Canola Oil Market – Global Industry Analysis, Trends and Forecast 2016 – 2024
Production of canola seed has grown rapidly over the past forty years. Globally canola has become the third largest oil crop. Canola production occupies 15% to 20% of word oil crop production. Canola oil is produced from crushing canola seed which is the third most produced vegetable oil across the globe. After deriving the oil the remaining material is used as a meal for livestock feed. This is the second most preferred feed stock after soybean. Canola oil contributes approximately 20% to 25% share in Edible oil market. Canola oil is very much suitable for heart health as it contains both omega-3 and omega-6 fatty acids, which is fueling the market growth across the globe.
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Canola Oil Market Segmentation
The canola oil market has been segmented on the basis of end use which includes food service restaurants, food processor, cosmetics and retail (end consumers). Among all these segment retail segment is expected to occupy the major market share. Rising cardiovascular diseases has shifted the consumer focus towards consumption of food containing low cholesterol which is expected to drive the segment growth in the near future. Moreover, food processor segment is expected to account for substantial growth over the forecast period. Consumers are now focusing on healthy lifestyle, due to this they carefully choose the products they buy and use. In addition, easy access to information has made them aware about the availability of different types of oils and fats in the market. Thus, now food processors are trying to respond to consumer demand by offering stable and healthy products.
Canola Oil Market Regional Outlook
Global canola oil market is also segmented on the basis of distribution channel. The distribution channel is only segmented for retail (end consumers). The distribution channel for retail includes supermarket, hypermarket, departmental stores & grocery stores. Among all this segment hypermarket & supermarket is expected to contribute major share in the market. Groceries stores is expected to show a favorable growth over the forecast period. Increasing penetration of health food in smaller grocery stores is expected to support the segment growth over the forecast period.
Globally Europe is the major producer of canola oil. In 2014, the region represented approximately more than 38.0% of share in terms of volume production to total Canola oil market. Among the countries China was the highest producer of canola oil contributing to approximately 23.0% of share in terms of volume production to overall canola oil market. While, Canada occupied the second highest position in terms of volume production of canola oil. In 2014, the country accounted for more than 12.0% of share to the overall canola oil market. Moreover in the same year China was the highest exporter of canola oil followed by Russia. Canada accounted for more the 65.0% of total export of canola oil.
Canola Oil Market Drivers
Canola oil comprises high oleic acid which can reduce the level of bad cholesterol, without affecting the good cholesterol, thus limiting the risk of developing heart disease. Which is expected to drive the market growth in the near future. Moreover canola oil is also gaining importance in cosmetics industry as it is good for skin and has an ant aging properties such as it enables to control the fine lines, wrinkles, acne, blemishes and spots which is further expected to support the market growth over the forecast period. However, factors such as canola oil is quite expensive as compared to other edible oil and availability of other substitute such as soybean oil may affect the market growth.
Canola Oil Market Key Players
Key players operating in canola oil market includes Archer Daniels Midland Company, Associated British Foods plc (Ach Food Companies Inc.), ConAgra Foods, Inc, The J.M. Smucker Company and Jivo Wellness Pvt. Limited among others.