The GCC and Qatar cooking oil market is recognized as a compact matrix of consolidated key companies. Organizations such as United Food Company, Savola Group, and Emirate Refining Company are some of the key players of the matrix of GCC and Qatar cooking oil market. Altogether, these organizations acquire at least 75% of the market share by the end of 2015. In a market where the competition is extremely intense, many other companies are aggressively conducting research and development so as to introduce new product lines of nutritious cooking oils. In order to sustain the tough competition organizations are investing heavily in promotional activities so as to extend their knowledge about their new products and launch them with lavishly.
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As per the market study conducted by Transparency Market Research (TMR), the GCC and Qatar cooking oil market is projected to grow at a staggering CAGR rate of 6.6% and 7.4% respectively from 2017 to 2024. At this rate, the GCC cooking oil market 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 CAGR growth into $122.2 million in the projected forecast period.
The GCC cooking oil market is segmented into various facets. By product type, the market is fragmented into sunflower oil, corn oil, and palm oil. Out of these segments, the sunflower oil segment tops every other cooking oil market segment. The reason that this segment exceeds other segments owing to its rising health concerns amongst end-users. Likewise, the Qatar cooking oil market is bifurcated on the basis of product type, package, and region. The market is expected to be owned by sunflower oil with a market share of 71.5% in terms of revenue in forthcoming years.
Region wise the GCC is likely to excel better than other regions. This growth will be the outcome of a large number of immigrants from countries like India and Sri Lanka, where cooking oil is extensively used in their traditional cooking.
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