Middle East and Africa Edible Oils Market
Middle East and Africa Edible Oils Market Size Expands to Touch USD 8.5 Billion by 2029
Published | 07 April 2023
Middle East and Africa edible oils market is flourishing because of rising oilseed production and high growth in demand for food products.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Middle East and Africa edible oils market size at USD 5,133.27 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Middle East and Africa edible oils market size to grow at a significant CAGR of 7.45% reaching a value of USD 8,455.35 million by 2029. Major growth factors of Middle East and Africa edible oils market include growing population, changing lifestyles, increasing health consciousness, and rising demand for convenience foods. Likewise, the market is also influenced by government initiatives and regulations aimed at promoting healthy eating habits and reducing the use of unhealthy cooking oils. Advancements in technology have led to the development of new processing methods and techniques for producing healthier and more sustainable edible oils. Companies that are investing in R&D to introduce innovative products could aid the growth of the market during the forecast period. However, high volatility in edible oil prices is anticipated to restrain the overall market growth during the period in analysis.
Middle East and Africa Edible Oils Market – Overview
Middle East and Africa edible oils market refers to the market for various types of edible oils that are widely used in cooking and food preparation in the Middle Eastern and African regions. The market includes oils, such as palm oil, soybean oil, sunflower oil, and canola oil. Edible oils are a vital ingredient in the traditional cuisine of many countries in the region and are also used in the food processing industry for various applications. The market is driven by factors, such as population growth, changing lifestyles, increasing health consciousness, and rising demand for convenience foods. The market is also influenced by government initiatives and regulations aimed at promoting healthy eating habits and reducing the use of unhealthy cooking oils.
Impact of COVID-19 on Middle East and Africa Edible Oils Market
COVID-19 pandemic adversely affected numerous industries. Meanwhile, the edible oil market experienced a noteworthy surge during the pandemic time. The government-enforced lockdowns aimed at curbing the spread of the virus resulted in a heightened interest among the general populace in pursuing healthier diets. Many individuals are turning to health supplements to boost their immunity due to the prevalence of health-related issues. The growing emphasis on good health is expected to continue fueling the market growth even after the pandemic subsides.
Middle East and Africa Edible Oils Market – By Product
By product, Middle East and Africa edible oils market is divided into Palm Oil, Soybean Oil, Sunflower Oil, Rapeseed Oil, and Olive Oil segments. The sunflower oil segment holds the highest share in the Middle East and Africa edible oils market. Sunflower oil is a popular cooking oil due to its neutral taste, high smoke point, and good nutritional profile. It is rich in vitamin E, which is an antioxidant that helps protect the body against oxidative damage. Additionally, sunflower oil is lower in saturated fats than some other types of cooking oils, making it a healthier option for consumers. While palm oil has also gained popularity due to its lower price and affordability for low-income populations, technological advancements in packaging are attracting consumers. In addition, the Middle East and Africa region depends on imported oilseed and oils and fats to supplement domestic requirements, with palm oil consumption on the rise due to its application in various food products. Olive oil is also popular due to its ability to enhance the flavor of traditional Middle Eastern dishes and its health benefits. Soybean oil has dominated the market in the past, but exports of canola oil have increased in recent years.
Major players operating in Middle East and Africa edible oils market include Bunge Limited, ADM, Cargill, Incorporated, ACH Food Companies, Inc., Adani Group, SALAD OILS INTERNATIONAL CORPORATION, BORGES INTERNATIONAL GROUP, S.L., and Hebany Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Edible Oils Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Middle East and Africa Edible Oils Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Middle East and Africa Edible Oils Market - By Product (Palm Oil, Soybean Oil, Sunflower Oil, Rapeseed Oil, Olive Oil); By Packaging (Pouches, Jars, Cans, Bottles); By End Use (Domestic, Industrial, Food Service); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: April 2023
Rising oilseed production and a spurring demand for food items are projected to propel the expansion of Middle East and Africa edible oils market during the forecast period between 2023 and 2029.
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