The global rapeseed oil market is expected to cross a valuation of US$ 27.7 billion by 2033. The market is projected to advance at a CAGR of 4.6% from 2023 to 2033. In 2023, the market is anticipated to be valued at US$ 17.7 billion.
According to a survey, nearly 550 million heart patients worldwide, and owing to lifestyle factors, the number is expected to surge. Rapeseed oil is rich in omega-3, which helps in the smooth functioning of the heart. This might increase the demand for rapeseed oil during the forecast period.
Professional chefs working at upscale hotels have begun to use rapeseed oil. Because rapeseed oil has a bland flavour, the application has no effect on the taste of the meal it is mixed with. Furthermore, these can be heated to temperatures of 400 0C, ensuring that the taste is not compromised owing to overheating. These factors are projected to drive up rapeseed oil sales over the forecast period.
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Due to the rise in occurrences of Vitamin E insufficiency, more people have begun taking multivitamin capsules. Rapeseed oil is used by manufacturers of multivitamin capsules because it contains a high concentration of Vitamin E.
One of the key applications of rapeseed oil is in the booming personal care products market. Being a rich source of Vitamin E, personal care product manufacturers are making use of rapeseed oil as these help in improving skin texture.
Thus, as per the insights provided by FMI researchers, it can be inferred that an ‘increase in cholesterol cases, high preference among chefs, surging personal care market, and other factors are expected to surge the rapeseed oil market growth during the forecast period.’
Key Takeaways:
- The market is expected to hold a value of US$ 17.7 billion in 2023.
- By 2033, the valuation is expected to surge beyond US$ 27.7 billion.
- The CAGR is projected to be at 4.6% during the forecast period.
- Based on regional analysis, Europe is expected to be the dominant market during the forecast period.
- The United States market is expected to record a CAGR of 2.8%.
- The United Kingdom market is anticipated to post a CAGR of 3.8%.
- France market is projected to register a CAGR of 6.8%.
- China market is expected to advance at a CAGR of 5.4%.
- Japan market is anticipated to record a CAGR of 4.4%.
- Based on product type, the processed segment is expected to hold the leading market share and is projected to advance at a CAGR of 4.5%.
- On the basis of end users, the food service segment is projected to hold the dominant market share and is expected to register a CAGR of 4.6%.
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Competitive Landscape
The key players operating in the rapeseed oil market are making moves to indulge in profitable mergers and acquisitions. This comes at a time when the manufacturers are taking all steps to increase their market share. The manufacturers are also taking steps to invest amounts in marketing and sales activities to spread awareness about the kind of product being manufactured by them. The idea is also to rope in some sharpest minds who have been a part of the niche for decades and helped the previous companies post record-breaking profits.
Key developments in the rapeseed oil market:
- In November 2022, Wilmar was ranked second globally in the human rights benchmark.
- In January 2023, Interfat announced that it had launched its website in French to specifically cater to the French audience.
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Rapeseed Oil Market Segmentation
By Product Type:
- Processed
- Virgin
By Distribution Channel:
- Franchise Outlets
- Modern Trade
- Online
- Specialty Stores
By End User:
- Food Processor
- Food Service
- Retail
By Region:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific excluding Japan
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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