Global Canola Oil Market Expected to Reach a Volume of 42 Million Tons by 2023
IMARC Group's latest report, titled "Canola Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023",
finds that the global canola oil market reached a volume of more than 30 Million Tons in 2017, growing at a CAGR of 6% during 2010-2017. Canola oil is obtained by crushing the seeds of canola, which is a genetically modified variety of rapeseed. It is golden in colour, and has a smooth texture, light flavour with a high smoke point. It is promoted as one of the healthiest cooking oils owing to its low saturated fat content. Canola oil has several health benefits as it is rich in omega-6 and omega-3 fatty acids, which are beneficial for the brain and a healthy heart.
Highlights of the global canola oil market:
Diverse applications remain the primary growth driving factor.
Food applications dominate the market, holding the majority of the market.
Europe accounts for a third of the total share, representing the largest market.
Canola oil has gained immense popularity worldwide on account of its diverse applications. It is extensively used for edible purposes, for instance, as cooking oil in stir-frying, deep-frying, grilling, baking and for salad dressing. In addition, the moisturizing and anti-dandruff properties of canola oil make it effective against hair fall, wrinkles, acne, blemishes, fine lines, etc. Therefore, it is used in the manufacturing of numerous cosmetic products which include lipsticks, lip gloss, creams, massage oils, soaps, shampoos and conditioners. Some of the industrial applications of canola oil are in plasticizers, tape, glue, pesticides, printing ink, lubricant and bio-plastics. Furthermore, canola oil is a better alternative to other oils which are used as feedstock for biodiesel production. While other oils crystallize or gel at extremely cold temperatures, the low saturated fat content of canola oil enhances the cold weather performance of the biodiesel. According to the report, the market is further expected to reach a volume of 42 Million Tons by 2023.
On the basis of application, the market is segmented as cooking, procesed foods, lubricants, personnel care, biofuels and others. Amongst these, cooking applications account for the majority of the market share. Region-wise, Europe represents the leading market for canola oil, accounting for a third of the total global share. Other major markets include Asia Pacific, North America, Middle East & Africa and Latin America. On evaluating the competitive landscape of the market, it is found that Archer Daniels Midland, Associated British Foods, Bunge, Cargill, and Wilmar International are some of the key players operating in it.
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The report has examined the global canola oil market on the basis of:
Archer Daniels Midland
Louis Dreyfus Company
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