Cooking was one of the first domestic activities learnt by man, since thousands of years ago. And although cooking styles, recipes, requirements, and other factors have changed drastically over time, a single ingredient has remained constant for many culinary options – the humble cooking oil. This commodity is available through a wide variety of sources, mostly extracted through various seeds.
Owing to a widespread availability of this culinary necessity in Qatar and other Middle Eastern regions, a distinct GCC and Qatar cooking oil exists. This market is expected to display a steadfast growth over the next few years mainly due to the fantastic hospitality and culinary industry existing in the Middle East region. Owing to numerous hotel chains that have established in Qatar and adjacent areas, a high demand for cooking oil of various types is also responsible for making the market expand at a high pace. Go through the following points to understand why the GCC and Qatar cooking oil market has been witnessing substantial progress in recent times:
Splendid Growth Awaits GCC and Qatar Cooking Oil Market
Changing lifestyles and rising purchasing power of individuals owing to high disposable income favors the GCC and Qatar cooking oil market.
With rising tourism, an increase in demand for quality processed as well as cooked food coupled with mammoth rate of consumption is another prominent growth driving factor.
Another trend contributing towards the GCC and Qatar cooking oil market’s growth involves eating out and high consumption of ready-to-eat meals.
According to market experts, the GCC and Qatar cooking oil market is expected to expand at a CAGR of 6.6% between 2017 and 2024. At this rate, the market will earn revenue US$1736.1mn by the end of 2024, which initially was about US$1103.0 mn registered in 2017.
And speaking about the situation in Qatar, the market is expected to progress at a fantastic 7.4% CAGR gained between 2017 and 2024. At this rate, the demand in the market is anticipated to translate into revenue worth US$122.2 mn by 2024.
Competition to Intensify with Increase in Number of Players
The GCC and Qatar cooking oil market depicts the presence of a highly consolidated and competitive market, mainly due to the presence of a handful of players. However, the competition is likely to intensify in the next few years as the number of players entering this market is increasing by the day.
Many players are pouring large investments to improve their cooking oil products, in order to cement their position and gain maximum revenue in the global cooking oil market.
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Numerous product manufacturers are involved in widespread research development regarding use of high quality cooking oils.
Companies also are carrying out multiple promotional activities to market their products and earn splendid revenue.
Savola Group, United Foods Company, and Emirates Refining Company Ltd., are a few manufacturers that hold leading positions in the GCC and Qatar cooking oil market. These companies had accumulated a combined share of 75% in 2015. Even in future, these companies are expected to maintain their dominant stance.