GCC and Qatar Cooking Oil Market: Snapshot
The cooking oil market in the GCC has been witnessing a major shift in investment patterns in recent years. Over the past decade, the investment in this market has doubled owing to players realizing the scope this market presents. The increasing population and a higher propensity of consumers to spend on edible oils are the primary factors driving the cooking oil market in the GCC. The presence of leading companies in the region has increased of late with the growth in demand. Improvisation and diversification of products in this market is a key strategy adopted by vendors.
However, the high cost of raw materials required for the extraction of cooking oils is a major restraining factor for any new player in this market. The lack of local production of cooking oils due to adverse climatic conditions and less rainfall is another major factor limiting the scope of the GCC and Qatar cooking oil market.
In terms of revenue, the cooking oil market in the GCC and Qatar was valued at US$988.2 mn in 2015 and is expected to reach US$1.7 bn by 2024, expanding at a 6.6% CAGR therein. In terms of volume, the market is projected to register a CAGR of 8.4% during the forecast period.
Sunflower Oil Most Preferred Cooking Oil in GCC
On the basis of product, the cooking oil market in the GCC and Qatar is segmented into sunflower oil, corn oil, palm oil, and others. The others segment comprises soybean oil, flaxseed oil, and coconut oil, among others. Sunflower oil recorded a significant share in the cooking oil market, accounting for more than 70% in 2015. The segment is expected to lead the GCC and Qatar market throughout the forecast period owing to the widespread use of sunflower oil among residents in the GCC region. Despite accounting for a share of less than 7% in 2015 in the GCC and Qatar cooking oil market, corn oil is expected to grow at the fastest rate through 2024.
By packaging type, the market is bifurcated into retail and bulk. Retail package emerged as the key contributor in the cooking oil market in GCC, accounting for more than 70% in 2015.
High Consumer Purchasing Power a Prominent Driving Factor in Qatar Cooking Oil Market
Geographically, the GCC and Qatar cooking oil market is divided into Qatar and other GCC countries, such as Saudi Arabia, U.A.E, and Oman. The cooking oil market in Qatar is currently experiencing meager growth, with the arid region’s low population being the major restraining factor. Nevertheless, consumer spending in Qatar is likely to rise rapidly in the next few years, with the growth being centered on the food sector. The purchasing power of Qataris is higher compared to other GCC countries and coupled with the surge in healthy eating habits, the country is forecast to witness considerable growth in the cooking oil market.
The cooking oil market in the rest of GCC has been experiencing steady growth and is expected to maintain a similar trend throughout the forecast period. The demand for several types of cooking oils is supported by the rising presence of expatriates from European countries such as Italy, Spain, and Greece. This trend is especially true for UAE, with Dubai being the most lucrative destination for market players.
The leading players operating in the GCC and Qatar cooking oil market include Savola Group, United Foods Company, Asia Africa General Trading L.L.C, Hayel Saeed Anam Group and Co., Omani Vegetables Oils and Derivatives Co. LLC, and Al Ghurair Resources Oils and Proteins.
GCC and Qatar Cooking Oil Market: Scope and Methodology
This report provides a strategic analysis of the GCC and Qatar cooking oil market and offers the growth forecast for the period from 2016 to 2024, with 2015 being the base year. The scope of the report includes a competitive analysis of the market segments based on the product types, and package types for GCC and Qatar. The report strives to compile a broader view of the characteristics of cooking oils by providing historical data from 2010 to 2014, and forecast up to 2024 along with a detailed analysis of the revenue.
The report also identifies various factors effecting growth, which includes market drivers, restraints, and opportunities. These factors determine various market trends which impact growth. The market forecast has been provided based on constant currency rates. The GCC and Qatar cooking oil market size is provided in terms of revenue. Market revenue and volume are defined in USD Million and Thousand Tons. Market size and forecast for each product type is provided in the context of regional markets.
An intensive analysis of Qatar and GCC market, by considering the product type and package type of cooking oil is made in this report. Impact analysis of market dynamics that describe factors that are currently driving and restraining growth of the market is mentioned in the study, along with their impact in the near, medium, and long term. The research devises the revenue growth strategies from the market size and forecasts statistics for the upcoming eight years.
The study also covers the drivers and restraints governing the dynamics of the market along with their impact on demand during the forecast period. Additionally, the report includes potential opportunities in the cooking oil market in the GCC countries and Qatar.
GCC and Qatar Cooking Oil Market: Segmentation
The market of cooking oil is segmented by product type, packaging type and geographically. Product wise, the market is segmented into Sunflower Oil, Corn Oil, Palm Oil and others. By packaging type, the market is bifurcated into retail and bulk. Geographically, the report divides cooking oil market into Qatar and rest of GCC countries such as Saudi Arabia, U.A.E, and Oman among others.
In the product category, Sunflower oil recorded the largest revenue in 2015 and is expected to dominate the market during the forecast period of 2016-2024. Wide usage of sunflower oil among the residents of Qatar is the primary reason fueling the demand for the same.
In the packaging category, retail package dominated the cooking oils’ market in GCC nations and Qatar. Retail packaging category accounted for a majority of the market share in 2015 and would continue to do so during the forecast period. Bulk packaging accounted for a comparatively less market share in 2015 and the same is expected to witness further decline by the end of the forecast period.
Market forecasting data provided in this report are derived based on demand generated from different applications and types of raw materials. Market dynamics prevalent in GCC countries and Qatar have been taken into account for estimating the growth of the specified market.
Market estimates for this study have been based on volume, with revenue being derived through regional pricing trends. Market data for each segment is based on volume and corresponding revenues. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback and application requirement. Forecasts have been based on the expected demand from cooking oil applications.
GCC and Qatar Cooking Oil Market: Competitive Landscape
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. The leading players operating in GCC nations’ and Qatar cooking oil market include Savola Group, United Foods Company,Asia Africa General Trading L.L.C, Hayel Saeed Anam Group and Co., Omani Vegetables Oils and Derivatives Co. LLC, and Al Ghurair Resources Oils and Proteins.
GCC nations’ and Qatar cooking oil market has been segmented into:
By Product Type
- Sunflower Oil
- Corn Oil
- Palm Oil
- Palm Kernel
By Packaging Type
By Region: The market is broadly segmented on the basis of region into:
- Rest of GCC