Canola oil refers to a vegetable oil which is acquired from a bright yellow flower of rapeseed. Its emergence can be accredited to the rising need of a cost-effective and healthy oil, particularly in the food industry. This is due to the fact that, in comparison with other oils, canola oil encompasses a significant amount of monosaturated fats. Moreover, canola oil is regarded as a great source of biodiesel. A new research report by IMARC Group, titled “Canola Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global canola oil market reached a volume of 31.7 Million Tons in 2018. The report further projects the market to reach a volume of 44.4 Million Tons by 2024, growing at a CAGR of 5.8% over the forecast period.
Global Canola Oil Market Drivers/Constraints:
Application Insights:
Based on application, the market has been segregated as cooking, processed foods, lubricants, personnel care, biofuels and others. Presently, cooking and processed foods exhibit a clear dominance in the market, followed by the non-food applications.
Packaging Insights:
On the basis of packaging, the market has been segregated as cans, drums, bottles, pouch and others. Amongst these, drums account for the majority of the market share.
Regional Insights:
On a geographical front, Europe enjoys a leading position in the global canola oil market, on account of a strong demand in the region. Europe is followed by Asia-Pacific, North America, Middle East and Africa, and Latin America.
Competitive Landscape:
The market is moderately fragmented with the presence of both small as well large manufacturers who are competing in terms of prices and quality. There is a tough competition in the market which makes it difficult for small players to enter. Some of the leading players operating in the market are:
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