The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Growing Market Size and Robust Growth

The canola meal market has experienced significant growth in recent years. From a market size of $566.12 billion in 2023, it is projected to reach $600.11 billion in 2024. This growth is driven by a compound annual growth rate (CAGR) of 6.0%. The increase in demand can be attributed to:

• Sustainable Animal Production: Growing adoption of canola meal in eco-friendly animal farming systems.
• High-Quality Protein Sources: Rising need for animal feeds enriched with high-quality proteins.
• Environmental Benefits: The shift towards environmentally friendly food products and increased awareness of their benefits.
• Industry Evolution: Canola meal products adapting to the changing needs of animal agriculture.

Looking further ahead, the market is expected to expand to $766.56 billion by 2028 at a CAGR of 6.3%. This anticipated growth is supported by several factors:

• Demand for Canola Meal: Increased need for this nutrient-dense feed ingredient.
• High Energy Content: Benefits of canola meal’s energy-rich profile.
• Large-Scale Agriculture: Expansion of animal agriculture industries.
• Environmental Awareness: Greater recognition of canola meal’s lower carbon footprint compared to alternative proteins.
• Technological Innovations: Advances in canola processing technology and product diversification.

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Rising Demand for High-Quality Animal Protein

The growing demand for meat products is a significant driver of the canola meal market. Meat products are valued for their high-quality protein, cultural significance, and increasing global consumption. Canola meal plays a crucial role in supporting sustainable meat production by:

• Nutrient Supply: Providing essential nutrients to livestock and poultry.
• Production Efficiency: Enhancing the efficiency of meat production systems.

For instance, global meat production saw a 0.83% increase from 362 million metric tons in 2022 to 365 million metric tons in 2023, with bovine meat production rising from 75 million metric tons to 75.9 million metric tons. This growing demand translates into a heightened need for canola meal.

Major Players and Market Dynamics

Several major companies are leading the canola meal market, including:

• Cargill Incorporated
• Archer Daniels Midland Company
• BASF SE
• Wilmar International Ltd.
• Bunge Global SA

These companies are actively involved in innovations and strategic acquisitions to strengthen their market positions. Notably:

• BASF SE’s Acquisition: In November 2022, BASF SE acquired a canola seed production facility from Cargill Inc., enhancing production capacity and improving the reliability of their InVigor Health hybrids.

Innovations and Sustainable Production Methods

Innovation in canola protein isolate and sustainable production practices are pivotal trends. For example:

• Vertis CanolaPRO: Launched by Koninklijke DSM N.V. in November 2022, this high-quality canola protein isolate is a complete plant-based protein source, free from major allergens. Its production process is environmentally friendly, requiring minimal water and no solvents.

Market Segmentation

The canola meal market is segmented into:

1. By Type: Poultry, Swine, Ruminants, Aquatic Animals
2. By Nature: Organic, Conventional
3. By Application: Feed, Fertilizer, Food Additive, Industrial Chemical

In 2023, Asia-Pacific emerged as the largest market region for canola meal.

Conclusion

The canola meal market is on a strong upward trajectory, driven by growing demand for high-quality animal protein, technological innovations, and a shift towards more sustainable agricultural practices. With significant advancements in product development and strategic market expansions, the canola meal sector is well-positioned for continued growth and evolution in the coming years.

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The Canola Meal Global Market Report 2024  provides an overview of the canola meal market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The canola meal market forecast analyzes canola meal market size, canola meal market share, leading competitor and their market positions.

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