Canola currently stands as the third largest oil crop in the world – a factor that demonstrates the growth in demand that canola oil has witnessed over the last couple of decades. In a new report, titled ‘Canola Oil Market - Global Industry Analysis, Size, Share, Trends and Forecast 2016 – 2024,’ Transparency Market Research studies the trends that are expected to impact the dynamics of this market. According to the report, the share of canola oil in the global edible oil market is expected to rise consistently owing to greater awareness about the health benefits that canola offers. Given its ingredients such as omega 6 and omega 3 fatty acids, health-conscious consumers are now becoming keener on exploring the use of canola oil in their diets.

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The quantity of oleic acid in canola oil is high, making it an agent that can help in controlling bad cholesterol without impacting the good cholesterol in the blood. With the growing awareness about consuming foods that are conducive to maintaining cardiovascular health, more consumers are being drawn toward canola oil. Besides direct consumption being a key growth driver for canola oil sales, its use in the personal products and cosmetics industry is also expected to create valuable opportunities for this market. The anti-aging properties of canola oil are prompting more cosmetics manufacturers to formulate products using it as an ingredient. Besides helping ease the visible signs of aging, canola oil is also regarded as being effective in lightening blemishes, fine lines, and spots.

Although these drivers will ensure clear growth for the global canola oil market, there is an important restraint that is impeding the market’s growth: Canola oil is more expensive than other commonly used edible oils on the market. This could cause consumers to hesitate from purchasing canola oil where other alternatives are available.

From the geographical standpoint, a sizable demand for canola oil comes from countries in Europe. The region is also a leading producer of canola oil. In terms of volume, nearly 40% of the global canola production came from Europe in 2014. Among the key countries where canola is produced, China is an important market. In 2014, China’s stake in the global canola oil market was greater than 12%. The country also leads in terms of exports of canola oil. Canada and Russia have been identified as other important exporters of canola oil.

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Companies that currently prominently feature on the leaderboard of the global canola oil market are: Archer Daniels Midland Company, ConAgra Foods, Inc, Associated British Foods plc (Ach Food Companies Inc.), Jivo Wellness Pvt. Limited, and The J.M. Smucker Company.