Iraq is considered one of the top international markets of the future for consumer goods despite the political instability in recent decades. This is largely due to its population of young adults, where 70% of the population are under 30.
The population growth rate is high and it is estimated to reach more than 40 million in 2020. Due to low local production, imported product mainly dominates the Iraqi market. Even though price is still the major factor shaping consumer behaviour, there is also a growing trend for high-quality product. The expanding middle class is following a more western-type lifestyle and becoming more brand-oriented. Food products such energy drinks are also gaining importance among Iraqi consumers.
The Kurdistan region is the best international access to Iraq’s growing market. International trade is the most important factor in the growth of this region’s economy and is a great opportunity for small and medium sized exporting companies around the world. Around 3000 foreign companies are registered in Kurdistan while there are only 1000 registered in the rest of the country. The consumer goods market is estimated at USD $5 million in Kurdistan per year.
The Ministry of Health manages the health system in Iraq. Although the health regulations in Iraq are still under review, the registration of marketed health products require documents such as the Certificate of Origin, Certificate of Analysis, Packing List and Halal certificate (No pork certificate) are required.
NHP Consulting will submit regulatory documents required for market compliance for the Iraqi market.