An exhaustive research report published by Transparency Market Research states that the Iraq edible oils and fats market is expected to be worth US$2.3 bn by 2025 as the market expands at a CAGR of 6.0% between 2016 and 2015. The progress to this value from US$2.3 bn in 2015 will be attributable to the increasing population that has an improving disposable income. Iraq has suffered at the hands of volatile political conditions in the past decade and is struggling to limp back to normalcy as peace restores bringing back trade and business.
Browse the full Iraq Edible Oils and Fat Market Report:http://www.mrrse.com/edible-oils-fats-market
Rise in Population and Changing Dietary Habits Propel Demand for Edible Oils and Fats in Iraq
Analysts project that the steady rise in the population of Iraq is expected to boost the consumption of edible oils and fats during the forecast period. The increasing purchasing power of consumers and the higher per capita incomes is estimated to fuel the demand for edible oils and fats in the coming few years. The national market will also stand to benefit from the changing lifestyles and dietary habits of consumers. The gradual rise of the tourism sector is also anticipated to boost the Iraq edible oils and fats markets as it will provide a much-needed impetus to the tourism sector in the country.
The various types of products available in the Iraq edible oils and fats market are vegetable and seed oils, spreadable oils and fats, and cooking fats. The various types of vegetable and seed oil are soybean, sunflower, palm oil, corn oil, canola oil, mustard, rapeseed, and linseed amongst others. Butter and margarine are considered to be spreadable oils and fats and vegetable ghee and animal ghee are cooking fats. Analysts anticipate that the vegetable and seed oil segment is likely to lead the overall market throughout the forecast period as they are extensively used on daily basis for cooking meals.
Volatile Political Situation Challenges Growth of Iraq Edible Oils and Fats Market
Though the analysts have assessed the future of Iraq edible oils and fats market to be bright, the market is likely to face quite a few challenges. The volatile political condition in the country is expected to be the market’s biggest hurdle in the coming few years. The tumultuous economic activity, severe deficit in the balance of payments, and poor state of public finance are collectively a major impediment for the national market. The revenue of the Iraq edible oils and fats market is also expected to be hampered by the stagnating GDP.
Browse the full Press Release of Iraq Edible Oils and Fat Market at :http://www.mrrse.com/edible-oils-fats-market-report
These challenges can be overcome in the near future by the Iraq edible oils and fats market if the players in the market begin local production of edible oils and fats. Key players such as Aves A.S. and Etihad Food Industries are likely to start local production facilities to raise production in the country, bring down costs, and improve sales in the long run. Efforts to revamp old factories and production facilities are also expected to favor the country’s edible oils and fats market throughout the forecast period. Local production and improved facilities are expected to reduce the dependency of Iraq on international products, thereby boosting the national market in the near future.