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GCC and Qatar Cooking Oil Market to be Worth US$1.7 bn by 2024

Article Description

Cooking oil is among the most essential ingredient for preparing food, and hence the market for cooking oil has been targeted by several players for a number of years, but only a few have managed to make a significant market over the global or the regional market. As far as the cooking oil market is concerned in Gulf Cooperation Council (GCC) and Qatar, three players held nearly one third of the shares in 2015, according to a latest report by Transparency Market Research. These three companies are Emirates Refining Company Ltd., Savola Group, and United Foods Company. 

The dominance of these three players is a reflection of strong distribution networks, aggressive investments, and product innovations. The report evaluates the valuation of the market to be US$988.2 mn in 2015, which is estimated to reach a valuation of US$1.7 bn by the end of 2024, rising at a significant CAGR of 8.4% during the forecast period of 2016–2024. Hayel Saeed Anam Group and Co., and Al Ghurair Resources Oils and Proteins are some of the other companies identified by the report in GCC and Qatar cooking oil market. 

Increasing Demand for Processed Food Driving Demand

Cooking oil be synthetically made besides being obtained from plants and animals. Corn oil, coconut oil, peanut oil, and olive oil are some of the common types of cooking oil, which help in proper heat-transfer in order to fry and prepare cooked food. The growing consumer preference for processed food and continuous research and development movements to produce enhanced quality cooking oils, which are in accordance to increasing health concerns, are two of the primary factors positively influence the market. Rising population, increasingly busy life-style, and high purchasing power of the consumers are other three driving factors for the GCC and Qatar cooking oil market. Conversely, lack of local production along with economic and political instability in several GCC countries are restricting the market from attaining its full potential. 

Sunflower Oil Remains Dominant Product Segment

By product, the GCC and Qatar cooking oil market is categorized into sunflower oil, palm oil, and corn oil, which is further sub-segmented into palmolein and palm kernel. Out of these, sunflower oil segment currently serves the maximum demand, although corn oil is projected for the best growth rate during the forecast period. Cooking oils also have some applications apart from preparing food. For example, it is used to manufacture washing powders, soaps, and personal care products. The oilseeds industry is a prominent enterprise and nearly every nation across the world produces oilseeds of a certain type. Most countries across the globe have one or more rudimentary processing enterprise that is engaged in the production of basic products such as protein meal and edible or cooking oil. 

Browse the full GCC and Qatar Cooking Oil Market report

By packaging, this market can be segmented into retail and bulk, with retail packaging contributing most of the demand. Regionally, rest of the GCC countries serve most of the demand for cooking oil, although Qatar is projected for stronger growth rate due to economic strength.