Bangladesh Mustard Oil Market - Growth, Trends and Forecasts (2022 - 2030)
Market Overview
Bangladesh Mustard Oil Market is forecasted to reach USD 528.59 million by 2024 growing at a CAGR of 5.6% during the forecast period (2019 - 2024).
- Although mustard faces a major concern of adulteration, changing consumer dietary habits and the inclusion of mustard oil in Bangladeshi dishes are driving the demand for mustard oil. The market is fragmented, and with the strong presence of domestic players, it is unorganized. This forces the players entering the market to face intense competition, as the local players hold dominant market shares in terms of revenue.
- As mustard oil is a commodity-based product, the more the availability, the higher the market penetration. Though the oil is priced on a higher end compared to the other edible oils, mustard oil accounts for a share of around 5-6% of the Bangladesh edible oil market.
Scope of the Report
Bangladesh mustard oil market report offers key insights into the latest developments in the market. It analyzes the recent trends, drivers, and challenges affecting the market. The report also provides a detailed analysis on the market in various aspects, such as seasonality in production, consumption patterns, and supply chain analysis.It also contains the analysis on the Bangladesh mustard oil market, based on application, such as culinary and personal care; and distribution channel, comprising convenience store, supermarket/hypermarket and online channel.
Key Market Trends
Evolving Dietary Patterns
As of 2017, Bangladesh’s urban areas constitute about 35.8% of the total population. The rate of urbanization is estimated at 3.19%. As per the projections of the Organisation for Economic Co-operation and Development (OECD) and Food and Agriculture Organization (FAO), the demand for edible oil is poised to increase in the coming decade, with the demand from developing countries set to surpass that of developed ones. Bangladesh finds a specific mention in the list of those emerging economies, where edible oil is designated as a basic commodity. The overall socio-economic development, owing to rising disposable income, has led to diversified dietary patterns. The rising trend of fast food culture has promoted strong flavored cuisines, wherein mustard oil is utilized.
Convenience Stores Holds the Largest Market Share
Bangladesh retail market is dominated by convenience stores which include road-side shops, municipal corporation markets, and open-air temporary shops. The convenience store segment is dominated by open-air and roadside shops, which account for an approximate share of 70%. The government, in collaboration with local distributors, has come up with a distributorship system, aimed at restricting the mustard oil fluctuations and eliminating middlemen in the edible oil market. The global players entering the Bangladesh mustard oil market are trying to expand their presence, by increasing their collaboration with local distributors through convenience stores. Hence, the key factor responsible for the presence of mustard oil in road-side and open-air stores is convenience. Enabling easy availability of products aids the growth of the market in the country.
Competitive Landscape
Bangladesh mustard oil market is matured, fragmented, and is dominated by domestic players. The prominent players in the market include Willmar international, Pran and Partex Group. There is a huge potential for foreign brands to set up a strong base and achieve higher brand loyalty if the packaging and branding strategies are done right. Mustard oil has a limited share in the Bangladesh oil sector; it is considered as a specialty purpose cooking oil due to its odor characteristics, quality, and user experience.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Bangladesh Mustard Oil Market is forecasted to reach USD 528.59 million by 2024 growing at a CAGR of 5.6% during the forecast period (2019 - 2024).
- Although mustard faces a major concern of adulteration, changing consumer dietary habits and the inclusion of mustard oil in Bangladeshi dishes are driving the demand for mustard oil. The market is fragmented, and with the strong presence of domestic players, it is unorganized. This forces the players entering the market to face intense competition, as the local players hold dominant market shares in terms of revenue.
- As mustard oil is a commodity-based product, the more the availability, the higher the market penetration. Though the oil is priced on a higher end compared to the other edible oils, mustard oil accounts for a share of around 5-6% of the Bangladesh edible oil market.
Scope of the Report
Bangladesh mustard oil market report offers key insights into the latest developments in the market. It analyzes the recent trends, drivers, and challenges affecting the market. The report also provides a detailed analysis on the market in various aspects, such as seasonality in production, consumption patterns, and supply chain analysis.It also contains the analysis on the Bangladesh mustard oil market, based on application, such as culinary and personal care; and distribution channel, comprising convenience store, supermarket/hypermarket and online channel.
Key Market Trends
Evolving Dietary Patterns
As of 2017, Bangladesh’s urban areas constitute about 35.8% of the total population. The rate of urbanization is estimated at 3.19%. As per the projections of the Organisation for Economic Co-operation and Development (OECD) and Food and Agriculture Organization (FAO), the demand for edible oil is poised to increase in the coming decade, with the demand from developing countries set to surpass that of developed ones. Bangladesh finds a specific mention in the list of those emerging economies, where edible oil is designated as a basic commodity. The overall socio-economic development, owing to rising disposable income, has led to diversified dietary patterns. The rising trend of fast food culture has promoted strong flavored cuisines, wherein mustard oil is utilized.
Convenience Stores Holds the Largest Market Share
Bangladesh retail market is dominated by convenience stores which include road-side shops, municipal corporation markets, and open-air temporary shops. The convenience store segment is dominated by open-air and roadside shops, which account for an approximate share of 70%. The government, in collaboration with local distributors, has come up with a distributorship system, aimed at restricting the mustard oil fluctuations and eliminating middlemen in the edible oil market. The global players entering the Bangladesh mustard oil market are trying to expand their presence, by increasing their collaboration with local distributors through convenience stores. Hence, the key factor responsible for the presence of mustard oil in road-side and open-air stores is convenience. Enabling easy availability of products aids the growth of the market in the country.
Competitive Landscape
Bangladesh mustard oil market is matured, fragmented, and is dominated by domestic players. The prominent players in the market include Willmar international, Pran and Partex Group. There is a huge potential for foreign brands to set up a strong base and achieve higher brand loyalty if the packaging and branding strategies are done right. Mustard oil has a limited share in the Bangladesh oil sector; it is considered as a specialty purpose cooking oil due to its odor characteristics, quality, and user experience.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
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