Latin America Canola Oil Market is estimated to be growing at a CAGR of 4.9 % in the given forecast period.
Canola Oil is a vegetable oil extracted from rapeseed, which is low in euric acid. Canola oil is used for both industrial purposes and cooking purposes. It is used as biodiesel for industrial purposes. It offers many health benefits like rich sources of omega 3 and omega 6 fatty acids that are good for heart. It is the third-largest oil crop in the world. It also helps in lowering the levels of bad cholesterol due to its high content of oleic acid. Primary factors accounted for driving the market are increasing risk factors for cardiovascular diseases and increasing 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.
Based on Application
Based on Application, Cooking purpose holds the major share in the market due to its higher smoke point than many other edible oil and its use in multiple cuisines. Industrial Use segment is the fastest growing one based on the application due to the increasing use of canola oil as biofuel and uses in cosmetics.
Rest of Latin America
Brazil holds the major share in the market due to the presence of market leaders as well as the extensive use of canola oil for cooking purposes. Argentina is the fastest-growing region due to increasing disposable income, growing awareness, and increasing adoption rate.
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