Albany, NY -- (SBWire) -- 03/06/2019 --As per a market study by Transparency Market Research (TMR), GCC cooking oil market is likely to expand at a CAGR of 6.6% between 2017 and 2024. At this rate, the market which stood at US$1103.0 mn in 2017 will become US$1736.1 mn by the end of 2024.
On the other hand, Qatar cooking oil market is likely to proliferate at 7.4% CAGR in terms of revenue between 2017 and 2024. Proliferating at this rate, the demand in the market will translate into a revenue of US$122.2 mn by 2024 end.
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By product type, sunflower oil accounts for the leading demand in the GCC region. The segment is likely to display substantial demand in the upcoming years. In terms of product type, sunflower oil is likely to hold the leading 71.5% share by the end of 2024. Palm oil, on the other hand, is anticipated to display a declined share until 2024. By package type, retail package is anticipated to hold the leading share in terms of revenue through 2024.
CC and Qatar Cooking Oil Market: Snapshot
The GCC cooking oil market has been displaying steadfast growth over the past few decades. Changing lifestyle and increasing purchasing power have led to increasing consumption of processed food thereby benefitting the cooking oil market. Increasing investments for R&D to introduce new line of products is also favoring the GCC cooking oil market.
On the other hand, Qatar cooking oil market is poised for steady growth in the upcoming years. Growth of the hospitality industry in Qatar has benefitted several ancillary industries such as food processing. The foray of international hotel chains to serve rising tourism has complemented the growth of cooking oils industry in Qatar.
Sunflower Oil to hold Dominance Vis-à-vis Revenue, Volume through 2024
The Qatar cooking oil market is segmented on the basis of product type, package type, and region. In terms of product type, sunflower oil, palm oil, corn oil, and others are the segments into which the cooking oil market is divided. Sunflower oil, out of these, holds dominance and is anticipated to account for 71.5% share in terms of revenue by the end of 2024. Palm oil is anticipated to display declined share holding a meager 1.8% by the end of 2024. Vis-à-vis volume, sunflower oil is likely to hold 72.6% of the market by 2024.
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By package type, Qatar cooking oil industry is bifurcated into retail and bulk. Vis-à-vis revenue, retail package segments holds dominance and is likely to hold 76.1% by the end of 2024. In absolute numbers, retail package segment is anticipated to be worth US$93.0 mn by the end of 2024. Bulk package segment, on the other hand, is anticipated to account for 23.9% share until the end of 2024. In terms of volume, retail package is predicted to reach 33.7 thousand tons by the end of 2024.
GCC and Qatar Cooking Oil Market : Factors Expected to Bring in Voluminous Revenues Into the Industry - TMR
GCC and Qatar Cooking Oil Market Growth till 2024