The rapeseed oil market is a significant segment of the global edible oil industry. Rapeseed oil, also known as canola oil, is derived from the seeds of the rapeseed plant (Brassica napus or Brassica rapa). It is widely used for cooking, baking, and various food applications due to its favorable nutritional profile and versatile characteristics.
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.
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Professional chefs working in luxury hotels have started adopting rapeseed oil. Owing to the lack of taste associated with rapeseed oil, the application does not alter the taste of the food that is mixed with it. Moreover, these can be heated at a temperature greater than 400 0C, which leads to the fact that the taste does not get ruined due to excess heating. These factors are expected to surge the sales of rapeseed oil during the forecast period.
Owing to the soaring cases of Vitamin E deficiency, many people have started consuming multivitamin capsules. Manufacturers who are into the production of multivitamin capsules are making use of rapeseed oil as it is an extremely rich source 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.
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
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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