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.
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The Iraq edible oils and fats market is surging on the back of several favorable factors. Firstly, rising demand for high quality edible oils has led product manufacturers to develop products that have high nutritional content and high smoking points. High quality edible oils are rich in vitamin E, monounsaturated and polyunsaturated fat, and omega-3. The increasing consumption of processed food that are oil based is also fuelling the Iraq edible oils and fats market.
However, factors such as decades of war and political instability leading to weak economic growth is challenging the growth of this market. Nevertheless, with economic revival and growth of the tourism sector, the Iraq edible oils and fats market is predicted to receive a boost. Considering a number of favorable factors, the Iraq edible oils & fats market is expected to clock a CAGR of 6.0% between 2017 and 2025.
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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.