Cooking Oil Market is expected to reach US$1.7 Bn by 2024 – Rising Demand for High-Quality Edible Oils to Drive Demand

Cooking Oil Market is expected to reach US$1.7 Bn by 2024 – Rising Demand for High-Quality Edible Oils to Drive Demand

A fresh business and commerce study by Transparency Market Research (TMR) has detected that the cooking oil market in GCC and Qatar is highly consolidated in nature, with top three companies reserved nearly three-fourth of the total shares as of 2015. These three companies are Emirates Refining Company Ltd., Savola Group, and United Foods Company, and are expected to remain most prominent via their diverse product portfolio, aggressive investments for research and development, and strong distribution network across the region. For example, in February 2015, Salova Group introduced its new line of canola oil products that have improved Omega-3 features. This move has helped the company to further strengthen their position in the GCC and Qatar cooking oil market.

As per the projections of the TMR report, the demand in the cooking oil market in gulf countries including Qatar will increment at a notable CAGR of 6.6% during the forecast period of 2016 to 2024. By the end of 2024, the report has estimated the valuation of GCC and Qatar cooking oil market to be US$1.7 bn, which is significantly higher than its evaluated worth of US$988.2 mn in 2015. In terms of volume, the report anticipated the demand to increase at a CAGR of 8.4% during the said forecast period.

Sunflower Oil Leads but Corn Oil Emerging as Lucrative Segment

Based on product type, the report segments the GCC and Qatar cooking oil market into corn oil, sunflower oil, and palm oil including palmolein and palm kernel. Among these, the sunflower cooking oil segment constituted for more than two-third of the total demand in 2015 and is expected to remain most prominent throughout the forecast period. Having said that, while corn oil accounted for merely 7% of the demand the same year, it is projected to exhibit the most robust CAGR and vendors who focus on this segment will be well served in the near future. Based on packaging type, the market for cooking oil in GCC and Qatar is bifurcated into retail and bulk, with retail package currently contributing the most prominent chunk of demand.

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