LONDON--(BUSINESS WIRE)--The global canola oil market is expected to grow at a CAGR of more than 5% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global canola oil market for 2017-2021. The market is segmented based on application (cooking oil and industrial oil) and end-user (manufacturing, food services, and retail sector).
The global canola oil market was valued at USD 22.23 billion in 2016. The growth is expected to be primarily due to the increasing awareness about healthy lifestyle and the nutritional benefits associated with the oil. Though canola oil is gaining popularity in various developed and developing countries, it is affected by the presence of many other oils that are labeled as healthy in the market. This makes the consumers skeptical about the credibility of these products as players try to position most types of edible oils as healthy.
Technavio’s food and beverages research analysts categorize the global canola oil market into the following segments by regions:
- APAC
- Americas
- EMEA
APAC: largest canola oil market
“Increased rate of health issues and chronic diseases, caused due to the consumption of high-fat oil and butter, have increased the demand for healthy oils. Also, a large number of domestic edible oil brands in the region have started selling canola oil, which will propel the market,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
In APAC, China and India are the largest contributors to canola oil consumption owing to the growing awareness among people about a healthy lifestyle. Other countries, such as Japan, Australia, Thailand, and Pakistan, also contribute to a significant portion of canola oil consumption in the region. It is expected that the awareness among consumers will increase further, which will positively affect the revenue generated by the regional market.
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Canola oil market in Americas
“In the past few years, the US scientists have shown an interest in the properties of canola oil that help in lowering cholesterol. This has made the US consumers to consider the oil as healthy,” says Manjunath.
The Americas is witnessing a shift toward healthy oils owing to the increase in demand for healthy food among consumers. Olive oil is considered as a healthy oil; however, many consumers cannot afford it owing to its high price. Therefore, players of canola oil are using this opportunity to position canola oil as healthy and affordable to attract masses.
Canola oil market in EMEA
Compared with APAC, the overall production of canola oil in the EMEA region is low. However, this oil has recently gained popularity among consumers owing to its health benefits and its flavor and versatility (the oil can be used in cooking, baking, and frying, and in dips and salad dressings).
The European Union (EU) is one of the largest markets and producers of canola oil and seeds. Globally, canola exports have increased owing to the increase in exports by the EU. Among the EU nations, France, Germany, the UK, Poland, Hungary, and Romania attribute to the highest canola oil consumption rates. Also, more than half of the demand for canola oil in the EU accounts for biodiesel production, where Germany, France, and Spain are the largest biodiesel-producing countries.
The top vendors in the global canola oil market highlighted in the report are:
- Archer Daniels Midland (ADM)
- Associated British Foods (ABF)
- Bunge
- Cargill's
- Wilmar International
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