The global canola oil market reached a volume of 27.3 Million Tons in 2020. Looking forward, IMARC Group expects the market to continuously grow during the forecast period (2021-2026). 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 for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, 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:
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