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The Canola Meal Market size is forecast to increase by USD 487.71 million, at a CAGR of 3.78% between 2023 and 2028.
APAC stood as the largest geographical segment in the global canola meal market in 2023 and is anticipated to maintain this position throughout the forecast period. Key markets for canola meal in the region include China, India, Japan, and Australia. The substantial growth in the production of beef, veal, and chicken meat in APAC is a pivotal factor driving the regional market's expansion. In response to the increasing demand for high-quality, protein-rich meat products, meat producers in APAC are scaling up their production capacities. This rise in meat production is expected to bolster the demand for canola meal in APAC, and Agrifeeds is positioned to offer canola meal as an optimal feed choice for farmers aiming to enhance protein levels in their herds' diet, available either as a blend in troughs or through in-shed feeding systems.
The market shows an accelerated CAGR during the forecast period.
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One of the key factors driving the market growth is the rising focus on animal productivity and performance. The growing emphasis on enhancing animal productivity and performance has become a key driver in the animal feed industry and in turn global market. In addition, manufacturers of animal feed are increasingly recognizing the need for good nutrition to achieve economic efficiency in current animal husbandry procedures.
Moreover, canola meal is an important component of well-balanced diets, contributing to faster growth rates, higher feed conversion ratios, and superior reproductive performance in cattle and poultry. In addition, demand for canola meal is increasing as animal feed manufacturers prioritize efficient and sustainable agricultural practices, reflecting a fundamental awareness of their role in ensuring the general health and performance of animals in the global agriculture industry. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the increase in R&D expenditure. Several market players are investing in developing sustainable technologies to produce canola meals. In addition, they are investing in R&D to innovate and launch new canola meals at low costs.
Moreover, most of the companies in the global market have an in-house R&D division to come up with innovative products and sustainable technologies. In addition, this trend is more prominent in North America, with various small-scale laboratories continuously emphasizing extensive research on animal nutrition. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
High competition from other protein sources is one of the key challenges hindering market growth. The primary source of protein that is fed to agricultural animals is soybean meal. In addition, a byproduct of extracting soybean oil is soybean meal. Furthermore, multiple methods yield different products (soybean meal).
Moreover, soybean meal is typically classified for marketing by its crude protein concentration. In addition, high-protein kinds are derived from dehulled seeds and include 47%-49% protein and 3% crude fiber. Furthermore, soybean meal has the highest protein content, which makes it the most comprehensive source of plant-based protein for animals. Hence, the high demand for soybean meal is hindering the market growth during the forecast period.
The various applications of the conventional segment will increase the market growth. The primary source of protein for animal diets, conventional canola meal has a crude protein content of roughly 37%. In addition, through hybridization, new canola varieties have been created with seeds that are higher in protein and lower in fiber than traditional canola seeds. Moreover, it has been demonstrated that canola meal, with its high protein content and superior amino acid profile, supports high levels of production in animal species. Furthermore, owing to its great palatability and ease of digestion, it is an ideal substitute for other vegetable proteins in all livestock diets. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The animal feed segment is estimated to witness significant growth during the forecast period. The major protein source for fish, poultry, and livestock feed is canola meal. In addition, it is abundant in vitamins and important minerals and has an excellent amino acid profile with high levels of methionine, lysine, and arginine. Furthermore, canola meal has been demonstrated in studies to boost milk output by one liter per cow per day when added to dairy cow meals.
The animal feed segment was the largest segment and was valued at USD 5,974.59 million in 2018.
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Moreover, canola meal can be utilized in all phases of swine and poultry production, offering a sustainable substitute for conventional fish feed in aquaculture. In addition, the byproduct of canola seed oil extraction is canola meal. It is an ingredient frequently used to feed animals of all classes and is high in protein. Furthermore, swine readily absorbs canola meal, and owing to advancements in diet design, it can now be fed to them in progressively higher quantities throughout all stages of development and reproduction. In addition, accurate feeding results are ensured by the widespread use of more precise feed evaluation systems for energy and amino acids, as well as an increased understanding of the dietary composition of canola meal. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. China, India, Japan, and Australia are some of the prominent markets for canola meals in APAC. In addition, India has been the world's largest producer of milk for more than 20 years. Moreover, improving dairy production has been a priority for increasing the income of farmers as well as the global competitiveness of India's dairy sector. Therefore, the high benefits of canola meal in increasing milk production of cows will add to the demand for canola meal. Furthermore, dairy foods such as yogurt, ghee, butter, cream, and cheese are widely consumed by the urban population in APAC countries. In addition, the changing preferences and lifestyles of consumers and growing awareness about the health and nutritional benefits of dairy products are driving the demand. Hence, such factors are driving the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Gujarat Ambuja Exports Ltd., KHEDUT SOLVEXP PVT. LTD, Kisan Agro Product Industries, LaBudde Group Inc., Louis Dreyfus Co. BV, Mamta Hygiene Products Pvt Ltd, Manishankar Oils Private Ltd., MSM Milling, Parkar Enterprise, Prestige Group, Richardson International Ltd., Riverina, SUN IMPEX INTERNATIONAL FOODS LLC, Sunrise Foods International, The Scoular Co., VAD Industries Pvt. Ltd., and Viterra Ltd.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Canola Meal Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.78% |
Market Growth 2024-2028 |
USD 487.71 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.1 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agrifeeds , Archer Daniels Midland Co., East Coast Stockfeeds, Gujarat Ambuja Exports Ltd., KHEDUT SOLVEXP PVT. LTD, Kisan Agro Product Industries, LaBudde Group Inc., Louis Dreyfus Co. BV, Mamta Hygiene Products Pvt Ltd , Manishankar Oils Private Ltd., MSM Milling, Parkar Enterprise, Prestige Group, Richardson International Ltd., Riverina, SUN IMPEX INTERNATIONAL FOODS LLC, Sunrise Foods International, The Scoular Co., VAD Industries Pvt. Ltd., and Viterra Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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