Canola Oil Industry Analysis 2023: Rising Prevalence of Cardiovascular Diseases among Individuals are Expected to Boost Market
The value of the global canola oil market in 2022 is US$ 19.3 million and is likely to reach US$ 27.5 million by 2032-end, with the market expanding at a CAGR of 3.6% through 2032.
Canola oil is commonly extracted from rapeseed that is connected to the Brassicaceae family of plants. This oil is an edible product consumed by people across the globe. Canola oil is gaining traction as it has many benefits due to its roots in the family of health-promoting plants. Moreover, Canola Oil is a good source of omega-3 fatty acids, omega-6 fatty acids, vitamin E and monosaturated fats. Moreover, it comparison with other vegetable oils, it has a lower amount of saturated- and trans-fats
Canola oil is used at an impressive rate for the preparation of many food products in the commercial sector. Moreover, it is also rapidly used in various products such as cosmetic and biodiesel products such as newspapers, lipsticks, and candles. Furthermore, industrial benefits along with health benefits are boosting its adoption across different sectors of human life.
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Surge in health consciousness among population to boost the usage of canola oil
Noticeable increase in the prevalence of cardiovascular diseases is witnessed across the globe. Besides this, rising health consciousness among individuals is also likely to propel the demand for canola oil across the globe. Canola oil contains a higher amount of oleic acid, which is helpful to lower the levels of cholesterol that is present in the human body.
Due to its vast variety of health benefits, canola oil is used at an increased rate as cooking oil and for salad dressing. Thus, owing to the rising use of canola oil various novel growth opportunities in the market are likely to increase in the coming years.
Increased use of canola oil in cosmetics industry
At present, canola oil is used at a noticeable rate in the industry of personal care and cosmetics. This product is used increasingly as beauty oil due to its anti-aging properties. Further, it is helpful to control blemishes, acne, wrinkles as well as fine lines.
Also, research activities that are taking place in the field of personal care and cosmetics are expected to increase the use of canola oil in an effective manner. The lucrative growth in the market also analyzes the future potential of this oil and is likely to add insights to industry expectations with some prior options also.
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Surge in technological advancements is witnessed in Agricultural Industry
Innovation and development in advanced technologies also support the growth of the market revenue. Moreover, the manufacturers in countries such as Canada have taken growth initiatives to develop Canola oil that come with omega-9. Besides this, newly developed technologies are also helpful for plant breeding for the longer and healthier life across the globe.
Europe is expected to account for substantial share of the market
Europe is expected to occupy a substantial share during the forecast period. Moreover, it is estimated that Europe as a region will offer various opportunities for canola oil. Europe has also been experiencing increased consumption of canola oil. Various health benefits that are associated with the surge in use of this oil also serve as one of the most common factors boosting the growth avenues. Moreover, consumers from Europe are also gaining more awareness about canola oil and its ability to reduce heart diseases.
Competitive Landscape
A detailed research report on the canola oil market includes a lot of profiles of key industry players that are serving in the current era. The report gives information related to strategies, market shares, global presence, mergers & acquisitions, expansion, recent developments, innovations, and product portfolios. This comprehensive research report is estimated to help consumers to get an in-depth insight into different aspects of the market.
Key Industry Players
- The Adani Wilmar Ltd.
- Ruchi Soya Industries Ltd.
- Associated British Foods (Ach)
- Cargill Inc.
- Bunge Limited
- Fuji Vegetable Oil Inc.
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Segmentation of Canola oil Industry Research
- By Product Type:
- Processed
- Virgin
- By End User:
- Foodservice
- Retail
- Food Processors
- By Distribution Channel:
- Modern Trade
- Online
- Specialty Stores
- Franchise Outlets
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