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The Bangladesh mustard oil market is expected to register a CAGR of 5.6% during the forecast period, 2018 to 2023. As mustard oil is a commoditybased product, the more the availability, the higher the market penetration. Though oil is priced on a higher end compared to the other edible oils, mustard oil accounts for a share of around 56% of the Bangladesh edible oil market.
Availability of Other Healthier Options Restraining the Mustard Oil Market in Bangladesh
The rising trend of fast food culture has promoted strong flavored cuisines, wherein mustard oil is utilized. Mustard oil, a rich source of omega3 and omega6 fatty acids, antioxidants, and vitamin E, is expected to witness moderate growth in sales over the forecast period. The Bangladesh edible oil market is dominated by soybean oil, followed by palm oil. These oils are flavor neutral and do not exhibit any pungency, unlike mustard oil. Growing health concerns, change in the income band, rural to urban migration, awareness towards health conscious lifestyle, and socioeconomic conditions made consumers switch to healthier edible oils, such as olive oil, corn oil, mustard oil bran oil, and blended oil.
Online Channels likely to Witness CAGR of 6.4% during the Forecast Period
By Application, Bangladesh mustard oil market can be segmented into culinary and personal care. Due to high content of omega3 fatty acids, the oil is widely used in many personal care products, thus enabling several players in the personal care market, to use mustard oil as an ingredient. By distribution channel, the online channels are expected to witness CAGR of 6.4% during the forecast period.
MAJOR PLAYERS: WILMAR INTERNATIONAL, PRAN and SQUARE CONSUMER PRODUCTS LTD, amongst others.
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