According to a new market report published by Credence Research, “Rapeseed Oil Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021,” the demand for rapeseed oil is perched to witness high demand due to rising awareness regarding the health benefits of rapeseed oil among the people.
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The most valuable agricultural crops worldwide are known to be oilseeds and their products. Large numbers of products are processed from oil crops which are used for various applications in the market such as oil, cosmetics, lotions, biodiesel etc. Rapeseed oil is produced from rape crop which is cultivated in most of the regions globally. It ranks third in global production of marine and vegetable oils and fifth in the production of oilseeds. The health benefits of rapeseed oil have led to high demand in food, production of biodiesel and various other applications in the market.
Global rapeseed oil market is anticipated to experience high demand during the forecast period due to medical benefits provided by this oil. The growing demand for biofuels has led to huge demand and production of biodiesel. Rapeseed oil is used on a large scale in production of biodiesel which thereby accounts for high production of rape crop in the world. Biodiesel accounts for second largest share of global rapeseed oil market. The major factor driving the demand for global rapeseed oil is, increase in global consumption of oil by the food industry. The other applications such as biodiesel, feed, etc are also expected to contribute to the growth of rapeseed oil in the market.
Misconceptions regarding the use of rapeseed oil in food have therefore created hurdles in the growth and expansion of this oil in the market. Rapeseed oil was reported as toxic due to erucic acid content in the oil which led to structural changes in heart tissues. However, with the advent of technology and several refining procedures the content of erucic acid was proved to be very low. This cleared the path for growth of global rapeseed oil in the market.
Europe accounted for larger share of global rapeseed oil market in 2015. Rape is the third largest crop cultivated in UK. Therefore, demand and supply of rapeseed oil is high in the region. The residents of Europe consume rapeseed oil for food as well as for other applications. Asia Pacific is expected to be second fastest growing market for rapeseed oil. Countries like China and India highly contribute to the demand for rapeseed oil for various applications. North America and Middle East demonstrate steady growth for rapeseed oil in 2015 but is projected to increase during the forecast period.
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Moreover, evolution of food and biodiesel industries has led to high demand for rapeseed oil. The awareness and importance of rapeseed oil for health and pollution free environment has boosted demand for rapeseed oil in various food hubs and industries. Biofuel industries are expected to generate high sales and demand in the near future due to rapid acceptance of biodiesel in many regions globally. Hence, emerging markets and major players are focusing on creating awareness for benefits of rapeseed oil among the population to serve many applications in the global market.
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