Canola
currently stands as the third largest oil crop in the world – a
factor that demonstrates the growth in demand that canola oil has
witnessed over the last couple of decades. In a new report, titled
‘Canola Oil Market - Global Industry Analysis, Size, Share, Trends
and Forecast 2016 – 2024,’ Transparency Market Research studies
the trends that are expected to impact the dynamics of this market.
According to the report, the share of canola oil in the global edible
oil market is expected to rise consistently owing to greater
awareness about the health benefits that canola offers. Given its
ingredients such as omega 6 and omega 3 fatty acids, health-conscious
consumers are now becoming keener on exploring the use of canola oil
in their diets.
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The
quantity of oleic acid in canola oil is high, making it an agent that
can help in controlling bad cholesterol without impacting the good
cholesterol in the blood. With the growing awareness about consuming
foods that are conducive to maintaining cardiovascular health, more
consumers are being drawn toward canola oil. Besides direct
consumption being a key growth driver for canola oil sales, its use
in the personal products and cosmetics industry is also expected to
create valuable opportunities for this market. The anti-aging
properties of canola oil are prompting more cosmetics manufacturers
to formulate products using it as an ingredient. Besides helping ease
the visible signs of aging, canola oil is also regarded as being
effective in lightening blemishes, fine lines, and spots.
Although
these drivers will ensure clear growth for the global canola oil
market, there is an important restraint that is impeding the market’s
growth: Canola oil is more expensive than other commonly used edible
oils on the market. This could cause consumers to hesitate from
purchasing canola oil where other alternatives are available.
From
the geographical standpoint, a sizable demand for canola oil comes
from countries in Europe. The region is also a leading producer of
canola oil. In terms of volume, nearly 40% of the global canola
production came from Europe in 2014. Among the key countries where
canola is produced, China is an important market. In 2014, China’s
stake in the global
canola oil market was greater than 12%. The country also leads in
terms of exports of canola oil. Canada and Russia have been
identified as other important exporters of canola oil.
Companies
that currently prominently feature on the leaderboard of the global
canola oil market are: Archer Daniels Midland Company, ConAgra Foods,
Inc, Associated British Foods plc (Ach Food Companies Inc.), Jivo
Wellness Pvt. Limited, and The J.M. Smucker Company.
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