According to a market study by Transparency Market Research, the Iraq edible oils & fats market is predicted to be worth US$2.3 bn by the end of 2025, rising at 6.0% CAGR between 2017 and 2025. The demand in the market was valued at US$1.4 bn in 2017. Vis-à-vis revenue, vegetable & seed oil product segment holds prominence in the Iraq edible oils & fats market. The segment is anticipated to hold the leading 51.3% of the overall market by 2025. Among the key regions, Baghdad is predicted to retain its dominance in the overall market through 2025.
Vegetable and Seed Oil Product Segment to Remain at Fore
The Iraq edible oils and fats market is segmented on the basis of product type, distribution channel, and region. Depending upon product type, vegetable and seed oil, spreadable oils and fats, cooking fats, and other are the segments into which the Iraq edible oils and fats market is divided. Of them, vegetable and seed oil dominated the overall market in the past years; the segment is predicted to hold the leading share in the near future. The vegetable and seed oil segment is further sub-segmented into soybean, sunflower oil, palm oil, corn oil, and canola oil. Vis-à-vis revenue and volume, sunflower oil is expected to retain dominance through 2025.
Spreadable oils and fats segment is anticipated to display a marked increase in its market share between 2017 and 2025. The spreadable oils and fats segment is bifurcated into butter and margarine; of the two, butter currently holds the leading market share.
Vis-à-vis revenue, cooking fats segment of the market is anticipated to be valued at US$385.0 million by the end of 2025. Cooking fats segment has been bifurcated into animal ghee and vegetable ghee, where the latter holds dominance in terms of both revenue and volume.
Substantial R&D to Develop High Quality Products to Benefit Market
Primarily fuelling the Iraq edible oils & fats market is increasing demand for high quality edible oil. High quality edible oils are rich in vitamin E, monounsaturated and polyunsaturated fatty acids, and omega-3. They have a high smoking point which helps retain nutritional value at higher temperatures. To cater to this demand, large companies involved in the production of edible oils in the country are engaged in research and development to manufacture high quality products. These companies are also making efforts to develop edible oils & fats for health savvy consumers.
The increasing consumption of processed food which are mainly oil based has also been a key factor behind the growth of Iraq edible oils & fats market. Changing lifestyle and changing eating habits are fuelling demand for ready-to-eat packaged food. This is favoring the growth of Iraq edible oils & fats market.
The growth of the tourism sector holds potential for the growth of Iraq edible oils & fats market. Due to decades of war, closed regimes, and recurrent political instability the Iraqi tourism sector is currently underdeveloped and neglected. However, as political stability and economic development gains momentum, Iraq has the potential to emerge as a global tourist destination. Long considered a destination for pilgrims, leisure tourism is pacing up albeit in low numbers. This is likely to indirectly benefit the edible oils & fats market.
Apart from this, rising population leading to the increase in per capita consumption of edible oils is spiking the growth of Iraq edible oils & fats market. This, along with increasing disposable income of consumers which has led to increased spending on dining out and purchase of ready-to-eat foods.
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- Increasing consumption of processed food stokes demand
- Political disturbances and weak economic growth challenges growth
The Iraq edible oils & fats market is segmented as follows;
Edible Oils and Fats Market, by Product type
- Vegetable and seed oil
- Sunflower Oil
- Corn Oil
- Palm Oil
- Canola Oil
- Spreadable Oils and Fats
- Cooking fats