The canola meal market is set to reach 61.11 million metric tons of volume by 2033, rising from 41.28 million metric tons in 2023, rising at a CAGR of 4% during the forecast period.
A significant number of industry stakeholders are becoming interested in the rising global demand for canola meals. Following the pandemic period, the upcoming years offer fresh opportunities for the canola meal market with a strong value chain presence, a clear understanding of consumer trends, an expansion into emerging markets, and the development of operational capabilities.
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Compared to other oilseed meals, canola meal has better nutritional content and health benefits, and is ideal for the growth and development of the majority of animals. The eating of canola increases milk production and promotes weight gain.
Canola is more affordable than other oilseed meals and provides a substantial protein supplement. Consequently, compared to other meals, canola presents a better alternative for animal feed, which, based on this market research analysis, could be one of the key development factors for the canola meal market.
The poultry segment of the canola meal market is expected to ascend at a 4.5% CAGR and reach a volume of 23.7 million metric tons by the end of the analysis period.
Europe accounts for a sizable portion of the global canola meal market. France, Germany, and the United Kingdom account for a significant share of Europe’s canola production. Canola is mostly grown in Europe for oil and meal. Growing consumer knowledge about the nutritional benefits of canola is driving up demand for canola meals, which may continue to drive consumption in Europe during the projection period.
One of the key trends which might grow and flourish in the canola meal market over the next few years is the rising demand for processed meat.
Key Takeaways:
- By the end of the analysis period, the poultry segment is expected to record a 4.5% CAGR and reach a volume of 23.7 million Metric Tons.
- China is expected to reach a market volume of 14.30 million Metric Tons by 2033, with a CAGR of 6.5% during the projected period.
- Japan market is poised to expand at a 2.3% CAGR between 2023 and 2033.
- From 2023 through 2033, Canada is projected to generate a 3.2% CAGR.
- German market is expected to increase at a CAGR of 2.9% between 2023 and 2033.
- Asia-Pacific market, led by nations such as Australia, India, and South Korea, is scheduled to reach a volume of 6.3 million metric tons by the end of the projected period.
Competitive Landscape:
The canola meal market is vibrant and fiercely competitive. The primary vendors compete on aspects such as quality, pricing, distribution, service, reputation, and promotion. Changing customer purchasing patterns, the availability of local oilseed meals, price, and economic conditions are all key factors influencing the performance of vendors in this market space. Significant technical advancements and increased rivalry have an impact on how suppliers operate in this global market.
Archer Daniels Midland, Cargill, Incorporated, Bunge Limited, CHS Inc., Wilmar International Limited, DowDuPont Inc., Pacific Coast Canola, Union Point Custom Feeds, and others are some of the key competitors in the global market.
Recent Developments:
· Agreement – July 2020
De Heus Animal Nutrition, a prominent feed firm based in the Netherlands, has struck a deal with Polish feed company Golpasz to acquire Golpasz’s production site in Poland.
· Partnership – December 2019
Bidco Land O’ Lakes, a joint venture between American Cooperative Land O’ Lakes and East African business Bidco Africa, announced the establishment of a new animal feed manufacturing operation in Nakuru, Kenya, in December 2019.
· Acquisition – September 2020
Charoen Pokphand Foods PCL announced plans in September 2020 to buy Chia Tai Investment Co. Ltd.’s swine business (CTI). This acquisition would allow both organizations to broaden their geographical reach.
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Key Segments
By Animal Type:
- Ruminants
- Swine
- Poultry
- Aquaculture
- Others
By Region:
- North America
- Asia Pacific
- Europe
- South America
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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