Over the years, the Middle East market for edible oil has witnessed a steady rise in their valuation, thanks to the growing investments that have resulted in a remarkable increase in workforce, factory count, and the overall production capacity. The market for edible oil co-products and by-products in the Middle East has gained significantly from these advancements and the escalating affluence of consumers in this region in the recent past and is expected to continue benefiting over the forthcoming years.
According to Transparency Market Research (TMR), the Middle East edible oil co-products and by-products market is likely to witness an increase in its product volume from 388,944.3 tons in 2015 to 559,775.9 tons by 2024, expanding at a CAGR of 4.20% between 2016 and 2024. During the same time period, the opportunity offered by this market is expected to increase at a 5.0% CAGR.
Growing Demand for Dried Soap Stock to Influence Several Domestic Edible Oil Co-products and By-products Markets
The Kingdom of Saudi Arabia, Egypt, Iran, Sudan, Algeria, Morocco, and Turkey are the key geographical segments of the Middle East market for edible oil co-products and by-products. Egypt has been leading the oil and soap market across the Middle East. The high demand for dried soap stock, owing to the cost benefits it offers by reducing the expense of raw materials, has been boosting the oil and soap market in this country. Stearic acid is also gaining momentum in Egypt due to augmenting demand for cosmetics and personal care products. This, as a result, is projected to propel the Egypt market for edible oil co-products and by-products considerably in the coming years.
Similarly, Saudi Arabia is also set to witness a sturdy rise in the market for edible oil co-products and by-products on account of the soaring demand for dried soap stock. The extensive usage of soap stock for the manufacturing of soaps and detergents and in animal feed is likely to support the Saudi Arabia edible oil co-products and by-products market in the near future.
In addition to this, the growing demand for fatty acid distillates is projected to impact the markets for edible oil co-products and by-products in Egypt and Morocco remarkably in the forthcoming years. The market in Turkey is also anticipated to gain from the escalating demand for hard oil fatty acid, propelled by the rising production of soaps and detergents, over the next few years.
Large Pool of Local Players to Shape Market’s Competitive Landscape
Some of the key companies in the Middle East market for edible oil co-products and by-products are Cayman Chemical Co., VVF LLC., Rade Chemicals, Mallinath Group, Chemipakhsh Iran Co. Ltd., Arabian Environmental Protection Co., A & B Chemical Corp., Genome Specialities Fzc, Iran Chemical Provider Co., and Oleo Misr.
Browse the full Middle East edible oil co-products and by-products market report at:http://www.mrrse.com/east-edible-oil-coproducts-by-products-market
The presence of a large pool of local players with a strong hold on country-specific markets is the key factor that shapes the competitive landscape of the overall market. Players in this market are focusing aggressively on various localities, end usage, and product innovation to gain an edge over competitors.