Global Canola Oil Market Overview:
Canola Oil Market Size was valued at USD 0.035 Billion in 2022. The Canola Oil market industry is projected to grow from USD 0.036 Billion in 2023 to USD 0.047 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.45% during the forecast period (2023 - 2032). Canola oil is a vegetable oil which is extracted from genetically modified oilseed crops. It has applications in food, feed, and fuel. Its consumption by the vegan populace owing to its content of alpha-linolenic acid (ALA) can drive up its production. The global canola oil market report contains valuable insights and niche trends which can be prevalent during the period of 2023 to 2032(forecast period). The report also contains the impact of the COVID-19 pandemic as a market force.
Market Scope:
The global Canola Oil Market Insights is expected a large windfall during the forecast period owing to its purchase by health-conscious consumers for cooking food. The large percentage of omega-3 and omega-6 fatty acids in canola oil is appealing to customers and food & beverage industries. The large obese population, rising number of cardiovascular diseases, and other conditions due to intake of fat are drivers projected to drive up the demand for canola oil. Investments in research for developing hybrid oils or extending the product offerings are estimated to augment the market size by 2032. Clinical trials on new strains of genetically modified canola crops for studying its agronomic value can bode well for the market.
The outbreak of the COVID-19 pandemic has negatively affected the market owing to less volume of canola crops being planted. The closure of restaurants and diners during the lockdown period and the low utilization volume of canola oil by civilians can spell bad dividends for the market.
Segmentations:
The global canola oil market segmentation has been classified as a category, packaging type, and distribution channel.
Based on the category, the global canola oil market has been bifurcated into organic and conventional. The conventional segment holds the larger market share, and the organic segment is expected to register the higher CAGR during the review period.
Based on packaging type, the global canola oil market has been segmented into bottles, cans, and others. The bottling segment is expected to hold the majority market share and is projected to register the highest CAGR during the review period, according to the MRFR analysis.
The global canola oil market has been categorized, on the basis of distribution channel, as store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is expected to account for the larger revenue share of the market. However, the non-store-based segment is expected to exhibit a higher growth rate during the forecast period of 2023 to 2032.
Regional Analysis:
The global Canola Oil Market Outlook has been studied for four regions—North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
Europe is expected to dominate the market over the forecast period. This can be attributed to the production of rapeseed oil domestically. The regulations on genetically modified canola in the region can act as a barrier for growth owing to exports from Canada being accepted.
APAC has assumed the second position in the market owing to China being a large producer of canola oil. Imports of canola from Canada and consumption of vegetable oil from its denizens can drive the market demand exponentially. Rise of the middle class, ban on loose oils, and increased expendable income levels of customers can drive the regional canola oil market. The aquaculture industry being an end-user of canola meal can be a catalyst for the market. In addition, the call for domestic production of canola oil amid the COVID-19 pandemic and ban for imports in India can change the market landscape.
Competitive Outlook:
Canadian Pride Foods Inc., Associated British Foods plc, KTC Edibles Ltd., Jivo Wellness Pvt. Ltd., Arla Foods AmbA, Archer Daniels Midland Company, Louis Dreyfus Company B.V., Cargill, Inc., Wilson Foods, Bunge Limited, Richardson International Limited, Dalmia Continental Pvt. Ltd., Sunora Foods, The J.M. Smucker Company, and Borges International Group, S.L. are respectable names in the global canola oil market.
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