Published on : Oct 06, 2016
The rapidly growing population and increasing affluence of consumers have given a significant push to the GCC and Qatar cooking oil market. However, the high extraction cost and adverse climatic conditions are hampering the growth of the market. As per a report by Transparency Market Research (TMR), the GCC and Qatar cooking oil market stood at US$988.2 mn in 2015 and is estimated to reach US$1.7 bn by 2024, rising at a CAGR of 6.6% from 2016 to 2024.
Changing Lifestyles and Increasing Demand for Processed Food to Boost Demand for Cooking Oil
The rising demand for processed food is fuelling the growth of the cooking oil market in Qatar and other GCC countries. Increasingly busy lifestyles and rising purchasing power of the consumers residing in the GCC region are positively influencing the consumption patterns, which in turn is propelling the growth of the market. Companies operating in this market are investing heavily in research and development activities to produce high-quality cooking oils that can meet the growing requirement for healthy food.
Growing Health Consciousness among Consumers to Drive Qatar Cooking Oil Market
On the basis of geography, the market is segmented into Qatar and other GCC countries, including the U.A.E., Saudi Arabia, and Oman. Due to low population and unfavorable arid climate, the cooking oil market in Qatar is currently experiencing sluggish growth. Nevertheless, the market in this region is likely to gain traction in the next few years due to rising consumer spending and growing health consciousness. On the other hand, the cooking oil market in other GCC countries is anticipated to experience steady growth during the forecast period. The rising demand for different types of cooking oil owing to the increasing presence of expatriates from European countries such as Greece, Italy, and Spain.
Some of the key players in the GCC and Qatar cooking oil market are Asia Africa General Trading L.L.C, Al Ghurair Resources Oils and Proteins, Hayel Saeed Anam Group and Co., Savola Group, Omani Vegetables Oils and Derivatives Co. LLC, and United Foods Company.