Global Canola Oil Market: Increasing Prevalence of Cardiovascular Diseases to Drive Growth, Says TMR

The global market for canola oil has been witnessing a substantial rise in its size and valuation, states a new research study by Transparency Market Research (TMR). The report, titled “Canola Oil Market - Global Industry Analysis, Size, Share, Growth, Trend and Forecast 2016–2024,” offers an in-depth analysis of this market, emphasizing on the driving force, key trends, challenges, and opportunities. It also studies the past and existing performance of this market to estimate its future status.

According to the research report, the increasing prevalence of cardiovascular diseases is the key factor fueling the demand for canola oil. Due to its rich omega-3 and omega-6 fatty acid contents, it demand is likely to continue increasing over the forthcoming years.

The report broadly evaluates the global canola oil market on the basis of end users and the geography. The retail sector, the cosmetics industry, the food processing market, and restaurants have emerged as the prime consumers of canola oil across the world, among which the retail sector has acquired the leading position. The cosmetic industry is also anticipated to record a healthy rise in the demand for canola oil in the years to come, states the report.

In terms of the geography, the global market for canola oil has been classified into Europe, North America, Asia Pacific, and Rest of the World in this report. Europe has been leading this market and is anticipated to remain on the top over the next few years, thanks to the high production of canola oil in this region. Canada has emerged as the key exporter of canola oil across the world and is projected to maintain its position in the near future.

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Asia Pacific is another significant regional market for canola oil and is expected to rise by leaps and bounds over the forecast period with the increasing production in China, soaring demand for this oil in the retail industry, and the availability of robust distribution channels, reports the study.

The research study also offers a competitive analysis of the global market for canola oil on the basis of the performance of the key players and their future projects. As per the report, the market displays a highly fragmented structure due to the presence of a large pool of participants, such as The J.M. Smucker Co., Archer Daniels Midland Co., Jivo Wellness Pvt. Ltd, and Associated British Foods Plc. With the rocketing demand for canola oil, the rivalry in this market is expected to intensify over the next few years, notes the market study.