Albany, NY -- (SBWIRE) -- 10/23/2018 -- Rising Tourism Bodes Well for Qatar Cooking Oil Market
Primarily driving the cooking oil market in GCC is increasing demand for processed food. Widespread consumption of packaged foods that are oil based displays massive demand for cooking oil in the GCC region. To cater to this demand, product manufacturers are engaged in research and development to introduce high quality cooking oils that serve health requirements of consumers. Refined cooking oil are claimed to be good over non-refined oils as they help lower cholesterol in the body.
In addition, changing lifestyle coupled with rising purchasing power have led to changing eating habits in the GCC region. Increasing trend of eating out and high consumption of ready-to-eat meals is also fuelling the GCC cooking oil market.
Rising tourism is a key factor behind the growth of Qatar cooking oil market. The influx of tourists bodes well for the hospitality sector as well as ancillary industries such as food industry. Increasing tourism has also aroused interest of international hotel chains to foray in the region. This in turn, has complemented the growth of cooking oils industry in this region.
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In the past decade, the cooking oil industry has witnessed increasing investments due to rising population and growing affluence among consumers. This has led to the increasing number of oil processing plants with high processing capacity along with surging labor population. These factors are greatly pushing the growth of cooking oil industry in the GCC and Qatar region.
Frequent mergers and acquisitions and joint ventures are some of the winning strategies of leading vendors in the GCC and Qatar cooking oil market.
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.
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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.
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.