Canola Meal Market Report 2024 - Canola Meal Market Demand And Size By 2033

"The Business Research Company recently released a comprehensive report on the Global Canola Meal Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The canola meal market size has grown strongly in recent years. It will grow from $566.12 billion in 2023 to $600.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to adoption in sustainable animal production systems, extended demand for animal feeds with high-quality protein sources, sourced and environmentally friendly food products, increased awareness, benefits associated with canola meals, canola meal products to meet the evolving needs of the animal agriculture industry.

The canola meal market size is expected to see strong growth in the next few years. It will grow to $766.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to demand for canola meal, anti-nutritional factors, and high energy content, large-scale animal agriculture industries, growing awareness of the environmental benefits of canola meal, lower carbon footprint compared to alternative protein. Major trends in the forecast period include innovations in canola processing technology, expansion into emerging markets, expanding cultivation of canola crops, product innovation and diversification, introduction of new canola meals.

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Market Drivers and Trends:
The demand for meat products is expected to drive the growth of the canola meal market going forward. Meat products refer to any food items derived from animal muscle tissue consumed as part of human diets. The demand for meat products is due to their rich source of high-quality protein, cultural and dietary preferences, and the increase in the global population. Canola meal is a vital feed ingredient that supports the efficient and sustainable production of high-quality meat products by providing essential nutrients to livestock and poultry. For instance, in December 2023, according to a report by the Food and Agriculture Organization of the United Nations (FAO), a US-based government organization, there was a 0.83% increase in global meat production from 362 million metric tons in 2022 to 365 million metric tons in 2023. Specifically, global bovine meat production increased from 75 million metric tons in 2022 to 75.9 million in 2023. Therefore, the demand for meat products drives growth in the canola meal market.

Major companies operating in the canola meal market are focusing on developing innovative products, such as high-quality canola protein isolate, to gain a competitive advantage in the market. A high-quality canola protein isolate is a protein extract derived from canola seeds that contains all nine essential amino acids, making it a complete protein source. For instance, in November 2022, Koninklijke DSM N.V., a Netherlands-based bioscience company, launched Vertis CanolaPRO, a high-quality canola protein isolate, after over ten years of research and development. This new ingredient is designed to provide a complete plant-based protein source free from major allergens, such as soy, gluten, and dairy. Vertis CanolaPRO is produced from canola meal, a co-product of canola, with a small carbon footprint and no additional arable land required. The production process uses minimal water, low temperatures, and no solvents.

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Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Company, BASF SE, Wilmar International Ltd., Bunge Global SA, Louis Dreyfus Company, Bayer AG, CHS Inc., Charoen Pokphand Foods PCL, Perdue Farms Inc., Koninklijke DSM N.V., Richardson International Limited, Parrish & Heimbecker Limited, MSM Milling, LaBudde Group Inc., Sunora Foods Inc., AGRIM PTE LTD, Aggarwal Impex Pvt. Ltd., Sunrise Foods Inc., East Coast Stockfeeds, Annachtra International Organisation LLP, Energrow Inc., Manishankar Oils Pvt. Ltd., Resaca Sun Feeds LLC, Parkar Enterprise

Canola Meal Market 2024 Key Insights:
• The canola meal market size is expected to see strong growth in the next few years. It will grow to $766.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Canola Meal Market Surges On Demand For High-Quality Animal Protein
• Innovations In Canola Protein Isolate And Sustainable Production Methods
• Asia-Pacific was the largest region in the canola meal market in 2023

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This release was published on openPR.