According to the latest report by IMARC Group titled, “Canola oil market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a volume of 31.7 Million Tons in 2018. Looking forward, the market is expected to reach a volume of 44.4 Million Tons by 2024, expanding at a CAGR of 5.8% during 2019-2024.

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Canola oil is a vegetable oil that is extracted from the bright yellow flowers of rapeseed, belonging to the Brassicaceae family. Characterized by a light texture and neutral taste, it is widely preferred for frying, grilling, sautéing and baking a variety of dishes. It has exceptional nutritional value as it is rich in vitamin E and K, monosaturated fats, and omega-3 and omega-6 fatty acids. Its consumption is widely associated with boosting metabolism, improving skin texture, maintaining blood pressure, balancing cholesterol levels, and reducing the chances of stroke and heart attack. Consequently, canola oil is rapidly replacing conventionally used oils for cooking purposes across households as well as commercial spaces, such as cafes, hotels and restaurants.

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Growing awareness regarding the increasing prevalence of cardiovascular disorders (CVDs), coupled with the numerous health benefits of canola oil, has primarily influenced the growth of the market. In line with this, hectic working schedules and increasing consumer expenditure capacity have led to the popularity of the dining-out trend. Numerous restaurants and food joints are now utilizing healthy oils such as canola oil in their food to cater to the health-conscious consumers, thereby creating a positive outlook for the market. Furthermore, on account of the versatile properties of canola oil, it is now being used across numerous industries for a wide array of applications. It is employed in the manufacturing of plasticizers, skincare products as well as in the production of biodiesel. Significant growth in the end use industries is expected to provide a further stimulus to the market growth.

Performance by Applications
Cooking
Processed Foods
Lubricants
Personnel Care
Biofuels
Others

Based on application, the market is segregated into cooking, processed foods, lubricants, personnel care, biofuels and others. Currently, cooking and processed foods account for the majority of the global market as it is excessively used for culinary purposes.

Breakup by Packaging
Cans
Drums
Bottles
Pouches
Others

On the basis of packaging, canola oil is widely available in cans, drums, bottles, pouches and others. Amongst these, drums represent the most popular packaging type, holding the largest market share.

Competitive Landscape

The report has also examined the competitive landscape of global Canola oil market. Some of the major players in the market are Archer Daniels Midland, Bunge Limited, Cargill Inc.and James Richardson International, Louis Dreyfus Company etc.

Key highlights of the report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Competitive Structure
Profiles of Key Players

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