Canola oil is extracted from rapeseed from the Brassicaceae plant family. Canola oil is consumed in many industrialized nations and its benefits are enormous as it comes from a health promoting family of plants. It is also used in biodiesel and also in cosmetic products like lipsticks, in newspaper oil, lubricants and even candles. Industrial benefits coupled with health benefits make this a more adopted product and its usage is on the rise.
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The canola oil usage has been rising since past few years. Owing to its increased demand, the production of canola oil has risen tremendously. The canola oil market witnesses a good growth pattern owing to several aspects which are responsible for driving the progress ratio. The benefits of canola oil are tremendous, especially for heart ailments. The omega 3 and omega 6 fatty acids present in the canola oil facilitate good heart health. Owing to this important aspect, a majority of population across different regions are preferring canola oil in their day to day usage. The main factor fuelling the canola oil market growth is the fattening awareness about canola oil benefits. It also helps in lowering bad cholesterol without altering the good cholesterol. Cosmetic application is another important factor, as canola oil is largely used in cosmetics owing to the benefits it provides. Certain body lotions are also prepared which contain canola oil. It provides anti-aging properties and is used to control wrinkles, acne, blemishes as well as fine lines. However, the higher pricing of canola oil along with soya bean which is a substitute to canola oil and is readily available, can challenge the growth of the canola oil market. The global canola oil market is expected to grow at a CAGR of 3.2% over the period of forecast, 2017 to 2022.
Europe Witnesses Dominance Among all the Other Regions
The European region is favorable for the canola oil market and since past few years Europe has been showing increased consumption of canola oil. The canola oil market in Europe is expected to increase at a CAGR of 4.7% over the forecasted period of 2017 to 2022, which reflects above average growth of canola oil in this region. Following Europe, Asia Pacific excluding Japan (APEJ) also shows good growth for the canola oil market. The European region is favorable for all the segments considered in the research study and dominates all other regions in each aspect.
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Processed Segment Surpasses the Virgin Segment by Product Type
The processed segment by product type is expected to grow at a rapid pace to reach a CAGR of 4.2% during the forecasted period of 2017-2022 as compared to the virgin segment which shows an average growth rate. The revenue share of the processed segment during 2017 is more than double of the revenue share reflected by the virgin type and is expected to maintain this higher revenue share or even grow owing to increased BPS it enjoys.
Specialty Stores Outshines Every Other Distribution Channel
Modern trade and franchise outlets segments in the distribution channel witness a loss in the BPS by the end of 2022. Moreover, the emerging online segment reflects an above average growth rate during the forecasted period and an increase in the BPS. The specialty segment outruns all these segments in terms of BPS as well as growth rate during the period of forecast. It is poised to reflect the highest CAGR of 4.4% and a higher gaining of BPS by the end of 2022.
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