The GCC and Qatar cooking oil market features an exceedingly consolidated market, with the three leading player, namely United Foods Company, Emirates Refining Company Ltd., and Savola Group accounting for over three quarters of the market in 2015, states a report recently added to the portfolio of Market Research Reports Search Engine (MRRSE). Of these, Savola Group captured over 37% of the overall market, a result of the company’s vast portfolio of popular brands, extensive network of distribution, and aggressive investment in product innovation. United Foods Company and Emirates Refining Company Ltd. also hold strong positions in the GCC and Qatar cooking oil market owing to large presence across key retail channels.
Browse the full GCC and Qatar Cooking Oil Market Report:http://www.mrrse.com/cooking-oil-market
On a whole, the GCC and Qatar cooking oil market features a high level of competition and has witnessed a surge in joint ventures, mergers and acquisitions, and product innovation in the past few years. Lucrative growth opportunities in the market has compelled a host of other players to ramp up their efforts to gain a larger share in the market.
The market features excellent growth prospects, with the overall GCC (Qatar and Rest of GCC) cooking oil market expected to rise from US$988.2 mn in 2015 to US$1736.1 mn by 2024 in terms of revenue. In terms of volume, the market is expected to reach 685.1 thousand tons by 2024. However, a largely import-based structure makes the market prone to an unpredictable growth trajectory owing fluctuations in currencies and constant supply-side cost discrepancies.
Rising Demand for Processed Food Owing to Changing Lifestyles Key to Market Growth
The vast rise in demand for processed food products among consumers in the GCC region has been considered one of the key factors driving the GCC cooking oil market in the past few years. The increasingly busy lifestyles of the population, and high purchasing power, coupled with a constantly rising number of women in the workforce, are key to the increased demand for processed as well as ready-to-eat food products in the region. As the processed food industry is one of the key consumers of hydrogenated vegetable oils, this trend, marking a major shift in eating habits of the consumers, is expected to emerge as one of the key drivers of the cooking oil market in GCC in the next few years.
Increasing Consciousness about Healthy Lifestyles Could Hamper Market’s Growth Prospects
Studies have demonstrated that the consumer in GCC is becoming increasingly conscious about the need for a healthy lifestyles to escape from cardiac disorders, which are largely becoming one of the leading causes of death in the region. The World Health Organization (WHO), has states that deaths caused due to cardiovascular diseases (CVD) in UAE accounted for over 30% of the total number of deaths in 2014. The rate of CVD deaths was also high in other countries in the region and the numbers are rising at an alarming pace.
Browse the full Press Release of GCC and Qatar Cooking Oil Market at :http://www.mrrse.com/cooking-oil-market-report
This has compelled the population to pay more attention to overall wellbeing and ways to bring down obesity levels. Healthcare regulatory bodies are also ramping up their efforts to create awareness among consumers regarding the need to live healthier lifestyles. This could impact the sales of processed foods and products with high content of oil. This trend could hamper the overall growth prospects of the market to a certain extent in the next few years.