Canola oil is type of vegetable oil made by crushing rapeseeds. This oil contains low amount of saturated fat, omega-3 fatty acid, and omega-6 fatty acid. Omge-3 fatty acid reduces the risk of stroke and heart attack. Canola oil consumption helps to improve metabolism, reduces inflammation, controls cholesterol level, etc. It is also used in personal care products owing to its anti-aging properties, to reduce acne, and improve health of the skin. In addition, it also improves condition of hair by reducing hair fall, dandruff, and split ends.
Major factors diving growth of the global canola oil market are growing awareness regarding health benefits of canola oil and increasing its adoption for cooking purposes. However, high cost of canola oil is expected to hamper growth of the target market in the near future.
The global canola oil market report has been segmented on the basis of product type, application, and region. On the basis of product type, the market is segmented into refined, modified, crude, and homemade.
On the basis of application, the market is segmented into personal care, cooking, bio-diesel and lubricant, and food industry. Cooking segment holds major share in the global market in terms of revenue over the forecast period, owing to its increased use for backing, grilling, stir-frying, dressing etc. Personal care segment is expected to witness fastest growth in terms of revenue, owing to increasing demand for canola oil based cosmetic products among consumers.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to dominate the global market in terms of revenue over the forecast period, owing to increasing consumption of canola oil among individuals in this region. The market in Asia Pacific is expected to witness lucrative growth in terms of revenue in the near future, owing to changing cooking habits and developing the retail sector in the region.
Key players operating in the global canola oil market include Archer-Daniels-Midland Company, Associated British Foods plc., Sunora Foods Inc., Wilson Foods Limited, JIVO Wellness Pvt. Ltd, Dalmia Continental Private Limited, Arla Foods amba, The J.M. Smucker Company, Bunge Limited, and Cargill, Incorporated.