Ina highly consolidated business landscape, top five companies in the Iraq edible oils& fats market hold 70% of the overall market,states Transparency Market Research (TMR) in a new report. Marsan Gida San VeTic A.S. – the holding company which owns five brands in the edible oil andfats category is a key factor for its high market share. Heavy investments forresearch & development, joint ventures, and mergers and acquisitions havebeen key competitive strategies adopted by key players in this market.Expanding production facility in cost-effective regions has also been on thegrowth chart of leading players in the Iraq edible oils & fats market.
Accordingto a market study by Transparency Market Research, the Iraq edible oils &fats market is predicted to be worth US$2.3 bn by the end of 2025, rising at6.0% CAGR between 2017 and 2025. The demand in the market was valued at US$1.4bn in 2017. Vis-à-vis revenue, vegetable & seed oil product segment holdsprominence in the Iraq edible oils & fats market. The segment isanticipated to hold the leading 51.3% of the overall market by 2025. Among thekey regions, Baghdad is predicted to retain its dominance in the overall marketthrough 2025.
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SubstantialR&D to Develop High Quality Products to Benefit Market
Primarilyfuelling the Iraq edible oils & fats market is increasing demand for highquality edible oil. High quality edible oils are rich in vitamin E,monounsaturated and polyunsaturated fatty acids, and omega-3. They have a highsmoking point which helps retain nutritional value at higher temperatures. Tocater to this demand, large companies involved in the production of edible oilsin the country are engaged in research and development to manufacture highquality products. These companies are also making efforts to develop edibleoils & fats for health savvy consumers.
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Theincreasing consumption of processed food which are mainly oil based has alsobeen a key factor behind the growth of Iraq edible oils & fats market.Changing lifestyle and changing eating habits are fuelling demand forready-to-eat packaged food. This is favoring the growth of Iraq edible oils& fats market.
Thegrowth of the tourism sector holds potential for the growth of Iraq edible oils& fats market. Due to decades of war, closed regimes, and recurrentpolitical instability the Iraqi tourism sector is currently underdeveloped andneglected. However, as political stability and economic development gainsmomentum, Iraq has the potential to emerge as a global tourist destination.Long considered a destination for pilgrims, leisure tourism is pacing up albeitin low numbers. This is likely to indirectly benefit the edible oils & fatsmarket.
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Apartfrom this, rising population leading to the increase in per capita consumptionof edible oils is spiking the growth of Iraq edible oils & fats market.This, along with increasing disposable income of consumers which has led toincreased spending on dining out and purchase of ready-to-eat foods.
PoliticalInstability and Weak Economic Growth Challenges Market
Onthe downside, political disturbances and economic upheavals are a key restraintto the growth of Iraq edible oils & fats market. Weak economic condition oflarge population along with rising population living below the poverty line dueto the ongoing conflict have been the reasons International Monetary Fund hasprovided grant.
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Moreover,high costs of extraction of various types of cooking oils is restricting theentry of new players. This is slowing the growth of Iraq edible oils & fatsmarket.
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