The global rapeseed oil market size is set to gain momentum from its extensive usage in the production of biodiesel. It is also used in other applications, such as the formulation of several personal care products, namely, lotions and soaps, as well as in cooking. Fortune Business Insights™ provided this information in an upcoming report, titled, “Rapeseed Oil Market, 2019-2026.” The report further states that rapeseed being a crucial arable crop, provides good income to farmers worldwide. The National Edible Oil Distributors Association, for instance, declared that Europe produces around 21.5 million tonnes rapeseed per year. Amongst this, the region exports nearly 0.1 million tonnes and imports approximately 2.2 million tonnes of the crop annually.
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Which Segments are Present in This Market?
We have segregated the market for rapeseed oil on the basis of nature, end-use, and geography. Based on nature, the market is further bifurcated into organic and conventional. By end-use, it is divided into household/retail, animal feed, biodiesel, food and beverages, and cosmetics and personal care. Lastly, in terms of geography, it is categorized into South America, Europe, Asia Pacific, North America, and the Middle East and Africa.
How Did We Conduct Our Research?
The report includes four notable activities in projecting the current market share. Extensive secondary research was conducted to collect data about the parent market. Our next step involved exhaustive primary research to authenticate these sizing, assumptions, and findings with a large number of industry experts. We have also used bottom-up and top-down research approaches to calculate the size of this industry.
Drivers and Restraints-
Increasing Utilization in Vegetable Oil and Animal Feed to Propel Growth
Rapeseed oil is majorly used in a wide range of end-use industries, such as chemical, food and beverages, and cosmetics industries. It is an essential ingredient in personal care products as it helps fight hair and skin related issues. At the same time, its surging usage in animal feed and vegetable oil would accelerate the rapeseed oil market growth in the upcoming years. Scientists from the University of Bonn, for instance, mentioned that coconut oil differs from olive and rapeseed oil in fatty acids it contains. However, the availability of multiple substitute products, such as soybean oil, palm oil, and others, may hamper the demand for rapeseed oil.
Major Segments includes:
- Cosmetics and Personal Care
- Food and Beverage
- Animal Feed
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Utilization in Cosmetics Formulation to Favor Growth in Asia Pacific
- Asia Pacific: The region is expected to procure the largest rapeseed oil market share throughout the forthcoming years. China is considered to be a major contributor to this growth because of the increasing utilization of rapeseed oil in commercial applications. It is also used to formulate various cosmetics.
- Europe: This region is projected to showcase considerable growth because of the high demand from the food processing industry and the surging number of biodiesel production projects. The U.K., Italy, and France are anticipated to contribute to this growth.
Key Players Focus on Unveiling Innovative Products to Meet High Consumer Demand
The market includes some of the most renowned companies that are striving persistently to cater to the high demand for the product. To do so, they are trying to introduce unique products. A few large and small level enterprises are investing huge sums in novel marketing campaigns to broaden their portfolios. Below is one of the latest industry developments:
- May 2019: The Butterworks, a dairy product manufacturer based in the U.K., unveiled its latest spread infused with a blend of extra virgin cold pressed rapeseed oil and butter. The company joined hands with Hillfarm Oils to gain access to this oil. It would help to boost the immune system and reduce cholesterol.
A list of all the prominent rapeseed oil manufacturers operating in the global market:
- Cargill Incorporated
- CCS Estates Limited
- Folba Oil Limited SDN
- Yorkshire Rapeseed Oil
- Archer Daniels Midland Company
- ConAgra Foods Inc.
- Mackintosh of Glendaveny Limited
- RISOIL S.A.
- Pacific Coast Canola LLC.
- Other key market players
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