Transparency Market Research has identified some of the successful strategies adopted by these enterprises in order to strengthen their hold on the edible oils and fats market in Iraq. These include joint ventures, business expansions, investments in research and development of new technologies and processes, acquisitions, and expansion of product portfolios.
The market was valued at US$1.3 bn in 2015 and is expected to reach US$2.3 bn by 2025, expanding at a CAGR of 6.0% therein. By volume, the Iraq edible oils and fats market is anticipated to register a 3.3% CAGR from 2016 to 2025.
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Muthanna Presents High Scope for Growth by Value and Volume
On the basis of products, vegetable and seed oil led the edible oils and fats market in Iraq in terms of revenue and the segment is anticipated to account for slightly more than half the market by the end of the forecast period. The product segment is projected to retain its lead through 2025 despite a slight decline in its market share by the end of the forecast period. On the other hand, the others segment, which comprises olive oil, is projected to register a high annual growth of 7.7% from 2010 to 2025.
Regionally, the Iraq edible oils and fats market is led the Baghdad, which accounted for a 22.4% share in 2015. The region is anticipated to retain its dominance through 2025. In terms of revenue, Muthanna is projected to register a high CAGR of 9.7% between 2016 and 2025. This region is also immensely lucrative in terms of sales volume.
Government Support Encouraging Local Production of Edible Oils and Fats
One of the key factors likely to drive the market for edible oils and fats in Iraq in the coming years is the rising production capacity for the same and this can be attributed to support from the government. The Iraqi Trade Ministry has been focused on reducing dependence on imports and encourage local production so as to meet the rising demand for edible oils and fats. "Locally produced products will be priced on the lower side and this will encourage more customers to purchase edible oils and fats," the analyst points out.
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Weak Economic Conditions Hampering Growth
The GDP of Iraq had been on a stable if not rapid rise until 2014 and the country was considered among one of the upper-middle category nations. "However, the economic condition has been declining since mid-2014, with the per capita GDP witnessing a slump and poverty and unemployment on the rise," the author of the study states. This acts as a major deterrent to the growth of the edible oils and fats market in Iraq.
The high cost of raw materials is also a key restraint, TMR finds. The extraction processes are immensely capital intensive and it becomes increasingly difficult for new players in the Iraq edible oils and fats market.
This review is based on the findings of a TMR report titled "Edible Oils and Fats Market - Iraq Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024."
Iraq Edible Oils and Fats Market, by Product Type
Vegetable and Seed Oil
- Sunflower Oil
- Corn Oil
- Palm Oil
- Canola Oil
- Others (Rapeseed, Mustard, Linseed among others)
Spreadable Oils and Fats
- Animal Ghee
- Vegetable Ghee
Iraq Edible Oils and Fats Market, by Region
- Dhi Qar
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