Canola Oil Market Size, Share, Top Companies, Growth and Forecast 2024-2032

IMARC Group, a leading market research company, has recently released report titled “ Canola Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032 ″, The study provides a detailed analysis of the industry, including the global canola oil market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the canola oil market?

The global canola oil market size reached 28.8 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 32.2 Million Tons by 2032, exhibiting a growth rate (CAGR) of 1.1% during 2024-2032.

Factors Affecting the Growth of the Canola Oil Industry:

• Health and Wellness Trends:

One of the primary drivers of growth in the canola oil market is the increasing focus on health and wellness among consumers. Canola oil is renowned for its heart-healthy properties, as it is low in saturated fats and high in unsaturated fats, particularly monounsaturated and polyunsaturated fats, including omega-3 fatty acids. These attributes make it a preferred choice for health-conscious individuals and those looking to improve their dietary choices. In line with this, canola oil is free from trans fats, which have been linked to various health issues. This factor positions canola oil as a healthier alternative to other cooking oils, contributing to its growing popularity among consumers seeking to maintain a balanced and nutritious diet.

• Culinary Versatility and Neutral Flavor:

In the canola oil market, “culinary versatility” and “neutral flavor” are key attributes that make canola oil a preferred choice in various cooking applications. Culinary versatility refers to canola oil's ability to be used in a wide range of cooking methods, including frying, baking, sautéing, and salad dressings, without altering the taste of the food. This adaptability is due to its high heat tolerance, making it suitable for high-temperature cooking. Neutral flavor means canola oil does not impart any additional taste to the food, allowing the natural flavors of the ingredients to stand out. This characteristic is particularly valued in recipes where a non-intrusive oil is desirable, making canola oil a versatile and popular option in both home kitchens and professional culinary settings.

• Sustainable and Environmentally Friendly:

In the canola oil market, “sustainable” and “environmentally friendly” refer to practices and processes that minimize environmental impact while ensuring the oil's production is viable long-term. Sustainability in this context includes using farming methods that reduce soil erosion, maintain soil health, and decrease greenhouse gas emissions. It also involves efficient water usage and the implementation of crop rotation to preserve biodiversity. Environmentally friendly practices extend to the processing of canola oil, where efforts are made to reduce energy consumption and waste and to responsibly manage by-products. Additionally, sustainable packaging options are increasingly adopted to reduce the carbon footprint. Together, these practices demonstrate a commitment to preserving natural resources and promoting ecological balance in the canola oil industry.

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Canola Oil Market Report Segmentation:

Breakup By Application:

• Cooking
• Processed Foods
• Lubricants
• Personal Care
• Biofuels
• Others

Cooking dominates the global canola oil market application segment due to its widespread use in various culinary practices, favored for its light flavor and health benefits such as low saturated fat content.

Breakup By Packaging:

• Dogs
• Drums
• Bottles
• Pouches
• Others

Drums are the preferred packaging choice in the canola oil market, offering cost-effective, large-volume storage and transport solutions for commercial and industrial buyers.

Breakup By Regional Insights:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Europe leads the regional canola oil market, driven by high consumer demand for healthier cooking oils, robust food industry growth, and supportive government policies promoting canola cultivation and use.

Global Canola Oil Market Trends:

The increasing demand for healthier cooking oils represents one of the key factors influencing the growth of the canola oil market across the globe. This is primarily due to the rising health and wellness awareness among consumers which is fueling the market growth. Canola oil, with its low saturated fat content and high levels of unsaturated fats, including beneficial omega-3 fatty acids, has gained popularity as a heart-healthy option.

Additionally, the versatility of canola oil in various culinary applications, owing to its neutral flavor and high smoke point, is driving its adoption in both household and commercial kitchens. Furthermore, sustainability and environmental considerations play a significant role, with canola's relatively lower environmental impact and non-GMO status making it an attractive choice for environmentally conscious consumers.

Leading Companies Operating in the Global Canola Oil Industry:

• Archer Daniels Midland (ADM) Company
• Bunge Limited
• Cargill Inc.
• Associated British Foods plc
• Jivo Wellness Pvt. Ltd.
• Arla Foods AmbA
• Richardson International Limited
• The J.M. Smucker Company
• Wilmar International Inc.

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