Rapeseed Oil Market Size Worth $37,199.4 Mn by 2031 With CAGR of 5.6%

According to a new report published by Allied Market Research, titled, "Rapeseed Oil Market," Copra, cottonseed, palm kernel, peanut, soybean, sunflower seed, and rapeseed are major oil seeds used for extraction of vegetable oil. Rapeseed has higher oil content than any other oil seeds, and is thus cultivated for the extraction of vegetable oil for household, industrial purposes, and feedstock for bio-fuel production. Rapeseed contains 40% oil and is usually extracted by pre-pressing or by solvent extraction. The presence of vitamin E and antioxidants in rapeseed oil or canola oil reduces scar tissues and repairs damaged hair and skin conditions such as itching, eczema, and acne, thus finding application in manufacturing of wide varieties of cosmetic and personal care products. Omega-3 and omega-6 fatty acids available in the rapeseed oil help in proper development, functioning, and maintenance of brain and other nervous tissues; for improvement of immune & inflammatory responses; help in lowering the risk of heart disease; and to maintain normal blood pressure.

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The rapeseed oil market was valued at $20,836.1 million in 2020, and is estimated to reach $37,199.4 million by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

The key players profiled in the report include The Archer Daniels Midland Company, Associated British Foods plc., Cargill Incorporated, ConAgra Foods, Inc. (CAG), CSS Estates, Mackintosh of Glendaveny, Ola Oils, Glencore Grain Investment LLC, RISOIL S.A., and Yorkshire (Breckenholme Trading Company).

Europe accounts for more than 60% of the produced rapeseed oil to manufacture bio-diesel. Thus, increase in consumption of rapeseed oil as a feedstock for bio-fuel is expected to drive the rapeseed oil market growth. The nutritional and health benefits associated with rapeseed oil have led to its evolution in the U.S., China, and India. However, high prices of rapeseed oil in these countries makes it uncompetitive for biodiesel production. Moreover, uncertainty in climatic conditions resulting in fluctuation of rapeseed prices, lower domestic production, and increase in compaction from other oil seeds, including soybean & palm kernel for producing vegetable oil may restraint the rapeseed oil industry growth.

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As per the global rapeseed oil market analysis, it is segmented on the basis of the type, application, distribution channel, and region. Depending on the type, the market is divided into processed and virgin. According to application, the market is segregated into food processing, bio-fuel, cosmetics & personal care, and others. As per the distribution channel, the market is bifurcated into supermarkets and hypermarkets, independent retail stores, business to business, online sales channels. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Poland, Romania, Czech Republic, Russia, Ukraine, Norway, Switzerland, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, and rest of Asia-Pacific), and LAMEA (Iran, Turkey, Chile, Israel, UAE, Ethiopia, Paraguay, Argentina, and rest of LAMEA).

According to the type, the processed segment dominated the rapeseed oil market size, garnering about 88.7% of the rapeseed oil market share. This dominance is attributed to increase in adoption of the traditional processing techniques that helps to extract high volume of oils from the rapeseed. The wide spread availability of the processed rapeseed oil and increase in penetration of traditional processing techniques across the globe significantly propel the growth of the processed segment.

By application, in 2020, the food processing segment accounted for the highest revenue and is anticipated to grow at a significant CAGR of 5.6%. Rapeseed oil contains low content of saturated fatty acids and high content of monounsaturated fatty acids, which reduce bad cholesterol levels, thereby preventing the risk associated with heart diseases and stroke. Thus, health benefits offered by rapeseed oil boost the market growth.

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Depending on the distribution channel, the online segment is projected to be the fastest-growing segment in the forthcoming years. Online retailers and online groceries are rapidly penetrating across the developed and developing markets. Increase in adoption of digital technologies and improvement in internet access boost the use of the online groceries, which is a significant growth driver of the online sales channels.

Region wise, in 2020, Asia-Pacific accounted for the highest share, in terms of value and volume, registering a significant CAGR of 5.5%, from 2022 to 2031. In this region, rapeseed oil is used for food processing and contributes less in industrial applications such as bio-fuels and cosmetics. China is the largest consumer of rapeseed oil, accounting for approximately one-third share of the global rapeseed oil market in terms of volume, and is expected to maintain its dominance during the forecast period. Indonesia is anticipated to grow at the highest CAGR of 6.5% during the forecast period.

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KEY FINDINGS OF THE STUDY

North America is expected to grow at the highest CAGR of 6.2% from 2022 to 2031, followed by LAMEA, in terms of revenue.
In 2020, the bio-fuel segment accounted for 24.4% of the share in terms of value and is expected to grow at a significant CAGR.
China generated the highest revenue, accounting for approximately 31.9% of the market share of the global rapeseed oil market in 2020.
In 2020, Asia-Pacific accounted for the highest market share accounting for approximately 49.6% of the market share, in terms of revenue.

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