The Mustard Oil Market size is estimated to reach $36.2 Billion by 2026, growing at a CAGR of 3.41% during the forecast period 2021-2026. Mustard oil, which is produced from the seeds of the mustard plant, is a common ingredient in Indian cuisine. Known for its strong flavor, pungent aroma, and high smoke point, it’s often used for sautéing and stir-frying vegetables in many parts of the world. Rising disposable incomes, health benefits, strong demand from both urban and rural regions and diversified applications in both food and non-food applications some of the factors driving market growth during the forecast period 2021-2026.
Mustard oil market Segment Analysis – By Product Type
Based on Product Type, Mustard oil market is segmented into Black mustard Oil, Brown mustard Oil, and White Mustard Oil. The Black mustard Oil segment holds the largest share in terms of revenue in 2020. This is owing to the increased customer demand on the market and its health benefits. Black mustard Oil is used to treat popular colds, sore knees, muscle (rheumatism), and arthritis. The White Mustard Oil segment is set to be the fastest growing CAGR of 3.98% during the forecast period 2021-2026. This is owing to the growing demand for white mustard oil across the world by consumers. White mustard seed is used as a seasoning to make conventional American yellow mustard, however, white mustard is used for congestion in the stomach, joint pain, sore throat, and other conditions.
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Mustard oil market Segment Analysis – By Distribution Type
Based on Distribution type, Mustard oil market is segmented into Online Retail, Supermarkets, and Departmental Stores and among others. The Online Retail segment held the largest share in 2020. This is owing to the ongoing Covid19 crisis and rising health issues customers have reduced their number of visits to supermarkets and other stores. Online stores have a high standard of hygiene and are strict with independent players and are set to drive segment growth during the forecast period 2021-2026. However, the supermarket segment is set to be the fastest growing CAGR during the forecast period 2021-2026. This is owing to the post covid19 stores are a safe alternative. Some supermarkets, such as Family Express, have introduced new safety measures, such as the implementation of transparent tissue dispensers, so that shoppers can avoid touching objects, such as door handles, directly preventing the spread of germs in stores.
Mustard oil market Segment Analysis – By Geography
Based on Geography, The Mustard oil market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America region dominated the Mustard oil market in 2020 with a share of 32.9%. This is owing to an increase in exports of mustard oil to the other countries and used as massage oil or blended into home-made skin serums and scalp treatment in the region. However, Asia Pacific is set to be the fastest growing CAGR during the forecast period 2021-2026. This is owing to the High consumption in various culinary activities, such as cooking, frying, baking, dressing, etc. In addition, the rising agricultural sector leads to the increased availability of high yielding mustard seeds.
Mustard oil market Drivers
Increased demand for mustard oils in cooking in Asia Pacific
The consumer demand for mustard oil is higher in Asia-Pacific regions, including India, Thailand, and China, owing to its high consumption of food. Mustard oil is historically preferred as cooking oil and as a replacement for other seed oils with higher skin benefits. Most mustard oil (approximately 90%) is used for frying, and the rest is used for pickling and as raw oil (‘mustard oil’) directly on the fruit. Food is cooked in rural areas at relatively low heat to maintain oil sourness, while pungency is less desirable in urban areas and food is cooked at higher temperatures. The length and temperature of the cooking process affect the vitamin A content, with lower temperatures and one or no re-use resulting in the highest retention. However, these factors are driving the growth of mustard oil across the region.
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Mustard oil market Challenges
The global lockdown, a measure to check the spread of Covid-19, has now hit the mustard oil industry. Production of the product has suffered 50% compared to the same time last year. Mustard oil consumption is growing at a rate of about 20% per year as customers gain a better understanding of the health benefits. The production of mustard oil has slowed and supplies have been severely disrupted following the sudden declaration of a national lockout. “There has been a sigh of relief for the industry, as mustard oil has been included in the list of critical items; however, a number of practical problems have arisen the basic one being the lack of inflows of raw materials from mustard oil provided by states owing to insecurity in inter-state transport.
Mustard oil market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Mustard oil market. Key companies of this market are Cargill Incorporated, Archer Daniels Midland Company, Adani Wilmar Limited, Taj Agro Products, Emami Agro Ltd, K S oils, Saloni Mustard oil, Mother Dairy Fruit & Vegetable Pvt. Ltd, Bansal Oil Mill Limited, Ambuja Agro Industries Ltd and among others.
In April 2015, K S Oils, India’s largest Mustard Oil Company (MOC) launched two new brands of Mustard Oil –Kalash and Double Sher – here today. The Company is also planning to launch its products in Kashmir.
Geographically, The North America region held the highest market share in 2020. This is owing to an increase in exports of mustard oil to the other countries and are used as massage oil or blended into home-made skin serums and scalp treatment in the region.
Factors such as high demand for black mustard oil and are widely used in terms of volume and black mustard Oil is used for the treatment of common colds, sore knees, muscle (rheumatism) and arthritis treatment, contributing to market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Mustard oil market.
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