. By product type, the
market is fragmented into sunflower oil, corn oil, and palm oil. Out of these
segments, the sunflower oil segment tops every other cooking oil market
segment. The reason that this segment exceeds other segments owing to its
rising health concerns amongst end-users. Likewise, the Qatar cooking oil
market is bifurcated on the basis of product type, package, and region. The
market is expected to be owned by sunflower oil with a market share of 71.5% in
terms of revenue in forthcoming years.
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Region
wise the GCC is likely to excel better than other regions. This growth will be
the outcome of a large number of immigrants from countries like India and Sri
Lanka, where cooking oil is extensively used in their traditional
cooking.
What
are The Major Growth Drivers of Cooking Oil Market in GCC and Qatar?
The
major driving factor of the growth of the cooking oil market in GCC and Qatar
is the increasing demand for processed food. Extensive consumption of oil-based
packaged food is yet another factor that drives the growth of GCC and Qatar
cooking oil market. In order to fulfill this rising demand in the region,
manufacturers are conducting various research and development activities. The
changing lifestyle of the people and increasing disposable income of the public
tends to change the eating habits of the people in the region. This yet again
leads to the strengthening of GCC and Qatar cooking oil market.
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On
the other hand, rising tourism is playing a crucial role in the growth of
cooking oil market in GCC and Qatar. As this influx of tourist bodes
effectively for hospitality sector along with ancillary industries. This rising
tourism has drawn attention of various hotel chain in the region from various
region of the world. This in turns supports the growth of GCC and Qatar cooking
oil market.
What
Restrains the Growth of GCC and Qatar Cooking Oil Market?
Since
the region shows exception growth in the future, every big fish wants to grab the
opportunity. However, factors such as minimal production locally owing to the
harsh climatic conditions and major political instability, the growth of GCC
and Qatar cooking oil market gets hampered. The above-mentioned reasons lead to
high dependency over imports again playing a crucial role in hampering the
growth of the cooking oil market in GCC and Qatar.
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Another
hampering factor for the GCC and Qatar cooking oil market is the involvement of
high capital in mediatory processes of extracting cooking oil. This as a result
restricts small business to enter GCC and Qatar cooking oil market hampering
its growth. However, looking substantial growth in the demand for cooking oil
and arrival of various international hotels in the region, the restraint shall
not be able to hold back GCC and Qatar cooking oil market in the forecast
period.
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