Global Canola Oil Market Size, Share, Opportunities, And Trends By Type (Virgin, Processed), By End Use (Retail, Cosmetics, Restaurants, Food Processing), And By Geography - Forecasts From 2023 To 2028
- Published : Mar 2023
- Report Code : KSI061614499
- Pages : 140
Canola Oil is a vegetable-based edible oil which comes from the seeds of one of the most extensively produced crops in the world. Canola plants have lovely little yellow blossoms that eventually turn into pods that resemble pea pods. Little, black seeds in each pod, comprising about 45 per cent oil, are found there. Canola seeds are crushed after they are collected to extract the oil that is within. Afterwards, the oil is refined one more before being packaged as canola oil.
Given that it contains no trans-fat and the least amount of saturated fat out of any typical cooking oil, canola oil is one of the healthiest cooking oils on the market. Also, canola oil is perfect for preparing a variety of healthful dishes, both at home and in commercial settings, due to its affordability and versatility which is propelling the demand for canola oil globally. It is also one of the greatest oils for heart health since it contains the least saturated fat of any widely used oil worldwide because reduced consumption of saturated fats lowers cholesterol levels. Canola oil has also applications outside the food industry which is further driving its demand. For instance, canola oil is used to make eco-friendly lubricants, inks, soaps, paints, cosmetics and plastic products.
Yet, the worldwide canola oil market is being constrained by the availability of a wide range of healthier & more affordable alternatives and the volatile and high price of the oil. Moreover, one of the most recent uses for canola oil is as a raw material for sustainable fuel production. Low-carbon biodiesel, which has the potential to significantly cut greenhouse emissions, is being made using canola which is providing massive opportunities to key market players during the projection period.
Various health benefits of canola oil and rising health consciousness among consumers will spur growth for the global market during the projection period.
It is the health benefits associated with canola oil consumption that is driving the global market's growth. Canola oil, which is high in beneficial fats and may replace saturated fats, lowers LDL cholesterol levels in the blood, reducing the risk of heart disease. An increasing amount of scientific evidence shows that canola oil may benefit a number from long-term health issues, such as metabolic syndrome, heart disease and diabetes. Canola oil has received recognition as a heart-smart oil from several health organisations. It has also been given a qualified health claim by the U.S. Food and Drug Administration due to its ability to lower the risk of heart disease when used in place of saturated fat. Due to the high monounsaturated fat content of high oleic canola oil, the FDA has also approved a qualified health claim for it.
Growing incidences of chronic disease such as cardiovascular disease, and diabetes is forcing consumers to switch towards canola oil for cooking purposes. For instance, around 537 million people worldwide have diabetes as of 2021; this number is projected to rise to 643 million by 2030 and 783 million by 2045, respectively. In the same year, diabetes was directly responsible for 6.7 million deaths. According to data from the Central Disease Centre, heart disease is the main cause of death for both sexes and the majority of racial and ethnic groups in the United States. Every 34 seconds, cardiovascular disease claims one life in the United States. Almost 697,000 people in the United States died from heart disease in 2020.
North America is anticipated to hold a significant amount of the global canola oil market share during the forecast period
The North American region is anticipated to hold a significant amount of market share in canola oil. The United States is one of the largest buyers of canola oil and it is the second most edible oil in the country. According to the Canadian International Merchandise Trade Database stats shows that the total vegetable oil consumption in the USA is 18.9 million metric tonnes in 2021 and imported 1.9 million metric tonnes of canola oil from Canada worth CAD 3.5 billion the same year. The National Agricultural Statistics Service of the USDA reports that canola output in the United States reached record levels in 2022, increasing by a staggering 45 per cent from 2021. With more than 50% of all vegetable oil eaten in Canada, canola oil is the most popular edible oil among Canadian consumers. Canada consumed 1.64 million metric tonnes of canola oil in 2021, according to Canadian International Merchandise Trade Database. The shift in consumer preferences towards healthier food choices and rising incidence of chronic diseases such as diabetes and cardiovascular condition is driving the growth of the market in this region. Prime markets in the North American region include the United States, Canada and Mexico.
Market Key Developments
- In February 2023, Imperial Oil has begun building what will be the largest renewable diesel refinery in the nation and a significant new client for Alberta canola producers. Imperial is pushing swiftly to source feedstocks like canola for its new plant at its Strathcona refinery near Edmonton since an increasing proportion of canola is being crushed locally. Using canola oil, the plant is anticipated to generate more than one billion litres yearly.
- In February 2023, the commercial launch schedule for the herbicide-tolerant canola variety Optimum GLY was announced by Corteva, Inc. Pioneer and Brevant, two seed brands from Corteva Agriscience, will start selling Optimum GLY canola for commercial planting in Canada and the US in 2023. In order to get ready for a complete launch in 2024, Pioneer displayed Optimal GLY canola in Australia. Future generations will have larger genetic origins and maturities.
- In October 2022, Corteva Agrisciences will purchase the high oleic canola seed breeding division of Cargill Canada. The purchase won't have an impact on Cargill's high oleic canola contracting programme in Western Canada, which was slated to close. Moreover, Cargill will keep operating its oilseed crushing facilities in Saskatchewan and Alberta to process canola oil. The agreement will, however, lead to the closure of a Cargill research and seed production plant in Aberdeen, Saskatchewan.
Global Canola Oil Market Scope:
|Growth Rate||CAGR during the forecast period|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, End Use, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Cargill, Jivo Wellness Pvt. Ltd., ARCHER-DANIELS-MIDLAND COMPANY, Associated British Foods plc, Bunge Limited, Richardson International Limited, Adani Wilmer, DiSano Foods, The J.M. Smucker Company, Fuji Vegetable Oil Inc|
|Customization Scope||Free report customization with purchase|
- By Type
- By End Use
- Food Processing
- By Geography
- North America
- South America
- Middle East and Africa
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL CANOLA OIL MARKET, BY TYPE
6. GLOBAL CANOLA OIL MARKET, BY END-USE
6.5. Food Processing
7. GLOBAL CANOLA OIL MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.1. United Kingdom
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.2. Jivo Wellness Pvt. Ltd.
9.3. ARCHER-DANIELS-MIDLAND COMPANY
9.4. Associated British Foods plc
9.5. Bunge Limited
9.6. Richardson International Limited
9.7. Adani wilmer
9.8. DiSano foods
9.9. The J.M Smucker Company
9.10. Fuji Vegetable Oil Inc.
Jivo Wellness Pvt. Ltd.
Richardson International Limited
The J.M. Smucker Company
Fuji Vegetable Oil Inc
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