IMARC Group, a leading market research company, has recently releases report titled “Canola Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032″, The study provides a detailed analysis of the industry, including the global canola oil market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the canola oil market?
The global canola oil market size reached 28.8 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 32.2 Million Tons by 2032, exhibiting a growth rate (CAGR) of 1.1% during 2024-2032.
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Factors Affecting the Growth of the Canola Oil Industry:
- Health and Nutritional Benefits:
One of the primary drivers for the canola oil market is the increasing consumer awareness of its health and nutritional benefits. Canola oil is known for its low saturated fat content and a good balance of omega-3 and omega-6 fatty acids, which are essential for heart health. This oil is also a source of vitamins E and K. In an era where consumers are increasingly health-conscious and seeking healthier alternatives to traditional cooking oils, canola oil’s profile makes it a preferred choice. This trend is particularly evident in markets where there is a growing prevalence of health-related issues such as heart disease and obesity, and consumers are more mindful of their dietary choices.
- Versatility in Food Applications:
Canola oil’s versatility in food applications significantly contributes to its market growth. It has a high smoke point, making it suitable for various cooking methods, including frying, baking, and sautéing. Its light flavor does not overpower the taste of food, which makes it a favored ingredient in both household cooking and industrial food preparation. In the food processing industry, canola oil is used in a range of products from baked goods to salad dressings. Its functional properties, combined with its health benefits, make it a versatile ingredient that appeals to both consumers and food manufacturers.
- Shift Towards Sustainable and Organic Products:
The global shift towards sustainable and organic products is also influencing the canola oil market. There is a growing demand for organically grown canola oil, produced without the use of genetically modified organisms (GMOs) and synthetic fertilizers or pesticides. This trend is driven by the rising consumer awareness about the environmental impact of conventional farming practices and a preference for natural or organic products. The market is responding with an increase in the production of organic and non-GMO canola oil, catering to this segment of health and environmentally-conscious consumers. As the demand for sustainable agricultural practices and clean labeling continues to grow, it is likely to further propel the market for organic and non-GMO canola oil.
Canola Oil Market Report Segmentation:
Breakup By Application:
- Processed Foods
- Personal Care
Cooking dominates the largest market segment in the global canola oil market due to its widespread use as a healthy cooking oil alternative, prized for its low saturated fat content and beneficial omega-3 and omega-6 fatty acids.
Breakup By Packaging:
Drums are the largest market for canola oil, as they are preferred for bulk storage and transportation in the commercial and industrial sectors, offering cost-effectiveness and convenience for large-scale users like restaurants and food processors.
Breakup By Regional Insights:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
Europe leads the global canola oil market, largely because of the high consumer preference for healthier oil options, along with strong production capacities, particularly in countries like France and Germany, which are key producers and consumers of canola oil.
Global Canola Oil Market Trends:
The growing consumer preference for healthy and nutritious cooking oils represents one of the key factors influencing the growth of the canola oil market across the globe. This is further driving demand for canola oil due to its low saturated fat content and beneficial balance of omega-3 and omega-6 fatty acids. This trend is aligned with the broader shift towards health-conscious eating habits and cleaner diets. The market is also driven by the increasing use of canola oil in the food processing industry. Its favorable properties, like a high smoke point and mild flavor, make it a versatile ingredient for various processed foods.
Sustainability is also becoming a major focus, with a growing demand for organic and non-GMO canola oil. Consumers are increasingly aware of agricultural practices and their environmental impact, leading to a preference for more sustainably produced oils. Apart from this, there’s an emerging trend of using canola oil in the cosmetics industry, where its moisturizing and emollient properties are valued, opening new avenues for market growth.
Leading Companies Operating in the Global Canola Oil Industry:
- Archer Daniels Midland (ADM) Company
- Bunge Limited
- Cargill Inc.
- Associated British Foods plc
- Jivo Wellness Pvt. Ltd.
- Arla Foods AmbA
- Richardson International Limited
- The J.M. Smucker Company
- Wilmar International Inc.
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