Canola Oil Market Size Worth $50.16 Million By 2032 | CAGR: 5.6%

The global canola oil market size is expected to reach USD 50.16 million by 2032, according to a new study by Polaris Market Research. The report “Canola Oil Market Share, Size, Trends, Industry Analysis Report, By Product Type (Processed and Virgin); By End User (Foodservice, Retail, Food Processors); By Distribution Channel; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Significant advances in technology, which have made it easier and more cost-effective to extract oil from canola seeds, leading to increased production and lower prices and rising number of governments around the world providing subsidies and other forms of support to farmers produce canola, are the prominent factors escalating the market growth at rapid pace. Canola oil is now being used in wider range of products, including in the production of biodiesel and as a feedstock for industrial chemical production, thereby increasing demand for biodiesel and growth in these industries positively affecting the demand for canola oil.

For instance, in February 2023, Corteva, introduced “Optimum GLY canola”, a new herbicide-tolerant for canola farmers. It will be mainly offered for commercial planting in the U.S. & Canada through the Corteva Agriscience products “Pioneer” & “Brevant” seeds.

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Increasing proliferation regarding the integration of precision agriculture technologies such as GPS and remote sensing, mainly to optimize planting, fertilizing, and harvesting of canola crops, leading to higher yields and more efficient use of resources along with the growing use of biotechnology in order to develop canola plants that are more resistant to pests and disease, are likely to have positive impact on the market in the near future.

Advances and optimization in crop genetics have led to the development of canola varieties that are better suited to specific growing conditions such as drought or cold temperatures, that has also led to increased yield and improved quality of the canola oil produced.

Canola Oil Market Report Highlights

• Processed segment accounted for largest market share in 2022, which is mainly driven by growing adoption of product as a key ingredient in various types of packaged food products
• Foodservice segment held the maximum market revenue share in 2022, on account of its beneficial properties including low saturated fats and adoption as a low-cost and more efficient alternative to other cooking oils
• Online segment is expected to grow at significant growth rate during the anticipated period, mainly due to increased number of internet users and high prevalence for online shopping due to its convenience
• North America region dominated the global market with substantial market share in 2022, owing to rising product incorporation in various cosmetics products and availability of several favorable government regulations
• The global key market players include Archer Daniel Midland Company, Louis Dreyfus Company, Adani Wilmar, Associated British Foods, Conagra Foodservice, and Yingcheng Oil Company

Polaris Market Research has segmented the canola oil market report based on product type, end user, distribution channel, and region:

Canola Oil, Product Type Outlook (Revenue - USD Million, 2019 - 2032)

• Processed
• Virgin

Canola Oil, End User Outlook (Revenue - USD Million, 2019 - 2032)

• Foodservice
• Retail
• Food Processors

Canola Oil, Distribution Channel Outlook (Revenue - USD Million, 2019 - 2032)

• Modern Trade
• Online
• Specialty Stores
• Franchise
• Others

Canola Oil, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Canola Oil Market Report Scope