Canola Oil Market size is forecast to reach $ 7.5 Million by 2025, growing at a CAGR of 3.7% during the forecast period 2020-2025.Canola Oil is vegetable oil derived from variety of rapeseed that is low in erucic acid as opposite to colza oil. These both oils are edible and industrial forms produced from the seed of any of several cultivators of the plant family Brassicaceae, namely cultivars of Brassica napus, Brassica rapa subsp. Canola oil is key ingredient to many foods. Its reputation has created high demand in markets around the world also it is considered as most consumable oil throughout the world after soybean and palm oil.
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Product Types – Segment Analysis
Based on Product Types Canola Oil Market is segmented into Processed and Virgin. Processed segmented is estimated to be fastest growing segment with CAGR of 4.3% during the forecast period 2020-2025. This is owing to availability and usage of processed canola oil in different applications. Extra virgin canola oil is being produced in Chile, South Africa and Kenya which is exported to Australia, Japan, and other regions of South East Asia.
End User – Segment Analysis
Based on End User Canola Oil Market is segmented into Food Service, Food Processing, Retail and Others. Retail holds largest share of Canola Oil market owing to purchasing of products such as cosmetics industry for hair care and skin care. The cases of heart disorders are increasing, and people are preferring to use safer and healthier alternatives such as Canola Oil in cosmetic industry. Canola oil which is majorly used by food processing industry is also set to drive the growth of Canola Oil Market during the forecast period 2020-2025.
Geography – Segment Analysis
Based on Geography, Canola Oil Market is segmented to North America, Europe, Asia Pacific, and Rest of the World. Europe dominated the market in 2019 with share of 42.5%. This is owing to increasing consumption of Canola Oil in different regions of Europe. Also, with the largest rapeseed production in the region the Canola Oil market holds major share in Europe.
North America is set to be fastest growing segment during the forecast period 2020-2025 owing to presence of many food processing countries in U.S and Canada.
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Drivers – Canola Oil Market
Consumption of Canola Oil influences biological functions that affects various other biomarkers of disease risk. Growing number of research indicate that biomarkers beyond blood lipids are influence by Canola Oil consumption. Canola oil which contains both omega-3 and omega-6 fatty acids which make healthy cooking oils along with less percent of saturated fats which eventually cut cholesterol levels make Canola oil benefitted to its consumption. This in turn is driving the demand for the market
Challenges – Canola Oil Market
The Higher Pricing of Canola Oil along with Soybean which is substitute to Canola Oil and is readily available are some of challenges that can affect the growth of Canola Oil market. Also, the health of million of people around the world is negatively impacted by the consumption of trans fat, in the form of partially hydrogenated vegetable oils.
Canola Oil Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Canola Oil market. In 2019, Canola Oil Market share is consolidated by the top ten players present in the market. Canola Oil, top 10 companies are Archer Daniels Midland Company, Associated British Foods plc, Jivo Wellness Pvt. Limited, The J.M. Smucker Company, Adani Wilmar, Bunge Limited Bunge Limited, Borges Mediterranean Group, Cargill Inc., Fuji Vegetable Oil Inc. , American Vegetable Oils Inc. among others.
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