Market Size of Bangladesh Mustard Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.61 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Bangladesh Mustard Oil Market Analysis
The Bangladesh mustard oil market is projected to record a CAGR of 5.61% during the forecast period.
- Bangladesh's growth of the mustard oil market underwent a dramatic disruption due to the COVID-19 pandemic, which led to a substantial shift in market demand dynamics. The market witnessed a significant shift in food consumption patterns wherein consumers started preferring home-cooked meals and experimenting with new recipes. This raised the demand and consumption of edible oils, including mustard oil.
- Although mustard oil is a major source of impurity, changing consumer dietary habits and the use of mustard oil in Bangladeshi dishes are driving the demand for mustard oil. The market needs to be more cohesive and organized, owing to the strong presence of domestic players. As a result, new entrants must contend with fierce competition, as local players command a disproportionate market share in the revenue. Thus, these factors support the country's mustard oil market growth.
Bangladesh Mustard Oil Industry Segmentation
Mustard oil is an essential oil derived from grinding mustard seeds, mixing the ground seeds with water, and distilling the resulting volatile oil. Mustard oil is widely used as cooking oil for saut茅ing and stir-frying vegetables due to its strong flavor, pungent aroma, and high smoke point.
The Bangladeshi mustard oil market is segmented by packaging and distribution channels. Based on packaging, the market is segmented into bottles, pouches, and others. Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, convenience/grocery stores, specialty stores, online retail stores, and other distribution channels.
For each segment, the market sizing and forecasts have been provided based on the value in USD million.
| Packaging | |
| Bottles | |
| Pouches | |
| Others |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience/Grocery Stores | |
| Specialty Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
Bangladesh Mustard Oil Market Size Summary
The Bangladesh mustard oil market is experiencing a notable growth trajectory, driven by evolving consumer preferences and dietary habits. The COVID-19 pandemic significantly altered food consumption patterns, with a marked increase in home-cooked meals and experimentation with new recipes, thereby boosting the demand for edible oils, including mustard oil. Despite its status as a major source of impurity, mustard oil's integral role in Bangladeshi cuisine and changing consumer dietary habits are key factors propelling its demand. The market is characterized by strong competition among domestic players, which poses challenges for new entrants. However, the diverse applications of mustard oil, extending beyond cooking to include pharmaceutical and cosmetic uses, are further supporting market expansion.
The distribution landscape of the mustard oil market in Bangladesh is dominated by convenience and grocery stores, with a significant presence of roadside and open-air shops. These outlets offer easy accessibility, which is crucial for market growth. The government's collaboration with local distributors aims to stabilize the market and reduce middlemen influence. While domestic players like Wilmar International, Pran Foods Ltd., and Partex Star Group lead the market, there is substantial potential for foreign brands to establish a foothold by leveraging effective packaging and branding strategies. Recent investments and product launches, such as ACI Limited's AROMA Mustard Oil, highlight the ongoing efforts to enhance market offerings and cater to health-conscious consumers.
Bangladesh Mustard Oil Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Packaging
-
2.1.1 Bottles
-
2.1.2 Pouches
-
2.1.3 Others
-
-
2.2 Distribution Channel
-
2.2.1 Supermarkets/Hypermarkets
-
2.2.2 Convenience/Grocery Stores
-
2.2.3 Specialty Stores
-
2.2.4 Online Retail Stores
-
2.2.5 Other Distribution Channels
-
-
Bangladesh Mustard Oil Market Size FAQs
What is the current Bangladesh Mustard Oil Market size?
The Bangladesh Mustard Oil Market is projected to register a CAGR of 5.61% during the forecast period (2024-2029)
Who are the key players in Bangladesh Mustard Oil Market?
Partex Star Group, Bangladesh Edible Oil Ltd., Pran Foods Ltd., Wilmar International and City Group are the major companies operating in the Bangladesh Mustard Oil Market.
