A large number of people are switching to canola oil on account of the various health benefits it offers. Transparency Market Research (TMR) in its latest report, answers key questions with regards to the future growth prospects and scope of the canola oil market. The report is titled “Canola Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024Top of Form.” It segments the market on the basis of key criteria and also discusses the leading, fastest growing, and declining segments. The key driving factors and those challenging the market are both discussed in detail. In addition to this, the report identifies future opportunities of growth within the canola oil market. The degree of competition, bargaining power of suppliers and buyers, threat of substitutes, and barriers faced by new entrants are given in the report, making it a must have for investors, wishing to make profits in the canola oil industry.
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Canola oil is being used extensively on account of the growing number of patients suffering from heart ailments. As canola oil contains omega 3 and omega 6 fatty acids, which are good for the heart, the demand for this oil is anticipated to escalate in the coming years. As per the report, canola oil is the third largest oil crop in the world and is being used not only in the food industry but also in oleo chemicals and bio-fuels. Canola oil also has numerous beauty benefits, and thus used in the cosmetic industry extensively. Some of the benefits of canola oil in terms of beauty are blemish, wrinkle, fine lines, and acne control. In addition to this, the remaining material is used as livestock feed and is the second most popularly used feedstock. However, the price of canola oil is high and therefore substitute such as soybean are used. This is expected to restrain the growth of the market.
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By geography, the market is expected to be led by Europe which produces the highest quantity of canola oil in the world. China is second in terms of production volume and Canada is the leading exporter of canola oil, making both Asia Pacific and North America lucrative markets. The global canola oil market is fragmented and some of the leading manufacturers of canola oil include Jivo Wellness Pvt. Limited, Associated British Foods plc, Archer Daniels Midland Company, and The J.M. Smucker Company. As per the report, the market competition is anticipated to intensify in the coming years. The study also gives information regarding mergers and acquisitions, and recent developments by key companies.
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