Market Drivers for Palm Oil in the GCC
21
VIEWS
by Nur Adibah Mohd Razali
Gulf Cooperation Council (GCC) is a political and economic alliance of six Middle Eastern countries; Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman. Located along the border of Persian Gulf, the countries are also known as the Gulf countries. Their economic growth and high per capita income are expected to boost oils and fats demand within the GCC. According to Transparency Market Research (2016), the market volume for cooking oil is projected to register a CAGR of 8.4% by 2024. In terms of revenue, the cooking oil market was valued at US$ 988.2 million in 2015 and is expected to reach US$ 1.7 billion by 2024, expanding at a 6.6% CAGR. High demand from the local and foreigners as well as from the HRI, tourism and food retail sectors are some of the driving factors for palm oil in the GCC market.
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