Rapeseed Oil Market Overview:
Global Rapeseed Oil Market was valued at $26,524 million in 2016 and is expected to garner $36,560 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. Rapeseed oil is extracted from the black-red colored seeds of rape plant, also known as colza. Rapeseeds are widely cultivated for its oil-rich seeds that serve many health benefits when used in food processing. Rapeseed has various industrial applications such as use in manufacturing of bio-diesels and cosmetics & personal care products. Growth in consumption of rapeseed oil in the production of bio-diesel in the European Union drives the global rapeseed oil market. Europe accounts for more than three-fifths share of the rapeseed oil produced to manufacture bio-diesel. Rise in health consciousness and increase in awareness about the health benefits offered by rapeseed oil are expected to fuel the market growth. However, high production of other oilseeds, such as soybean and palm, to produce vegetable oil may hamper this growth.
The global rapeseed oil market is segmented on the basis of application and geography. Based on application, it is categorized into food processing, bio-fuel, cosmetics & personal care, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Rapeseed Oil Market Segmentation
In 2016, Asia-Pacific accounted for the highest share, in terms of value and volume, registering a significant CAGR from 2017 to 2023. In this region, rapeseed oil is used for food processing and has less contribution in industrial applications such as bio-fuels and cosmetics. China is the largest consumer of rapeseed oil, accounting for approximately one-third share of the global market in terms of volume, and is expected to maintain its dominance during the forecast period. India is anticipated to grow at the highest CAGR of 6.8% during the forecast period.
Top Investment Pockets
Canada is one of the predominant producers & exporters of rapeseed oil in the global market. In addition, it is one of the largest consumers of rapeseed oil, majorly for food processing and manufacturing of bio-diesel. In 2016, it accounted for more than one-fifth share in the North American market, in terms of value, and is anticipated to grow at a CAGR of 7.3% from 2017 to 2023. Russia, India, U.S., and Germany are other lucrative markets for rapeseed oil.
Global Rapeseed Oil Market: Top Investment Pockets, by Country
In 2016, the food processing application accounted for the highest revenue and is anticipated to grow at a significant CAGR of 5.4%. Rapeseed oil possesses low content of saturated fatty acids and a high content of monounsaturated fatty acids, which reduce bad cholesterol levels, thereby preventing the risk associated with heart diseases and stroke. Thus, health benefits offered by rapeseed oil further boost the market growth.
Vegetable oil consumption in Iran is above the global average. Most of the domestic consumption of vegetable oil is fulfilled through imports. The head of National Assembly of Agriculture Elites Ali Khanmohammadi has announced the development of modern infrastructure essential for farming of oilseeds such as rapeseed. Increase in demand for vegetable oil has led to the increased production of oilseeds such as rapeseed (colza) as an alternative to wheat. In 2016, Iran accounted for the highest market share in LAMEA region, and is expected to grow at a CAGR of 6.1%.
Iran Rapeseed Oil Market, 2015-2023 ($Million)
The key players profiled in the report include Cargill Incorporated, Cullise, Folba Oil Limited SDN, Mackintosh of Glendaveny, Ola Oils, Pacific Coast Canola, RISOIL S.A., ConAgra Foods Inc., Yorkshire Rapeseed Oil, and The Archer Daniels Midland Company.
The other key market players (not profiled in this report) are The Adani Wilmar Ltd., Ruchi Soya Industries Limited, Associated British Foods plc., Bunge Limited, Adams Group Inc., American Vegetable Oils, Inc., Grief Inc. (Olympic Oils Limited), Marico Limited, Fuji Oil Holdings Inc., and Louis Dreyfus Company.
- The report provides an in-depth analysis of the current trends, drivers, and dynamics of the global rapeseed oil market to elucidate the prevailing opportunities and tap the investment pockets.
- It offers qualitative trends and quantitative analysis from 2016 to 2023 to assist stakeholders to understand the market scenario.
- In-depth analysis of the key segments demonstrates the application of rapeseed oil across various regions.
- Competitive intelligence of the industry highlights the business practices followed by the key players across geographies and the prevailing market opportunities.
- Key market players and their strategies are analyzed to understand the competitive outlook of the industry.
Rapeseed Oil Market Key Segments:
- Food Processing
- Cosmetics & Personal Care
- North America
- Czech Republic
- Rest of Europe
- Rest of Asia-Pacific
- Rest of LAMEA