This 280,000-square-foot manufacturing facility will complement Richardson's food and ingredients division. The agreement also includes Wesson's production facilities in Memphis, Tennessee. Richardson International has signed an agreement with Conagra Brands to purchase its Wesson line of canola and vegetable cooking oils. Recent Developments in Canola Oil Market: However, the readily available substitute, soy, limits growth in the global canola oil market. Canola oil prices are comparatively higher than other edible oils available on the market, limiting its widespread adoption. After soybean, canola meal is considered the second most crucial food meal in the world. The residues obtained after the production of canola oil are used for livestock because they include a significant amount of amino acids and a low number of glucosinolates that help provide vitamins, minerals, and fiber to livestock. The growth of these end-use industries creates new positive prospects for the global canola oil market. Additionally, canola oil is used in the preparation of plasticizers to provide increased speed. In addition to that, it is also used in the haircare sector, as canola oil helps to straighten hair. Canola oil is used in the cosmetic and skincare industries due to its anti-aging properties that help reduce acne, fine lines, wrinkles, and blemishes. A hectic lifestyle combined with high levels of consumer income has led to the tendency to eat out, which has spurred demand for canola oil in many restaurants. Due to the many benefits of canola oil, its demand is now increasing for stir-fries, grills, cakes, stir-fries, and as a salad dressing. , thus stimulating the growth of the market. Since canola oil is high in oleic acid, which helps reduce harmful cholesterol levels in the body, health-conscious consumers are increasingly using it as cooking oil. Profitable development of canola oil and promotional activities that use social platforms to increase awareness of the health benefits of canola oil among people in developing countries can create high-income opportunities for business playersĪn increase in cardiovascular disease cases has led to a large part of the population to focus on their health. However, the high prices associated with canola oil and its adverse effects on the liver and kidneys are considered as the principal factors supposed to restrict the growth of the global canola oil market in the future. The increasing use of canola oil in the chemical industry and for biofuels are additional factors that are expected to drive global canola oil market growth. The increasing use of canola oil in the cosmetic industry for skin and hair care products and the expansion of the retail sector is also expected to support this business growth. Another factor driving the market growth is the growing demand for canola oil in the food industry. The growing awareness of the health benefits of consuming canola oil and the increasing adaptation to a healthy lifestyle are the main factors driving the growth of the global canola oil market. Canola oil is the third largest vegetable oil after palm and soybean oil in terms of volume. Taking all these factors into account, canola has become one of the world's essential oil crops. The global canola market is booming as it is a rich source of vitamin E, acting as an antioxidant that can protect the fat in the human body and proteins from free radicals. Canola oil contains 7% saturated fat, which helps lower cholesterol in the human body. Therefore, due to this critical aspect, most consumers around the world prefer canola oil in their daily use. The consumption of canola oil promotes good heart health, thanks to its fatty acids. Canola oil is experiencing strong growth in the Canola Oil Market due to its high nutritional value and flavor. Canola (Brassica napus) is one of the top five oilseed crops grown worldwide and the leading oilseed crop in Canada. Canola oil comprises a different fatty acid profile with low levels of saturated fatty acids, more monounsaturated fatty acids, and considerable levels of omega-3 and omega-6 fatty acids. Canola Oil Market Overview:Ĭanola Oil Market is experiencing an increase in growth due to the increasing demand for canola oil due to its high nutrient content. Canola Oil Market Size, Share, Growth (2023-2028)Ĭanola Oil Market size was anticipated at USD 31.8 million in 2023 and is estimated to reach an extent of USD 44.5 million by 2028 with a CAGR of 6.0%.
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