GCC and Qatar Cooking Oil Market is Expected to Reach US$1.7 bn by 2024
By nature, the GCC and Qatar cooking oil market is highly consolidated, with the top three companies accounting for almost three quarters of the market in 2015. Savola Group, Emirates Refining Company Ltd., and United Foods Company dominate the scene through aggressive investments, strong distribution networks, and product innovations.
The cooking oil market in the GCC region is marked by intense competition, Transparency Market Research finds, and focusing on research and development activities to introduce new products has augured well for these players.
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For instance, market leader Savola Group launched a new line of canola oil products in February 2015 and this product – with high Omega-3 properties – has furthered strengthened its hold on the GCC and Qatar cooking oil market.
In terms of revenue, the cooking oil market in the GCC and Qatar was valued at US$988.2 mn in 2015 and is expected to reach US$1.7 bn by 2024, expanding at a 6.6% CAGR therein. In terms of volume, the market is projected to register a CAGR of 8.4% during the forecast period.
Corn Oil to Witness Rapid Growth despite Low Market Share
On the basis of product, the cooking oil market in the GCC and Qatar is led by the sunflower oil segment, which recorded a significant share of more than 70% in 2015. On the other hand, despite accounting for a share of less than 7% in 2015, corn oil is expected to grow at the fastest rate through 2024. By type of packaging, retail package emerged as the key contributor in the cooking oil market in GCC.
Geographically, the market is divided into Qatar and other GCC countries. In terms of revenue, the cooking oil market in the rest of GCC accounted for a larger share in 2015 and is projected to amount to US$1.6 bn by the end of the forecast period. Registering a 6.5% CAGR from 2016 to 2024, the regional segment will retain its dominance in the GCC and Qatar cooking oil market. The Qatar cooking oil market, on the other hand, is projected to witness a greater rise in terms of volume than by value.
Demand for Processed Food Surges as Consumption Patterns Evolve
The increasing demand for processed food among consumers residing in the GCC region has complemented the growth of the cooking oil market in Qatar and other GCC countries, TMR finds. “Keeping this in mind, manufacturers operating in this market are engaged in extensive research and development activities to produce high-quality cooking oils that can address the health requirements of the consumers,” the lead analyst states. High purchasing power and the increasingly busy lifestyle of the consumers in the GCC region have altered consumption patterns and this is also pushing the demand for various cooking oils.
Lack of Local Production Hindering Growth
Most of the countries in the GCC region depend on imports for cooking oil owing to their weak local production. The economic and political instability in some countries and adverse climatic conditions in most have restrained the local production of cooking oil. “Imported products are priced on the higher side, due to which, consumers in the low-income group refrain from buying such products,” the author of the study. This acts as a major restraint on the cooking oil market in the GCC.
This review is based on the findings of a TMR report titled “Cooking Oil Market – GCC and Qatar Industry Analysis, Size, Share, Growth, Trends, and Trends and Forecast 2010 – 2024.”
GCC and Qatar Cooking Oil Market: by Product Type
GCC and Qatar Cooking Oil Market: by Packaging Type
GCC and Qatar Cooking Oil Market: by Region
Rest of GCC