Increased demand of canola oil used in different segments including commercial and non-commercial purposes has uplifted the consumption of canola oil. Additionally, health benefits associated with the consumption is driving the growth of canola oil market globally. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Canola Oil Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
The use of canola oil has amplified over past few years. Canola oil is obtained from the seeds of rapeseed. Owing to high demand, the production has also augmented remarkably. A substantial portion of population is switching to this oil due to its health benefits, especially for cardiac ailments. It contains omega-3 and omega-6 fatty acids that are good for heart health. It is widely used in foods and beverages, production of biofuels, and oleo chemicals. Leading edible oil companies are focusing more on R&D in terms of product innovations. Canola oil is serving as better alternative to conventional edible oils which has extra fat and lipid content. Innovations and upgrading technology have been principle of the research wing. Through extensive research and techniques, the companies are developing oils with aided health benefits.
The amount of obese population and diseases such as hypertension, high blood cholesterol and other heart diseases due to high fat intake is increasing rapidly, which is a great concern among the growing population. This has intensified the demand for canola oil and low-fat replacements from several industries such as dairy, bakery, snacks & beverages, and others. Extensive investments are made in research and advanced technologies to enhance product range, and simultaneously provide new hybrids to meet the expanding market needs. Increasing popularity of canola oil in food products among the population is likely to surge the global canola oil market owing to high consumption of low-fat oil.
Latest Industry Updates
Aug 2017 Finlandia Cheese Inc., has added two new products in its range, spreadable butter with canola oil and 25% reduced-fat spreadable butter with canola oil. The butter is made with non-GMO canola oil. Strategic product launch will help in strengthening company’s business portfolio.
Oct 2016 MSM Milling, has launched its new canola oil brand “auzure”. The company also inaugurated its integrated canola oilseed processing unit for transforming canola seed. This will help the company to maximize its production capacity.
Sep 2016 Canadian Agro India, has launched its new product in the name of “Canapure canola cooking oil”. The company is highly inclined towards R&D activities. This initiative by the company will help to improve the quality of its product line.
Aug 2016 Cargill Inc., has expanded its canola research facility in Aberdeen, Saskatchewan. Strategic business expansion by the company will lead in specialty canola seed breeding. In addition, the company is investing high on new equipment and technology to produce high quality product.
Global Canola oil Market – Competitive Analysis
Manufacturers rely on rapeseed to extract canola oil. Canola oil contains Omega-3 and Omega-6 fatty acids as key components that support improved heart health. Market players in the oil industry have been investing on product development to cater the consumer needs. The strategic sales plan of canola oil manufacturers include product promotion in exhibitions & other platforms and also picking up right marketing strategies which will give out a clear message to the targeted audience.
The key players profiled in canola oil are Archer Daniels Midland Company (U.S.), Associated British Foods Plc. (U.K), Sunora Foods (Canada), Wilson’s Foods (South Africa), Jivo Wellness Pvt. Ltd. (India), Dalmia Continental Pvt. Ltd. (India), and Arla Foods (Denmark) among many others.
Global Canola Oil Market – Segments
The global canola oil market has been divided into type, processing type, application, and region.
On the Basis of Type: Polish canola, Argentine canola, Brown mustard, and Canola
On the Basis of Processing Type: Refined, Modified, Hand Made, Crude, and Others
On the Basis of Application: Culinary, Processed foods, Lubricants, Personal care, Bio-diesel, and Others
On the Basis of Region: North America, Europe, Asia Pacific, and ROW
Global Canola oil Market – Regional Analysis
The global canola oil market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Among all of them, Europe is estimated to retain its dominance throughout the forecast period. Europe is amongst the leading producer of canola oil across the globe. Furthermore, in the Asia-Pacific region China is the second largest producer of canola oil. Additionally, Canada is amongst the largest exporting countries across the globe. Increasing consumption of canola oil is driving the market growth in the European region. Also, increasing cardiac ailments in the European countries has a positive influence on the overall sales of canola oil over the review period. In addition, Asia Pacific is also an attractive destination for the canola oil manufacturers during the forecast period.
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