Large Immigration Population catapult Demand for Cooking Oil in GCC Countries
On the basis of region, countries of GCC and Qatar are the segments into which the GCC and Qatar cooking oil market is classified. The large population of immigrants from South East Asian countries such as India and Sri Lanka displays substantial demand for cooking oil in GCC countries. A large expatriate population from European countries is boosting the Qatar cooking oil market.
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.
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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.
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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.