Canola Oil Market - Global Industry Trends 2024
Over the last forty years, the production of canola oil has been increasing at a significant pace. This has helped establishing canola as the third largest oil crop in the world. Currently, canola production occupies nearly 15% to 20% of the overall crop production. After deriving oil from canola seeds, the remaining material is often used as livestock feed, which is considered the second most preferred feedstock after soybean. Besides this, canola oil is considered much suitable for heart health as it contains omega-3 and omega-6 fatty acids. Spurred by these factors, the future of the global canola oil market seems highly promising.
Based on end use, the global canola oil market can be segmented into retail, cosmetics, food processor, and restaurants. Of these, the growth witnessed by the market in the retail sector will be comparatively higher. This is because of the high incidence of cardiovascular ailments around the world, compelling consumers towards a healthier lifestyle. Regionally, the global market can be classified into Asia Pacific, Europe, North America, and Rest of the World.
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The report provides an in-depth study on the global canola oil market covering the various factors augmenting its growth. It considers the historical statistics and present scenario, to analyze the market’s trajectory over the years. Compiled with exhaustive information sourced via primary and secondary research, the report is intended to help stakeholders get a better perspective of the global canola oil market.
Global Canola Oil Market: Trends and Opportunities
High oleic acid present in canola oil helps in reducing the level of bad cholesterol without affecting good cholesterol present in our body. This is believed to limit the risk of developing heart ailments. The growing awareness regarding the attribute is helping the market gain pace around the world. Moreover, the use of canola oil has significantly risen in the cosmetics industry as it is considered good for skin. The oil has anti-aging properties, which enables controlling the early signs of skin aging such as wrinkles, blemishes, acne, and fine lines, which is boosting its use across the cosmetic industry.
Despite exhibiting favorable growth, the use of canola oil is often restricted by its high price compared to other edible oil. The availability of substitutes such as soybean is a factor as well inhibiting the market’s expansion to an extent.
Global Canola Oil Market: Regional Outlook
Regionally, the global canola oil market is led by Europe, which emerged as a leading producer of canola oil in 2014. Among other countries in the world, China exhibits high production of canola oil as well, besides Russia and Canada. According to TMR, China also occupied the second-leading position in the market based on volume production in 2014, while Canada led in terms of total export of canola oil.
Besides gaining prominence across developed regions, canola oil is gaining considerable popularity across emerging nations. Demand from the retail sectors and strengthening distribution channel have been aiding the market’s expansion around the world.
Global Canola Oil Market: Vendor Landscape
To study the competition prevailing in the global canola oil market, the report profiles a few of the leading players operating therein. These include Associated British Foods plc, Archer Daniels Midland Company, Jivo Wellness Pvt. Limited, and The J.M. Smucker Company among others.
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