The global rapeseed oil market is expected to garner $36,560 million by 2023, from $26,524 million in 2016, registering a CAGR of 5.3% from 2017 to 2023. Rapeseed, also called colza, is a member of the cruciferae family and is grown primarily for obtaining oil. The major sources of edible oils are rapeseed, copra, cottonseed, palm kernel, peanut, soybean, and sunflower seed.
Oil is extracted either by mechanical extraction processes in oil mills or by chemical extraction using solvents. The oil content in rapeseeds is around 40%, and it is widely used in food and industrial applications. Large areas are cultivated with rapeseeds in Europe, particularly in Germany, France, Poland, and the Czech Republic. China, India, Canada, and Australia are other major producers of rapeseed and rapeseed oil.
Growth in demand for rapeseed oil-based bio-diesel in the European Union and increased consumption of vegetable oil, such as rapeseed oil, to produce biodiesel due to government mandates for biodiesel blending with petroleum diesel drive the market growth. In addition, surge in the global population has led to increase in demand for edible oils for food processing. Rapeseed oil is a rich source of omega 3 and omega 6 linolenic fatty acids, which are crucial for the development, functioning, and maintenance of brain and other nervous tissues, and lower the risk factors for heart disease and maintain normal blood pressure.
Thus, rise in health consciousness among consumers and health benefits of rapeseed oil fuel the market growth. Moreover, presence of vitamin E and antioxidants in rapeseed oil makes it ideal for cosmetic & personal care products such as oils, cream, and lotions. In terms of volume, Asia-Pacific is the largest consumer of rapeseed oil, and is expected to grow at a significant CAGR of 5.4% from 2017 to 2023. In terms of value, it accounted for approximately half of the share of the global market in 2016. North America is anticipated to grow at the highest CAGR, both in terms of value and volume during the forecast period. However, low domestic production and high competition from other oilseeds, such as soybean and palm, may hamper the market growth.
The global rapeseed oil market is segmented based on application and geography. Based on application, it is categorized into food processing, bio-fuel, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players profiled in this study include the following:
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