New York, March 17, 2020 (GLOBE NEWSWIRE) — The global Canola Oil market is forecast to reach USD 48.34 Billion by 2027, according to a new report by Reports and Data. It is a vegetable oil extracted from rapeseed. It is rich in omega-3 and omega-6 fatty acids, vitamin E, and monosaturated fats. It has a lower amount of saturated fats and trans-fats in comparison to other vegetable oils. The oil helps in reducing inflammations and improving metabolism. This helps in the development of infants and protecting against heart attacks and strokes. Initially, canola oil had only industrial uses, whereas now it finds applications in the residential as well as commercial spaces.
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A rise in the number of cardiovascular diseases, as well as the prevalence of other diseases, has led people to focus on their health. Canola oil has high oleic acid, which helps in reducing the high cholesterol levels. It is rapidly being used as a cooking oil by health-conscious consumers, thus propelling the market growth.
Europe held the second-largest share in the Canola Oil market. It is among the leading producer of canola oil across the globe. France, Germany, and the U.K. accounted for more than 80% of the European share. Rapeseed is grown mainly for meal and oil in Europe. Increasing awareness related to the nutritional benefits of the canola oil encourage its demand.
Further key findings from the report suggest
- The cold-pressed method involves the crushing of canola oil seeds and forcing it out. It is a process that preserves health benefits and flavors. Its price is higher than the extracted canola oil, as the yield of this product is lower.
- The online segment held the fastest growth rate during the forecast period. The growing trend of online shopping is getting a boom in recent years. This is due to the increasing application of mobile devices at a rapid rate. With the growth in the busy lifestyle, people prefer to perform every possible activity in their personal smartphones.
- Canola Oil can be made into biodiesel through a refinery process called transesterification. The oil is combined with alcohol to remove the glycerin. Pure canola biodiesel can be blended into any proportion with petroleum diesel. The fuel can be used in diesel engines.
- Canola oil is used in the skincare and cosmetic industry owing to its anti-aging properties, which helps in reducing fine lines, acne, blemishes, and wrinkles. It is also utilized in the hair care sector for smoothening hair. Canola Oil is used in the preparation of plasticizers to provide a higher velocity. Rise in the end-use industries is further propelling the market demand.
- North America is forecasted to grow with a CAGR of 4.9% during the forecast period. The region’s growth is due to the presence of popular players, and increasing awareness regarding the health benefits will propel the demand for the growth of the market.
- Key participants include Ruchi Soya Industries Ltd., Archer Daniels Midland Company, Borges Mediterranean Group, The Adani Wilmar Ltd., Associated British Foods (Ach), Fuji Vegetable Oil Inc., American Vegetable Oils Inc., Sunora Foods, Arla Foods AmbA, and Richardson International Limited, among others.
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For the purpose of this report, Reports and Data have segmented into the global Canola Oil market on the basis of manufacturing process, application, distribution channel, and region:
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Cold-pressed Method
- Solvent Extraction Method
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Processed Food
- Cooking
- Personal Care
- Biofuels
- Lubricants
- Others
Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Modern Trade
- Specialty Store
- Franchise Outlets
- Online
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/canola-oil-market
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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