Canola Oil Market size was anticipated at USD 31.8 million in 2020 and is estimated to reach an extent of USD 44.5 million by the end of the assessment period. The Canola Oil Market is projected to record a reasonable growth rate (CAGR) of 6.0% throughout the outlook period 2021-2026. Canola Oil Market is experiencing an increase in growth due to the increasing demand for canola oil due to its high nutrient content. Canola oil comprises a different fatty acid profile with low levels of saturated fatty acids, more monounsaturated fatty acids, and considerable levels of omega-3 and omega-6 fatty acids.
Canola (Brassica napus) is one of the top five oilseed crops grown worldwide and the leading oilseed crop in Canada. Canola oil is experiencing strong growth in the Canola Oil Market due to its high nutritional value and flavor.
The consumption of canola oil promotes good heart health, thanks to its fatty acids. Therefore, due to this critical aspect, most consumers around the world prefer canola oil in their daily use. Canola oil contains 7% saturated fat, which helps lower cholesterol in the human body. The global canola market is booming as it is a rich source of vitamin E, acting as an antioxidant that can protect the fat in the human body and proteins from free radicals. Taking all these factors into account, canola has become one of the world's essential oil crops. Canola oil is the third largest vegetable oil after palm and soybean oil in terms of volume.
Primary factors accounted for driving the market are increasing risk factors for cardiovascular diseases and increasing the population of individuals affected with cardiovascular diseases, shifting consumer focus and preference towards healthy diet and low-fat oils and increasing awareness regarding the health benefits of canola oil. On the other hand, the expensive price of canola oil compared to other edible oils is the factor hindering the growth of the market.
An increase in cardiovascular disease cases has led to a large part of the population to focus on their health. Since canola oil is high in oleic acid, which helps reduce harmful cholesterol levels in the body, health-conscious consumers are increasingly using it as cooking oil. , thus stimulating the growth of the market. Due to the many benefits of canola oil, its demand is now increasing for stir-fries, grills, cakes, stir-fries, and as a salad dressing. A hectic lifestyle combined with high levels of consumer income has led to the tendency to eat out, which has spurred demand for canola oil in many restaurants. Canola oil is used in the cosmetic and skincare industries due to its anti-aging properties that help reduce acne, fine lines, wrinkles, and blemishes. In addition to that, it is also used in the haircare sector, as canola oil helps to straighten hair.
Additionally, canola oil is used in the preparation of plasticizers to provide increased speed. The growth of these end-use industries creates new positive prospects for the global canola oil market. The residues obtained after the production of canola oil are used for livestock because they include a significant amount of amino acids and a low number of glucosinolates that help provide vitamins, minerals, and fiber to livestock. After soybean, canola meal is considered the second most crucial food meal in the world. Canola oil prices are comparatively higher than other edible oils available on the market, limiting its widespread adoption. However, the readily available substitute, soy, limits growth in the global canola oil market.
The growing awareness of the health benefits of consuming canola oil and the increasing adaptation to a healthy lifestyle are the main factors driving the growth of the global canola oil market. Another factor driving the market growth is the growing demand for canola oil in the food industry. The increasing use of canola oil in the cosmetic industry for skin and hair care products and the expansion of the retail sector is also expected to support this business growth. The increasing use of canola oil in the chemical industry and for biofuels are additional factors that are expected to drive global canola oil market growth. However, the high prices associated with canola oil and its adverse effects on the liver and kidneys are considered as the principal factors supposed to restrict the growth of the global canola oil market in the future. Profitable development of canola oil and promotional activities that use social platforms to increase awareness of the health benefits of canola oil among people in developing countries can create high-income opportunities for business players
The global canola oil market is divided into cold-pressed canola oil and extracted canola oil by type. Cold-pressed canola oil is high in omega-three, which can help reduce the risk of heart disease, as well as linoleic acid. Omega-6s help promotes brain health. Cold-pressed canola oil is the safest type for cooking. Four health benefits of cold-pressed oil are low in saturated fat, balance omega three and omega four, contain vitamin E and natural plant sterols. Canola oil is produced in a processing facility by heating it slightly and then crushing the seeds.
The global canola oil market is divided based on the applications into the food industry, biofuels, and petroleum chemicals. Most of the people used canola oil for cooking in their area. The use of canola oil is huge compared to biofuels and oleochemicals. Canola oil is used in the food industry in various foods such as margarine, salad dressings, coffee whiteners, cake mixes, fried snacks, shortening, cookies, cooking sprays, creams, bread, etc. Canola oil is also used in inedible areas as biofuels and oleochemicals. It is also used in biofuels such as biodiesel, bioplastics, etc. Canola is generally the perfect oil for making biodiesel because it remains liquid at low temperatures and has a high energy content. Oleochemicals are chemical compounds industrially derived from animal or vegetable oils or fats. Canola oil is also used to make oleochemicals.
On the basis of the geographical segmentation, the Apocarotenal Market is segmented into different regions: North America (Canada, The U.S.), Latin America (Mexico, Brazil, Rest Of Latin America ), Western Europe (Germany, Italy, France, U.K, Spain, Netherlands, BENELUX, Nordic countries ), Eastern Europe ( Russia, Rest Of Eastern Europe), Asia Pacific (Japan, China, India and Rest of APAC), Latin America (Brazil, Mexico and Rest of Latin America), and Middle-East & Africa (GCC and Rest of MEA).
North America leads the global Canola Oil Market and is expected to remain dominant towards the end of the forecast period. Canada, the world's largest producer of canola oil, is expected to contribute significantly to the growth of the region's canola oil market. In two thousand fourteen, the world production of canola oil was twenty-six million tons, led by China, Germany, and Canada as the leading producers that together represent forty-seven percent of the world total. Canada was the world's largest exporter of canola oil in 2000, exporting two point nine million tons, or approximately ninety-four percent of its total production. Europe has massively spent on infrastructure to use canola oil for biodiesel, fueled by EU policy initiatives on biodiesel.
The Asia Pacific region is also estimated to register a notable growth rate in the foreseen years because of the increasing investments in emerging economies like China, Japan, India, etc.
The spread of COVID-19 has had a marginal impact on canola oil around the world. As the food & beverage crop was affected by the spread of COVID-19, it had an impact on the volume of canola oil production. In addition, demand is expected to increase and more closing stock will be used for the foreseen period. Manufacturers in the canola oil market face challenges in the supply of raw materials, as well as labor shortages in their manufacturing plants. Another major concern of exporters is the delay in the opening of ports around the world. Delayed loads, delayed ships, and slow port transactions will also affect the outlook for canola oil that has been present in the supply chain process. Furthermore, the retail sector has also been severely affected by this pandemic, which affected canola oil sales in the second quarter of 2020, which will see a recovery in the third and fourth quarters of 2020.
Archer Daniels Midland Company had the largest share of the Canola Oil Market in terms of sales and revenue in 2018.
Top Leading Key Companies Covered in this market report are:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Canola Oil Market, By Product Type
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Canola Oil Market, By Application
6.2.1 Oleo Chemicals
6.2.3 Food Industry
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Application
7.3.1 By Country
18.104.22.168 Rest of Europe
7.3.2 By Product Type
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
22.214.171.124 South Korea
126.96.36.199 South East Asia
188.8.131.52 Australia & NZ
184.108.40.206 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
220.127.116.11 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
18.104.22.168 Middle East
7.6.2 By Product Type
7.6.3 By Application
8. Key Player Analysis
8.1 The J.M. Smucker Company
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Archer Daniels Midland Company
8.3 Jivo Wellness Pvt. Limited
8.4 Associated British Foods plc
8.5 Conagra Foods
8.6 Cargill Inc
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures