Bangladesh Corn Oil Market: Snapshot
Corn oil is used in edible as well as non-edible applications. Globally, Bangladesh is one of the major consumers as well as importers of edible oil. With the growing demand for edible oil in the domestic market, there is a surge in investment opportunities as far as the production of edible corn oil is concerned. The rising focus of the authorities on decreasing the country’s dependence on imports by increasing local production will prove to be immensely beneficial for the corn oil market in Bangladesh.
In terms of value, the Bangladesh corn oil market is expected to expand at a CAGR of 1.8% during the forecast period. The market was valued at US$167,073 in 2015 and is expected to reach US$202,072 by 2026.
Non-edible Corn Oil Enjoys Preference over Edible Variants
On the basis of type, the corn oil market is bifurcated into edible and non-edible. In terms of revenue, non-edible corn oil is expected to account for the leading share throughout the course of the forecast period. The segment is estimated to account for a 71.4% share in the Bangladesh corn oil market by the end of 2016. This is attributed to the increasing usage of corn oil for the production of biodiesel. The segment is expected to expand at a CAGR of 1.7% during the forecast period.
The edible oil segment is expected to show substantial growth in the near future. The segment is expected to expand at a CAGR of 2.1% during the forecast period, driven primarily by the changing dietary habits and improving living standards of the consumers. Moreover, growing consumer awareness regarding the high nutritive value of corn oil is expected to boost the growth of this segment over the duration of the forecast period.
Food Service Restaurants Restricting Usage of Corn Oil owing to Higher Prices
By end use, livestock accounted for the leading share of 34.7% in 2015 and is expected to expand at a modest CAGR of 2.0% during the forecast period. The segment is expected to retain its dominance through 2026. The revenue generated by the industrial segment is expected to report a 2.5% CAGR between 2015 and 2026 – the highest growth rate among other end-use segments. This is attributed to the growing application of corn oil in the manufacturing of biodiesel. The demand for corn oil in the industrial sector is also owing to the increased usage of corn oil in various applications such as rustproofing metal surfaces and in inks, textiles, and paints.
The segment of food service restaurants is expected to exhibit a comparatively slower growth rate over the forecast period and also accounts for a small share in the overall corn oil market. Prices of edible corn oil are comparatively higher than other edible oils in the country, which is projected to restrict the growth of this segment over the forecast period.
The retail segment, on the other hand, is expected to reflect sustainable growth in the near future. Growing consumer preference for healthy cooking and edible oils in order to lower the risk of heart diseases is expected to support this segment. Promotional campaigns by existing oil manufacturers have had a significant impact on consumers in the country and has created a sense of awareness among them regarding the consumption and benefits of heart-healthy products. Corn oil offers a number of advantages in this regard – lower cholesterol levels and controlled blood pressure levels.
Key players in the Bangladesh corn oil market include Adani Wilmar Ltd, Associated British Foods plc, American Vegetable Oils, Inc., and Olympic Oils Ltd.
Bangladesh Corn Oil Market: Scope of the Report
Transparency Market Research (TMR) offers a 10-year forecast for the Bangladesh corn oil market between 2016 and 2026. In terms of value, the market is expected to register a CAGR of 1.8% during the forecast period (2016–2026). The main objective of the report is to offer insights on the advancements in the corn oil market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the Bangladesh corn oil market over the forecast period. The report aims to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the Bangladesh corn oil market.
Bangladesh Corn Oil Market: Trends and Opportunities
Factors such as increasing health consciousness, hygiene awareness, changing dietary habits and living standards and easy availability of grains are expected to fuel revenue growth of the Bangladesh corn oil market. Fewer players in specific corn oil market, lack of product innovation and increasing demand in developing economies are the several opportunities existing in Bangladesh corn oil market. In the country increased industrial usage of corn oil for various application as well as rising preferences of corn oil for manufacturing biodiesel are expected to support growth of the corn oil market in Bangladesh during the forecast period.
A section of the report discusses how the overall competition in the market is steadily increasing. It discusses various factors shaping the internal as well as external competition in the market. Overall internal competition in the Bangladesh corn oil market is observed to be comparatively high owing to a large number of major providers of corn oil products and increasing number of small domestic players in the market. The Bangladesh corn oil industry is facing external competition from producers & distributors, which are adopting forward and backward integration strategies, and developing their own facilities to produce corn oil. Various barriers to entry in the industry are analyzed and rated on the basis of their impact on the competition level in the market.
Fewer players in specific corn oil market, lack of product innovation and increasing demand in developing economies are the several opportunities existing in Bangladesh corn oil market. In the country increased industrial usage of corn oil for various application as well as rising preferences of corn oil for manufacturing biodiesel are expected to support growth of the corn oil market in Bangladesh during the forecast period.
Bangladesh Corn Oil Market: Competitive Landscape
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Key categories of providers covered in the report are corn oil suppliers, manufacturers, and a list of major retailers and raw material suppliers. Detailed profiles of the providers are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the corn oil space. Key players in the Bangladesh corn oil market report include Adani Wilmar Ltd, Associated British Foods plc, American Vegetable Oils, Inc and Olympic Oils Ltd.
Bangladesh Corn Oil Market: Segmentation
The Bangladesh corn oil market is segmented on the basis of:
- Product Type
- Edible Corn Oil
- Non-edible Corn Oil
- Food Service Restaurants
- Pharmaceutical Industry
- Food Processors
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze on the basis of key parameters such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and identify the right opportunities.
Another key feature of this report is the analysis of all key segments in terms of absolute dollar. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the Bangladesh corn oil market.