Bangladesh Corn Oil Market To Make Great Impact In Near Future by 2026February 24, 2021
Transparency Market Research (TMR) observe that the Bangladesh corn oil market is increasingly competitive due to presence of numerous local and international players and influence of intense internal competition. Some of the key players operating in the global corn oil market include Adani Wilmar Ltd, American Vegetable Oils, Inc., Associated British Foods plc, and Olympic Oils Ltd. The high competition among some of the producers and distributors are leading o adoption forward and backward integration strategies to emerge as a service provider or facilitate the production of corn oil by own.
TMR anticipated the revenue of the Bangladesh corn oil market was registered at US$167,073 in 2015 and expected to expand with a CAGR of 1.8% over the forecast period from 2016 to 2026 to attain value of nearly US$202,072 by the end of 2026. On the basis of product type, non-edible segment account for the share of nearly equal to 71.4% owing to increasing usage of corn oil as fuel and alternative for other fuel. On the basis of end use, livestock accounted for major share and expected to remain dominant with more than 34.9% share.
Increasing Investment for Improving Production Capacities to Drive Growth
Corn oil has both edible and non-edible applications globally while Bangladesh is one of the major consumer and importer of the edible oil. Growing demand for edible oil is creating lucrative opportunities in the local market in Bangladesh for coil oil. These opportunities are attracting players to invest for improving their production capacity and distribution channel. This local production activities are encouraged by government as these activities makes the country independent and reduces the import which is immensely beneficial for the corn oil market in the country.
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Additionally, along with changing eating habits in the regions such as North America and Europe, these habits are changing in the Asia Pacific. Changing eating habits couple with improving living standards especially in Bangladesh is augmenting demand for healthier edible oils such as olive oil, rice bran oil, and corn oil. This increasing demand is driving growth of the corn oil market in Bangladesh. Furthermore, increasing disposable income has encouraged adoption of the corn oil which is driving growth of the corn oil market.
Lack of Knowledge to Hamper Growth
In addition, easy availability of grains and corn couple with high profit margin for farmers and food sector is boosting growth of the corn oil market. Despite of these growth opportunities, factors such as unorganized market, weak distribution channels, and sale of loose packing oil are hampering growth of the corn oil market. Additionally, lack of proper knowledge due to low branding and advertising activities are crimping growth of the corn oil market.