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.
Transparency Market Research’s comprehensive market study on the Iraq edible oils and fats market aspires to serve as a valuable business decision making tool. The report provides a comprehensive analysis of the Iraq edible oils and fats market for the 2017-2025 forecast timeframe with 2016 as the base year. The report provides an analysis of industry trends and growth indices in each of the segments over the aforementioned forecast period. This helps market stakeholders to gauge the growth behavior of each of the segments in this period.
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Following this, the market looks into vital market indicators which includes drivers, restraints, and opportunities expected to influence the growth of Iraq edible oils and fats market through 2025. The study also looks into other key aspects that could influence the growth of this market. Moreover, the study explains the penetration of each and every segment within various geographies and how these segments have boosted the growth of the overall market.
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.
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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.