Rapeseed oil is an oil extract derived from the black seeds of a bright yellow colored plant commonly known as oilseed rape plant. The rapeseed plant is widely cultivated across the world for its oil-rich seeds that serve a number of health benefits. Changing consumer food habits, growing health consciousness and taste preferences has driven the market demand and production of rapeseed oil globally. Rapeseed oil have been proved to be the healthiest oil which has contributed to the increasing demand for rapeseed oil market. Rapeseed oil has an extensive application in food industry followed by personal care products owing to its nutritional benefits. Rapeseed oil market is expected to witness a significant growth during the forecast period owing to the changing consumer usage of vegetable oils.
Rapeseed Oil Market Dynamics
The prominent shift in consumer food patterns from animal to vegetable products owing to growing health awareness along with the increasing demand for dietary fats and oils have primarily driven the global rapeseed oil market. Consumers in need for curbing down the health issues such as cardiovascular ailments and cancer is another major factor that is leading to the increasing consumption of rapeseed oil thereby fueling the growth of global rapeseed oil market. The growing food industry and its aim of producing healthy food for consumers are also expected to drive the rapeseed oil market. Owing to the nutritional benefits such as low saturated fat content, Vitamin E, high content of unsaturated fat and antioxidants is expected to majorly drive the global rapeseed market during the forecast period. Apart from food industry, rapeseed oil has a major application in the personal care products such as oils, cream and lotions. The presence of Vitamin E and antioxidants in cosmetic products helps in reducing scar tissues, repairs damaged hair, repairs skin conditions such as itching, eczema and acnes thereby promoting a healthy skin. Rapeseed oil is also used a carrier oil that can be applied topically.
However, rapeseed oil lacks minerals and other vitamins which is a big restraint to the demand for rapeseed oil market. Rapeseed oil, in spite of having nutritional benefits is considered to be a food of minimum nutritional value if it is consumed as a significant part of the overall diet.
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Rapeseed Oil: Regional Segmentation
The geographical coverage for the global rapeseed oil market includes North America, Latin America, Europe, Asia pacific and China (APAC) and Middle East and Africa (MEA). Europe accounts for the maximum production of rapeseed oil. UK accounts for the third-largest cultivator of rape plant. Asia- Pacific accounts for the second fastest growing market in the global rapeseed oil market. India and China are expected to be the major rapeseed oil consumers in APAC region thereby boosting up the global rapeseed oil market.
Rapeseed Oil: Key Players
Few market players in the global rapeseed oil market include ConAgra Foods Inc., Yorkshire Rapeseed Oil, HELMIKE PLC, ADM and others.