As stated in a recently published information by Credence Research “Rapeseed Oil Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021,” the rapeseed oil market was valued at US$ 23.76 Bn in 2014, and is expected to reach US$ 35.39 Bn by 2021, expanding at a CAGR of 6.9% from 2016 to 2021.
Rapeseed oil is extracted from rape crop which is the third largest crop cultivated in Europe. The global market for rapeseed oil is anticipated to witness rapid growth during the forecast period due to various health benefits and advantageous properties such as its use in production of biodiesel, as vegetable oil in food, etc. The increasing demand for biodiesel is another factor promoting growth of global rapeseed oil market.
Frequent changes in food consumptions of people globally have led to growing use of vegetable oils. The shift in food pattern from animal products to vegetable, grains, fruits, etc. is due to health awareness among major population. Demand for high quality dietary fats and oils have been observed in various regions worldwide. Rapeseed oil has been proved to be the healthiest oil among other oils such as soybean, sunflower, etc. The health benefits offered by rapeseed oil such as cholesterol free and reduce the risk of cardiovascular diseases is driving the consumption of rapeseed oil worldwide.
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Europe accounted to be the major rapeseed oil producing region. Rape is the third largest cultivated crop in UK. Rapeseed oil is thereby consumed on a large scale in the region for production of biodiesel and in food applications. The growing concerns related to fossil fuels have led to greater demand for biofuels such as biodiesel. Europe accounted for more than 30% share of global rapeseed oil market in 2015 and is expected to grow in the near future. Asia Pacific followed Europe in terms of demand for rapeseed oil and is projected to be the second fastest growing market in 2015. China and India are expected to be the major consumers of rapeseed oil among other countries in Asia Pacific. India accounted for more than 18% of the global rapeseed oil market in 2015. In addition, Middle East and Africa (MEA) and Rest of the World (RoW) are also expected to boost demand for global rapeseed oil in the market.
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Major players involved in the production of rapeseed oil are focusing on marketing strategies and new product launches to gain a strong foothold in emerging economies globally. To increase market opportunities, the major weapon used by small as well as major players is mergers and acquisitions. Increasing demand for rapeseed oil for large number of applications is the major factor for new entrants to compete and gain foothold in the market.
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