The Middle East edible oil co-products and by-products market is demonstrating a highly competitive vendor landscape, states a new research report by Transparency Market Research (TMR). The players operating in this market are focusing aggressively on expanding their reach across various regions, which is likely to intensify the rivalry between them in the years to come. VVF LLC., Rade Chemicals, Cayman Chemical Co., Chemipakhsh Iran Co. Ltd., A & B Chemical Corp., Mallinath Group, Iran Chemical Provider Co., Oleo Misr, Genome Specialities Fzc, and Arabian Environmental Protection Co. are some of the key vendors of edible oil co-products and by-products in the Middle East, states the research study.
As per TMR’s estimations, the demand for edible oil co-products and by-products is expected to rise from 388,944.3 tons in 2015 to 559,775.89 tons by 2024 end, expanding at a CAGR of 4.20% between 2016 and 2024. In terms of value, the market is expected to report a CAGR of 5.0% during the same time period. Dried soap stock, pure soft oil fatty acid distillate, hard oil fatty acid distillate, mixed soft oil fatty acid distillate, sludge, palmitic acid, pure acid oil, stearic acid, and earth distillate have been considered as the key products available in this market in this report. Among these, the demand for dried soap stocks is projected to rise considerably in the near future, establishing them as the leading product segment, notes the market study.
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Increasing Investment in Oil Industry Supports Middle East Edible Oil Co-Products and By-Products Market
“The increasing investments in the edible oil industry in the Middle East, resulting in a considerable increase in workforce, rising number of factories, and improvement in the overall manufacturing capacity, is the main factor that has been boosting the Middle East edible oil co-products and by-products market. The rising affluence of people residing in this region is also propelling the growth of this regional market remarkably, reports the research study.
Egypt to Maintain Dominance on Middle East Edible Oil Co-Products and By-Products Market
In terms of domestic markets, the report bifurcates the Middle East edible oil co-products and by-products market into Iran, Sudan, Egypt, Morocco, Turkey, Algeria, and the Kingdom of Saudi Arabia. Among these, Egypt has acquired the dominance, thanks to a significantly high demand of dried soap stock in this country. With the rising demand for personal care products in Egypt, this domestic market is likely to remain on the leading position over the forthcoming years, states the research report.