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The global canola oil market reached a volume of 27.79 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach 30.60 Million Tons by 2027, exhibiting at a CAGR of 1.47% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Canola oil is an edible vegetable oil extracted from rapeseed, which belongs to the Brassicaceae family. It is a rich source of vitamin E, monosaturated fats, and omega-3 and omega-6 fatty acids. As compared to other vegetable oils, it contains lower amounts of trans- and saturated fats. Consequently, it offers numerous health benefits, such as reducing inflammation, improving metabolism, assisting in the overall development of infants, and protecting against heart attacks and strokes. Therefore, it is widely used in the preparation of various food products in both the commercial and the residential sectors.
The rising prevalence of cardiovascular diseases, in confluence with the growing health consciousness among individuals, represents one of the key factors fueling the global canola oil market growth. As canola oil contains a high amount of oleic acid that aids in lowering the cholesterol levels present in the body, it is increasingly being used as a cooking oil and salad dressing. Apart from this, it is employed in the personal care and cosmetics industries on account of its anti-aging properties, which assist in reducing fine lines, wrinkles and blemishes. Other than this, the residual obtained after the production of canola oil has significant amounts of amino acid and a low count of glucosinolates. Thus, it is utilized as livestock feed for providing vitamins, minerals and fiber to the animals, which in turn is anticipated to strengthen the market growth in the coming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global canola oil market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application and packaging.
Breakup by Application:
Based on the application, cooking and processed foods represent the largest segments as canola oil is widely used for culinary purposes.
Breakup by Packaging:
Currently, drums represent the most popular packaging type, holding the largest market share.
On the geographical front, Europe enjoys the leading position in the market on account of the rising prevalence of chronic diseases in the region. It is followed by Asia Pacific, North America, Middle East and Africa, and Latin America.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
|Base Year of the Analysis||2021|
|Units||US$ Billion, Million Tons|
|Segment Coverage||Application, Packaging, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||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 and Wilmar International Inc|
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The global canola oil market reached a volume of 27.79 Million Tons in 2021.
The rising prevalence of cardiovascular diseases, coupled with the increasing awareness towards several health benefits associated with canola oil, is primarily driving the global canola oil market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of canola oil.
Based on the application, the global canola oil market has been bifurcated into cooking and processed foods, lubricants, personal care, biofuels, and others. Currently, cooking and processed foods hold the largest market share.
Based on the packaging, the global canola oil market can be categorized into cans, drums, bottles, pouches, and others. Among these, drums account for majority of the total global market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global canola oil market include 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., etc.
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