Market Trends of Rapeseed Industry
Changing Consumer Preferences Towards Opting Healthy Substitutes and Veganism Engulfs
The popularity of rapeseed as an ingredient has increased significantly over the years with a variety of product launches; as consumers are more inclined toward natural and wholesome ingredients. These products have superior nutritional value as they are rich sources of polyphenols, antioxidants, vitamins, and minerals. The market is driven by consumer preference toward functional and health-based naturally derived products. The market has also seen a rise in the retail consumption of the product. These seeds are readily available in grocery stores because they are highly demanded worldwide. They contain a good amount of calcium, magnesium, and potassium, and are believed to boost energy, stabilize blood sugar, and help with digestion. Apart from the food industry, rapeseed oil has a major application in personal care products such as oils, creams, and lotions. Vitamin E and antioxidants in cosmetic products help in reducing scar tissues, repair damaged hair, and repair skin conditions such as itching, eczema, and acne, promoting healthy skin. Rapeseed oil is also used as a carrier oil that is used topically. The change in consumer preferences owing to health reasons & veganism has led to wider accessibility of these products in supermarkets, which in turn, has bolstered the overall market across the world. Hence, the diverse application of rapeseed across many industries is expected to drive the market during the forecast period.
North America Holds A Major Share In The Market
North America's dominance in the rape seed market is attributed to various factors. The Prairie Provinces in Canada, specifically Alberta, Saskatchewan, and Manitoba, offer the perfect climate and soil conditions for rapeseed cultivation, with long summer days and cool temperatures that improve both yield and quality. Investments in agricultural research have led to the development of robust, disease-resistant rapeseed varieties, and North America is a leader in biotechnology, especially in the area of genetically modified (GM) canola, enhancing crop durability and production. For instance, in 2022, Syngenta Seeds (Canada) partnered with CANTERRA SEEDS company to share the Pelta technology and develop high-yielding canola hybrids.
Advanced farming equipment, precision agriculture techniques, and efficient management practices, like Integrated Pest Management (IPM), boost productivity and reduce losses. Both the U.S. and Canadian governments back the industry with subsidies, research grants, and infrastructure enhancements. Trade agreements, such as the USMCA, facilitate export growth. The strong demand for canola oil, valued for its health benefits and versatility in cooking, drives market growth. An extensive transportation and export network ensures broad distribution.
