Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Canola Oil: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global canola oil market is currently experiencing a significant upswing in demand, according to the latest industry analysis. The market, which stood at an impressive 28.2 million metric tons in 2022, is on a robust growth trajectory projected to hit 33.6 million metric tons by 2030. This growth, equal to a compound annual growth rate (CAGR) of 2.2% during the forecast period, is largely propelled by burgeoning sectors like cooking oil and processed foods.
Focusing specifically on the cooking oil sector, the research anticipates an even more vigorous growth rate of 2.9% CAGR, indicating an expected increase in market demand to 9.5 million metric tons by the end of the analysis period. This segment's expansion is underscored by a variety of factors including an uptick in health-conscious consumer behaviors and a leaning towards plant-based diets.
Regional Market Highlights
The United States market stands out with a notable forecasted size of 7.6 million metric tons by 2022. China, a major player influencing global market dynamics, is not far behind. With expectations to grow at a solid 3.4% CAGR, China's market size is predicted to reach an impressive 6.4 million metric tons by 2030.
Other key regions contributing to the growth of the canola oil industry include Japan and Canada, with projected CAGR figures of 1.6% and 1.9%, respectively. Europe adds to the expanding tableau with Germany expected to observe approximately a 1.8% CAGR.
Competitive Landscape Exploration
Geographic Market Presence
A selection of companies mentioned in this report includes
Archer Daniels Midland Company
Arla Foods Amba
Associated British Foods PLC
Computers and Structures, Inc.
Dalmia Continental Pvt., Ltd.
Huiles TITAN Oils Inc.
Jivo Wellness Pvt. Ltd.
Louis Dreyfus Company B.V.
Parrish and Heimbecker, Limited
Richardson International Ltd.
Sunora Foods, Inc.
The J.M. Smucker Company
Wilmar International Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/5gme9z
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