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Rape is one of the vital crops for arable crop farmers as it helps in offering a good income and is one of the profitable cereal crops. Rapeseed oil is extracted from the rapeseed and is generally used for the production of biodiesel, and has its application across cooking, and formulation of personal care products such as soaps, lotions, and others. Rapeseed oil is rich in monounsaturated fatty acids and polyunsaturated fatty acids that consist of linoleic acid, oleic acid, and alpha-linolenic acid. According to the National Edible Oil Distributors Association, Europe’s rapeseed production is about 21.5 million tonnes, imports are nearly 2.2 million tonnes, and exports about 0.1 million tonnes of rapeseed annually.
The rapeseed oil market is driven by increasing usage of rapeseed oil in various end-use industries including food and beverages, chemical, and biodiesel. Rapeseed oil is used in cosmetics and personal care industry as it helps in fighting with a number of skin and hair related issues. The global market has witnessed rapid utilization of rapeseed oil across a wide range of applications including vegetable oil in food applications and feed for animals.
Key Market Driver -
Increasing demand of the product across several developing economies is expected to drive the market growth.
Key Market Restraint -
Increasing adoption of vegetable oils, such as olive oil, sunflower oil, and others may restrain the growth of the market.
Increasing export of rapeseed oil from major producing countries, such as China, India, Canada, France, and Poland is anticipated to positively impact the rapeseed oil market size during the forecast years. The presence of high amount of antioxidants, high amount of unsaturated fat, and vitamin E is contributing to establishing rapeseed oil as one of the healthiest vegetable oil, which is further expected to fuel the market growth. Increasing utilization of rapeseed oil in cosmetic products formulation, coupled with the growing launch of novel products and the launch of products in a wide range of packages and sizes, is expected to fuel the rapeseed oil market growth in the forthcoming years. However, the presence of a high number of substitute products such as palm oil, soybean oil, and others can negatively impact the market growth of rapeseed oil.
Key players present in the global rapeseed oil market are engaging themselves in product launch, merger & acquisitions, and collaboration activities to remain prominent in the world market. Major companies that are present in the global rapeseed oil market are 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., and others.
The conventional segment is projected to hold the dominant share in the global rapeseed oil market owing to its high availability in the worldwide marketplace. High cost-effectiveness of conventional rapeseed oil as compared to organic rapeseed oil, which makes the traditional product easily affordable, especially in low-income countries, is another reason for the growth of the segment and its dominance in the global market. However, in the forthcoming years, the demand for organic rapeseed oil is predicted to rise at a speedy pace attributed to high health benefits associated with the consumption of organic edibles.
The food and beverage industry remains one of the leading end-use sectors for rapeseed oil as the oil is utilized in a number of processed food preparation and across foodservice industry for the preparation of a wide range of cuisines. Rapeseed oil is one of the most affordable and healthy edible oil used for preparing various food products. Increased demand for rapeseed oil in cosmetics preparation is expected to drive the market growth as it is rich in antioxidant property and helps in promoting the hair and skin health.
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Asia Pacific is anticipated to hold the largest market share in the global rapeseed oil market owing to the high consumption of the product across Asian economies. China is one of the largest consumers of rapeseed oil in the world, which utilizes rapeseed oil in cosmetic formulation, food processing, and in a number of other commercial applications. Incredibly growing foodservice industry across Asia Pacific region, coupled with increasing demand for rapeseed oil by households are some of the significant reasons that are expected to contribute to the growth of the Asia Pacific rapeseed oil market during the forecast years (2019-2026). The rapeseed oil market in Europe is expected to witness significant growth in the upcoming years due to their increasing use in various biodiesel production projects and increasing demand from the food processing industry. Increasing the import of rapeseed oil in different European countries such as France, Italy, and the U.K is expected to further drive the market growth in the region.
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