TheGCC and Qatar cooking oil market is recognized as a compact matrix ofconsolidated key companies. Organizations such as United Food Company, SavolaGroup, and Emirate Refining Company are some of the key players of the matrixof GCC and Qatar cookingoil market.Altogether, these organizations acquire at least 75% of the market share by theend of 2015. In a market where the competition is extremely intense, many othercompanies are aggressively conducting research and development so as tointroduce new product lines of nutritious cooking oils. In order to sustain thetough competition organizations are investing heavily in promotional activitiesso as to extend their knowledge about their new products and launch them withlavishly.
Asper the market study conducted by Transparency Market Research (TMR), the GCCand Qatar cooking oil market is projected to grow at a staggering CAGR rate of6.6% and 7.4% respectively from 2017 to 2024. At this rate, the GCC cooking oilmarket is to jump to $1736.1 million from $1103 million in the forecast tenure.On the other hand, Qatar cooking oil market is projected to translate the CAGRgrowth into $122.2 million in the projected forecast period.
TheGCC cooking oil market is segmented into various facets. By product type, themarket is fragmented into sunflower oil, corn oil, and palm oil. Out of thesesegments, the sunflower oil segment tops every other cooking oil marketsegment. The reason that this segment exceeds other segments owing to itsrising health concerns amongst end-users. Likewise, the Qatar cooking oilmarket is bifurcated on the basis of product type, package, and region. Themarket is expected to be owned by sunflower oil with a market share of 71.5% interms of revenue in forthcoming years.
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Regionwise the GCC is likely to excel better than other regions. This growth will bethe outcome of a large number of immigrants from countries like India and SriLanka, where cooking oil is extensively used in their traditionalcooking.
Whatare The Major Growth Drivers of Cooking Oil Market in GCC and Qatar?
Themajor driving factor of the growth of the cooking oil market in GCC and Qataris the increasing demand for processed food. Extensive consumption of oil-basedpackaged food is yet another factor that drives the growth of GCC and Qatarcooking oil market. In order to fulfill this rising demand in the region,manufacturers are conducting various research and development activities. Thechanging lifestyle of the people and increasing disposable income of the publictends to change the eating habits of the people in the region. This yet againleads to the strengthening of GCC and Qatar cooking oil market.
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Onthe other hand, rising tourism is playing a crucial role in the growth ofcooking oil market in GCC and Qatar. As this influx of tourist bodeseffectively for hospitality sector along with ancillary industries. This risingtourism has drawn attention of various hotel chain in the region from variousregion of the world. This in turns supports the growth of GCC and Qatar cookingoil market.
WhatRestrains the Growth of GCC and Qatar Cooking Oil Market?
Sincethe region shows exception growth in the future, every big fish wants to grabthe opportunity. However, factors such as minimal production locally owing tothe harsh climatic conditions and major political instability, the growth ofGCC and Qatar cooking oil market gets hampered. The above-mentioned reasons leadto high dependency over imports again playing a crucial role in hampering thegrowth of the cooking oil market in GCC and Qatar.
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Anotherhampering factor for the GCC and Qatar cooking oil market is the involvement ofhigh capital in mediatory processes of extracting cooking oil. This as a resultrestricts small business to enter GCC and Qatar cooking oil market hamperingits growth. However, looking substantial growth in the demand for cooking oiland arrival of various international hotels in the region, the restraint shallnot be able to hold back GCC and Qatar cooking oil market in the forecastperiod.
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