As per Market Research Future (MRFR)’s new analysis, the global Canola Oil Industry is projected to strike a healthy CAGR during the forecast period 2018 to 2023. Canola oil has gained popularity among the growing health-conscious population owing to its health benefits. The rising prevalence of health-related issues such as cardiovascular diseases due to high cholesterol is likely to fuel demand for canola oil in the upcoming years.
Canola oil is rich in essential unsaturated fatty acids such as Omega-3 and Omega-6, which is projected to have a favorable impact on the expansion of the global Canola Oil Industry. The rising awareness about the health benefits and nutrient value of the oil is anticipated to drive the expansion of the market across the world.
Another major factor that is aiding the proliferation of the Canola Oil Industry is the extensive use of the oil as biodiesel. The trend is expected to continue through the assessment period. Additionally, canola oil is in demand by the cosmetics industry as it helps in minimizing wrinkles, blemishes, and spots. The growth of the cosmetics industry is poised to drive the growth of the Canola Oil Industry in the upcoming years.
By packaging type, the global Canola Oil Industry has been segmented into cans, drums, bottles, pouches, and others.
By application, the Canola Oil Industry has been segmented into culinary, processed foods, personal care, and others.
By region, the global Canola Oil Industry has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is leading the global market and is likely to retain its dominance towards the end of the forecast period. Canada, which is the first and the largest producer of canola oil, is expected to contribute significantly towards the growth of the Canola Oil Industry in the region. It is one of the major exporters of the world and is poised to maintain its supremacy in the regional Canola Oil Industry in the foreseeable future. An upsurge in demand is prognosticated owing to its health benefits. Furthermore, the increasing demand for canola oil from the cosmetics industry is forecasted to influence the expansion of the market positively.
Europe is an important growth pocket and is likely to register a steady growth rate over the next couple of years. The extensive use of canola oil as biodiesel and cooking oil in the region is projected to boost the market growth during the projection period.
Asia Pacific is expected to register a relatively higher CAGR due to increasing demand from the health-conscious population. Rising prevalence of health disorders such as heart attacks and strokes are expected to drive the proliferation of the Canola Oil Industry. Meanwhile, the Rest of the World is poised to witness substantial growth over 2023.
Some of the key players profiled in the report are Archer Daniels Midland Co. (US), Sunora Foods (Canada), Wilson’s Foods (South Africa), Jivo Wellness Pvt. Ltd (India), Associated British Foods PLC (UK), Dalmia Continental (India), Richardson International Ltd (Canada), Cargill, Inc. (US), Arla Foods AmbA (Denmark), and Louis Dreyfus Co. (Netherlands)
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In June 2018, Mother Dairy, India, has entered the canola oil segment under the brand ‘Dhara’ for the expansion of its refined edible oil portfolio.
In October 2018, Cargill India, part of the US food major Cargill, has launched ‘NatureFresh Acti Heart’ cooking oil, blended equally with Canola and rice bran oils.
In October 2018, Hudson Canola Oil, a leading oil brand in India, has appointed Grapes Digital as its digital agency for handling digital media planning and buying, content creation, strategy and design for the company.
In October 2018, it has been found that canola waste can improve fertilizers and sustain global food production.
In November 2018, Abu Dhabi Vegetable Oil Co. (Advoc) has partnered with Patanjali Ayurved, India, for manufacturing a range of cooking oils for the Middle Eastern market. Advoc will be producing sunflower, corn and canola oils and sell it under the brand name of Patanjali in the Gulf Cooperation Council (GCC).
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