Exploring the Canola Oil Market: Growth Drivers and Market Trends

The canola oil market size was valued at USD 34.79 billion in 2022. The market is projected to grow from USD 36.09 billion in 2023 to USD 47.14 billion by 2030, exhibiting a CAGR of 3.89% during the 2023-2030 period.

Canola oil, derived from canola seeds, is recognized for its health benefits and is widely used in food preparations. With a strong market presence, it is increasingly being adopted by the food processing and food service industries globally. Fortune Business Insights presents this information in their report titled “Global Canola Oil Market, 2023–2030.”

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Segments:

Conventional Segment Leads due to Availability, Affordability, and Diverse Applications

By nature, the market is split into conventional and organic. The dominant position of the conventional segment is attributed to its high availability, cost-effectiveness, and extensive usage in renewable fuel production, industrial pesticides, and lubricants.

Versatile Applications in Processed Food Propels Food Processing Sector’s Growth

By application, the market is segmented into food processing, foodservice, households, and others. The food processing segment dominated the market with the highest revenue in 2022, driven by the extensive use of rapeseed oil in various processed food preparations such as cream cheese spreads, mayonnaise, salad dressings, and tartar sauce due to its clean and natural production.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.

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Drivers and Restraints

Adoption by Restaurants and Food Industry Players Augments Market Growth

Rapeseed oil, known for its high content of unsaturated fatty acids and nutritional value, is widely consumed globally and offers various health benefits. The inclusion of rapeseed oil in the cooking routines of restaurants, as seen in examples such as Lucky Lee’s in the U.S. and PepsiCo Australia, where it replaced other oils, indicates its growing market potential and contribution to the industry’s growth.

However, the canola oil market growth may be stifled with other affordable and easily accessible oils that have robust production.

Regional Insights

Asia Pacific is Driven by Rising Consumer Awareness and Increasing Disposable Income

Asia Pacific is a significant producer and consumer of rapeseed oil, with the market valued at USD 20.17 billion in 2022. The region is expected to experience further growth due to increasing consumer awareness about healthy lifestyles and rising disposable income, particularly in China and India.

Europe is the second-largest market for canola oil, driven by consumer concerns for health and nutrition, by paying higher prices for quality products.

Competitive Landscape

Established Companies to Expand Customer Base through Acquisitions and Fortified Offerings

Canola oil companies are actively seeking partnerships and joint ventures to expand their customer base. Additionally, they are dedicated to introducing innovative and fortified oils, including cold pressed canola oil, that offer essential nutrients, thereby driving the canola oil market share.

Key Industry Development

  • August 2021: Richardson International announced the acquisition of Control Chemical Corp. This acquisition has helped the company to expand its global footprints and also opened numerous opportunities for its market to grow on a global scale.

Major Players Profiled in the Report:

  • Louis Dreyfus Company (Netherlands)
  • Cargill Incorporated (U.S.)
  • Associated British Foods (U.K.)
  • Archer Daniels Midland Company (U.S.)
  • Wilmar International Ltd., (Singapore)
  • Bunge Limited (U.S.)
  • Jivo Wellness Pvt. Ltd., (India)
  • American Vegetable Oils (U.S.)
  • Highwood Crossing Foods (Canada)
  • La Tourangelle (France)

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