Global
Canola Oil Market: Overview
The
use of canola oil has increased over the years. Due to its high
demand, the production of oil has also augmented remarkably. A
considerable section of the population is switching to this oil due
to its health benefits, especially for heart ailments. It contains
omega-3 and omega-6 fatty acids that are good for heart. It is also
the third-largest oil crop in the world. Canola oil is obtained from
the seeds of rapeseed. Its usage can be found in the food industry,
biofuels, and oleo chemicals.
On
the basis of end use, canola oil can be segmented into retail,
cosmetics, restaurants, and food processing. The retail segment holds
the maximum market share. The cases of heart ailments are increasing
and people are preferring to use safer and healthier alternatives
such as canola oil. Plus, in the cosmetic industry, this is
considered as a wonder oil for its multiple benefits.
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In
the report, Transparency Market Report (TMR) provides a detailed
analysis of drivers and restrictions in the global canola oil market.
It also delivers insight into the segments and regions of the market.
Global
Canola Oil Market: Drivers and Restraints
Canola
oil has several health and beauty benefits. With a large section of
the population suffering from cardiovascular diseases, canola oil is
used widely due its omega-3 and omega-6 fatty acid contents. High
oleic acid properties in canola oil aid in lowering the level of bad
cholesterol without disturbing good cholesterol present in our body,
thereby limiting the risk of heart ailments. The growing awareness
about the goodness of canola oil is one of the crucial factors
responsible for the growth of the market. Moreover, the use of canola
oil in the cosmetic industry has increased exponentially. With its
anti-aging properties, this oil is useful in controlling wrinkles,
blemishes, acne, and fine lines. Another driving factor is the use of
the remaining material as livestock feed, which is considered the
second-most favored feedstock after soybean.
The
prices of canola oil are comparatively higher than other edible oils
available in the market, restricting its large-scale adoption. In
addition, the readily available substitute, soybean, limits the
growth of the global
canola oil market.
Global
Canola Oil Market: Regional Outlook
On
the basis of region, the market can be segmented into Europe, Asia
Pacific, North America, and Rest of the World. Europe accounts for
the dominant share in the canola oil market. It is also the leading
producer of canola oil in the world. Among the countries in the
world, China comes in second, in terms of production volume, whereas,
Canada leads in terms of total export of canola oil, this makes Asia
Pacific and North America prominent regional players of the market.
Canola
oil is gaining prominence not only in developed economies, but in
emerging economies as well. The market is growing by leaps and bounds
due to heavy demand from retail sectors and strong distribution
channels.
Companies
Mentioned in Report
The
market for canola oil is highly fragmented and with the growing
demand, the competition is expected to get intense in the coming
years. Some of the prominent players in the canola oil market are
Archer Daniels Midland Company, Associated British Foods plc, Jivo
Wellness Pvt. Limited, and The J.M. Smucker Company.
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