The rapeseed oil market is expected to grow at a CAGR of 5.3% during the forecast period 2016-2028. The market is witnessing increased demand for rapeseed oil owing to stringent environmental regulations in developed countries. Moreover, increasing germination rates of cereal crops owing to increasing use of rapeseed oil as a soil conditioner is propelling the growth of the rapeseed oil market. Growing concern over climate change and its impact on agriculture is also fuelling the demand for rapeseed oil.
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Which are Some Prominent Drivers Rapeseed Oil Market Growth?
The increase in demand for rapeseed oil is mainly attributed to the increasing demand from biofuel production. Additionally, rising environmental concerns are also anticipated to boost the growth of the rapeseed oil market.
Some prominent drivers that are expected to propel the growth of the rapeseed oil market include:
1. Increased Demand from Biofuel Production: The increasing demand for biofuels is expected to drive the growth of the rapeseed oil market as it accounts for around 30% of global biofuel production. This is primarily due to the implementation of stricter emission control measures by various governments worldwide, which will result in an increase in demand for renewable fuels.
2. The growing demand for rapeseed oil as a functional ingredient for the preparation of numerous products such as cream cheese spreads, mayonnaise, salad dressings, tartar sauce, and others due to the presence of nutritional substitutes is driving the demand for rapeseed oil in the food processing industry.
What are the Challenges Faced by the Rapeseed Oil Industry?
The key restraints hamper the global rapeseed oil market, which is projected to be too difficult for the market growth. Those key restraints include the considerable availability of substitute products such as soybean oil, palm oil, sunflower oil, olive oil, and others. The rapeseed oil industry is often met with challenges. Economic challenges include a lack of adequate processing infrastructure and a lack of end-user demand for rapeseed oil. Environmental challenges include high production and transportation costs, as well as the potential for contamination of water supplies by plant residue.
Why is North America Emerging as an Opportunistic Rapeseed Oil Market?
North America is emerging as an opportunistic rapeseed oil market due to factors such as increasing demand for sustainable oils, growing awareness about the benefits of rapeseed oil, and increasing production in North America.
The demand for sustainable oils is increasing, and this is contributing to the growth of the rapeseed oil market in North America. Additionally, awareness about the benefits of rapeseed oil is growing, which is helping to increase its popularity.
The North American rapeseed oil market is expected to grow at a rate of 7% during 2018-2027. This growth is due to increased production in North America and increased demand from various markets around the world.
The rapeseed oil market is highly competitive. Several companies are vying for a share of the market, meaning that prices for rapeseed oil are high and product quality varies.
What will you get into the report?
The report offers a comprehensive analysis of the rapeseed oil market with respect to market trends, drivers, restraints and opportunities. It covers the product offerings of leading players in the market and also provides an in-depth assessment of the competitive landscape. The report also provides forecasts till 2027 for the rapeseed oil market.