Global Canola Oil Market Overview:
Canola Oil Market Size was valued at USD 0.035 Billion in 2022. The Canola Oil market industry is projected to grow from USD 0.036 Billion in 2023 to USD 0.047 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.45% during the forecast period (2023 - 2032). Canola oil is a vegetable oil which is extracted from genetically modified oilseed crops. It has applications in food, feed, and fuel. Its consumption by the vegan populace owing to its content of alpha-linolenic acid (ALA) can drive up its production. The global Canola Oil Market report contains valuable insights and niche trends which can be prevalent during the period of 2023 to 2032(forecast period). The report also contains the impact of the COVID-19 pandemic as a market force.
The Europe Canola Oil Market is a dynamic and evolving segment of the edible oil industry, influenced by changing consumer preferences, regulatory standards, and sustainability initiatives. Canola oil is widely used in European cuisine due to its versatility, nutritional benefits, and mild flavor profile. In Europe, the demand for canola oil is driven by factors such as increasing health consciousness, the popularity of plant-based diets, and the preference for locally sourced and sustainable ingredients. Market players in Europe focus on product innovation, quality assurance, and marketing strategies to meet consumer demands effectively. Additionally, regulatory bodies such as the European Food Safety Authority (EFSA) oversee the safety and labeling of canola oil products, ensuring compliance with stringent standards and fostering consumer trust. Moreover, the COVID-19 pandemic has led to a surge in home cooking and baking activities, leading to increased sales and market growth in the Europe canola oil industry as consumers prioritize healthier cooking oils and ingredients.
Market Scope:
The global canola oil market is expected a large windfall during the forecast period owing to its purchase by health-conscious consumers for cooking food. The large percentage of omega-3 and omega-6 fatty acids in canola oil is appealing to customers and food & beverage industries. The large obese population, rising number of cardiovascular diseases, and other conditions due to intake of fat are drivers projected to drive up the demand for canola oil. Investments in research for developing hybrid oils or extending the product offerings are estimated to augment the market size by 2032. Clinical trials on new strains of genetically modified canola crops for studying its agronomic value can bode well for the market.
The outbreak of the COVID-19 pandemic has negatively affected the market owing to less volume of canola crops being planted. The closure of restaurants and diners during the lockdown period and the low utilization volume of canola oil by civilians can spell bad dividends for the market.
Segmentations:
The global canola oil market segmentation has been classified as a category, packaging type, and distribution channel.
Based on the category, the global canola oil market has been bifurcated into organic and conventional. The conventional segment holds the larger market share, and the organic segment is expected to register the higher CAGR during the review period.
Based on packaging type, the global canola oil market has been segmented into bottles, cans, and others. The bottling segment is expected to hold the majority market share and is projected to register the highest CAGR during the review period, according to the MRFR analysis.
The global canola oil market has been categorized, on the basis of distribution channel, as store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is expected to account for the larger revenue share of the market. However, the non-store-based segment is expected to exhibit a higher growth rate during the forecast period of 2023 to 2032.
Competitive Outlook:
Canadian Pride Foods Inc., Associated British Foods plc, KTC Edibles Ltd., Jivo Wellness Pvt. Ltd., Arla Foods AmbA, Archer Daniels Midland Company, Louis Dreyfus Company B.V., Cargill, Inc., Wilson Foods, Bunge Limited, Richardson International Limited, Dalmia Continental Pvt. Ltd., Sunora Foods, The J.M. Smucker Company, and Borges International Group, S.L. are respectable names in the global Canola Oil Market Companies.
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