Iraq Edible Oils and Fats Market: Snapshot
The economy of Iraq has faced sharp deterioration in terms of economic activity and the balance of payments and public finance, due to which the edible oils and fats market in Iraq has been experiencing sluggish growth in recent times. However, the market possesses significant potential for growth in the coming years.
Increasing population is a key factor likely to fuel the edible oils and fats market in Iraq. The population in Iraq recorded a 3.9% increase from 2010 to 2015 and is expected to report a steady rise during the forecast period. The rising population as well as purchasing power of the consumers is likely to result in the increase in per capita consumption of edible oils. With greater purchasing power, consumers are slated to shift toward a healthier lifestyle and dietary habits, switching to alternatives such as high quality edible oils and fats. This is projected to benefit the edible oils and fats market in Iraq. The rising tourism sector in the country also complements the growth of the food service industry and this, in turn, drives the edible oils and fats market.
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The market was valued at US$1.3 bn in 2015 and is expected to reach US$2.3 bn by 2025, expanding at a CAGR of 6.0% therein. By volume, the Iraq edible oils and fats market is anticipated to register a 3.3% CAGR from 2016 to 2025.
PDS a Key Distribution Channel for Edible Oils and Fats in Iraq
The market has been segmented on the basis of product type into vegetable and seed oil, spreadable oils and fats, cooking fats, and others. Vegetable and seed oil led the Iraq edible oils and fats market and is expected to continue its dominance throughout the forecast period. This segment is further broken down into sunflower oil, soybean, corn oil, palm oil, canola oil, and others, with sunflower oil taking the lead. Spreadable oils and fats comprise butter and margarine, with the former leading this segment through 2025. Cooking fats include animal ghee and vegetable ghee and the latter accounts for the major share in the market.
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By distribution channel, B2C held the major market share in 2015 and is expected retain its dominance throughout the forecast period. B2C has been further categorized into pubic distribution system (PDS) scheme and others. Public distribution system (PDS) is a food security system that involves the distribution of staple foods such as wheat, edible oil and fats, sugar, rice, and kerosene through a series of fair price shops. Public distribution shops distribute rations at a reduced price to citizens falling in the BPL (Below Poverty Line) category.
Baghdad Emerges as Leading Region in Iraq Edible Oils and Fats Market
The edible oils and fats market in Iraq has been segmented on the basis of region into Babil, Baghdad, Basra, Dhi Qar, Al-Qadisiyyah, Diyala, Karbala, Maysan, Muthanna, Najaf, Wasit, Erbil, Kirkuk, Sulaymania, and others. Baghdad has been leading the edible oils and fats market in Iraq, both in terms of revenue and volume. Baghdad is the largest city in Iraq and accounts for 40% of the total GDP of Iraq, TMR finds.
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A massive population in Baghdad is the key factor responsible for the high growth of the edible oils and fats market in that region. In terms of volume, the Baghdad edible oils and fats market amounted to 190.9 thousand tons in 2015 and is expected to reach 268.3 thousand tons by the end of the forecast period, registering an annual growth of 3.5% from 2010 to 2025. Muthanna and Maysan also form key markets for edible oils and fats in Iraq, both reporting a high CAGR between 2016 and 2025. On the other hand, the market share of the others segment is expected to witness a decline by the end of the forecast period.
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