Global Canola Oil Market: Overview
The use of canola oil has increased over the years. Due to its high demand, the production of oil has also augmented remarkably. A considerable section of the population is switching to this oil due to its health benefits, especially for heart ailments. It contains omega-3 and omega-6 fatty acids that are good for heart. It is also the third-largest oil crop in the world. Canola oil is obtained from the seeds of rapeseed. Its usage can be found in the food industry, biofuels, and oleo chemicals.
On the basis of end use, canola oil can be segmented into retail, cosmetics, restaurants, and food processing. The retail segment holds the maximum market share. The cases of heart ailments are increasing and people are preferring to use safer and healthier alternatives such as canola oil. Plus, in the cosmetic industry, this is considered as a wonder oil for its multiple benefits.
In the report, Transparency Market Report (TMR) provides a detailed analysis of drivers and restrictions in the global canola oil market. It also delivers insight into the segments and regions of the market.
Global Canola Oil Market: Drivers and Restraints
Canola oil has several health and beauty benefits. With a large section of the population suffering from cardiovascular diseases, canola oil is used widely due its omega-3 and omega-6 fatty acid contents. High oleic acid properties in canola oil aid in lowering the level of bad cholesterol without disturbing good cholesterol present in our body, thereby limiting the risk of heart ailments. The growing awareness about the goodness of canola oil is one of the crucial factors responsible for the growth of the market. Moreover, the use of canola oil in the cosmetic industry has increased exponentially. With its anti-aging properties, this oil is useful in controlling wrinkles, blemishes, acne, and fine lines. Another driving factor is the use of the remaining material as livestock feed, which is considered the second-most favored feedstock after soybean.
The prices of canola oil are comparatively higher than other edible oils available in the market, restricting its large-scale adoption. In addition, the readily available substitute, soybean, limits the growth of the global canola oil market.
Global Canola Oil Market: Regional Outlook
On the basis of region, the market can be segmented into Europe, Asia Pacific, North America, and Rest of the World. Europe accounts for the dominant share in the canola oil market. It is also the leading producer of canola oil in the world. Among the countries in the world, China comes in second, in terms of production volume, whereas, Canada leads in terms of total export of canola oil, this makes Asia Pacific and North America prominent regional players of the market.
Canola oil is gaining prominence not only in developed economies, but in emerging economies as well. The market is growing by leaps and bounds due to heavy demand from retail sectors and strong distribution channels.
Companies Mentioned in Report
The market for canola oil is highly fragmented and with the growing demand, the competition is expected to get intense in the coming years. Some of the prominent players in the canola oil market are Archer Daniels Midland Company, Associated British Foods plc, Jivo Wellness Pvt. Limited, and The J.M. Smucker Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.