Albany, New York, February 13, 2017: A new market research report has been recently added by Market Research Reports Search Engine (MRRSE) to its comprehensive collection of research reports. The 55-page research study, titled “Cooking Oil Market – GCC and Qatar Industry Analysis, Size, Share, Growth, Trends, and Trends and Forecast 2016 – 2024,” offers a detailed analysis, focusing on the key aspects and factors that are anticipated to determine the growth of the market in the near future. According to the research study, in 2015, the cooking oil market in the GCC and Qatar was worth US$988.2 mn and is likely to reach a value of US$1.7 bn by the end of 2024, registering a healthy 6.60% CAGR between 2016 and 2024.
Developing Tourism Sector to Bolster GCC and Qatar Cooking Oil Market
The growing demand for high-quality edible oils is considered as one of the major factors encouraging the growth of cooking oil market in GCC and Qatar. In addition, the rising investments in the overall cooking oil market and the developing tourism sector are some of the other vital aspects anticipated to fuel the growth of the market throughout the forecast period. On the flip side, the high cost of raw materials and the lack of local production of cooking oils are expected to restrict the growth of the overall market in the next few years. Nonetheless, the rising focus of key players on new product development and innovations is likely to offer promising growth opportunities for the market players.
On the basis of product type, the GCC and Qatar market for cooking oil has been categorized into palm oil, sunflower oil, corn oil, and others. The palm oil segment has been sub-segmented into palmolein oil and palm kernel. In 2015, the sunflower oil segment led the overall market and accounted for a share of 70%. This segment is likely to maintain the leading position across the forecast period, thanks to the increasing use of sunflower oil among consumers in GCC and Qatar in the last few years. On the other hand, in 2015, the corn oil market held a very small share in the GCC and Qatar market; however, this segment is expected to register a high growth rate throughout the forecast period.
Rising Purchasing Power of Consumers to Propel Cooking Oil Market in Qatar
The GCC and Qatar cooking oil market has been classified on the basis of geography into Qatar and GCC countries, including Oman, U.A.E, and Saudi Arabia. Among these segments, Qatar is expected to witness meager growth in the forecast period, owing to the low population in this nation. However, the increasing consumer spending in Qatar is estimated to rise significantly in the coming years, thanks to the increasing focus on the food industry. In comparison with the other GCC nations, the purchasing power of consumers in Qatar is high due to the improving eating habits and lifestyle. The cooking market in the other nations in GCC is likely to witness a healthy growth in the near future.
The GCC and Qatar market for cooking oil is competitive in nature and is expected witness significant growth in the forecast period. Some of the leading players mentioned in the research report are Hayel Saeed Anam Group and Co., Asia Africa General Trading L.L.C, Al Ghurair Resources Oils and Proteins, Omani Vegetables Oils and Derivatives, United Foods Company, and Savola Group. The research study offers a thorough overview of the competitive landscape and throws light on the key business strategies that have been adopted by these players in order to sustain in the market.
Browse Full GCC and Qatar Cooking Oil Market Report with TOC:http://www.mrrse.com/cooking-oil-market
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