Market Overview
MRFR (Market Research Future) expects the canola oil market size to expand at an impressive pace from 2023 to 2032 (review period).
Top Drivers and Challenges
The expanding application scope of canola oil in culinary, fuel production, cosmetics, perfume formulations and soaps should work in the global markets favor. The thriving livestock industry, especially in emerging regions can also foster the growth of the canola oil market in the years ahead. The residual achieved from the production of canola oil contains considerable amino acid content along with low amounts of glycosylates. As a result, it is used as livestock feed, providing minerals, fiber and vitamins to the animals. Apart from this, canola oil is vastly used in the cosmetics and personal care industries, given its anti-aging characteristics that reduce wrinkles, blemishes, and fine lines.
The massive burden of cardiovascular diseases worldwide, in confluence with the mounting health consciousness could be a huge factor propelling the business growth. Since canola oil has a significant amount of oleic acid, which reduces cholesterol levels in the body, it is progressively being utilized as a salad dressing, and cooking oil.
Manufacturers in the market are mainly focused on boosting their profit margins and boosting their global presence, for which they undertake various strategies such as RD, product innovations and better production capacity. Even government initiatives aiming to boost the number of production units could benefit the market.
Segmental Insight
Category, distribution channel, and packaging type are the primary market segments covered in the MRFR study.
Organic and conventional are the key categories discussed in the report.
Store-based and non-store based are the key distribution channels in the global market. The primary segments, in terms of store-based, include convenience stores, hypermarkets and supermarkets, and more.
The market, depending on packaging type, bottles, cans, and others.
Regional Analysis
North American gains the upper hand in the worldwide market with the highest share, given the rising popularity of canola oil and its extensive use in a variety of cosmetics. A huge population in the region is affected by high cholesterol levels, which further raises the demand for Canola Oil in North America.
Germany and France being respectively the Worlds 4th and 5th Canola producers and having a higher production. The thriving cosmetic sector in the region bolsters the demand for canola oil as well. Another significant application of canola oil in the region is the livestock industry, which makes a huge contribution to the market growth.
Asia Pacific seems to hold immense growth potential, as it can take the lead and also escalate at the fastest rate in the years ahead. The demand for canola oil in the region has intensified owing to the improving living standards along with the booming population. Being an agrarian region, canola oil is produced and consumed significantly in India and China. The fast urbanization rate and the prevalence of diverse cultures and cuisines could also foster market growth in the region.
Affluent Industry Firms
Bunge Limited, Cargill Inc, Jivo Wellness Pvt. Ltd, Richardson International Limited, Wilmar International Inc, Associated British Food Plc, and Archer Daniels Midland Company are the active key canola oil market players.
Latest Updates
January 2022
Federated Co-operative Limited has signed an agreement with AGT Food and Ingredients for setting up of a USD 287.56 million canola crush unit, which is a move part of a bigger plan that covers an FCL renewable diesel facility close to Regina, Saskatchewan. This plant is expected to crush around 1.1 million tonnes of canola per year into oil as well as meal, with canola oil expected to supply half of the total feedstock required for the companys planned 15,000 barrel per day renewable diesel unit.
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