The canola protein market has expanded rapidly in recent years, expected to increase from $2.39 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. This growth can be attributed to rising demand for plant-based protein among health-conscious consumers, increased use of canola in livestock feed due to its high protein content, popularity of canola oil as a healthier cooking option, boosted canola production, greater awareness of environmental sustainability benefits, and advancements in canola breeding research.
The canola protein market is projected to experience significant growth, reaching $3.91 billion by 2028 at a CAGR of 10.4%. This growth is driven by factors like the rising global population and increased food demand, the growing popularity of plant-based proteins and veganism, biotechnology investments to enhance canola varieties, consumer preference for clean-label products, and government support for sustainable agriculture. Trends include sustainable farming practices, increased use of canola protein in functional foods, advancements in protein extraction technologies, and collaborations between food manufacturers and agricultural producers.
Major Driver In The Canola Protein Market
The rising demand for plant-based protein products is expected to drive growth in the canola protein market, as consumers increasingly seek alternatives to animal-based proteins for health and environmental reasons. In 2023, 44.1% of the proteins sold by Albert Heijn, a Netherlands-based supermarket, were plant-based, an increase from 42.6% in 2022. This trend reflects a growing preference for nutritional options like canola, known for its lower environmental impact, indicating that the market is set to expand significantly in the coming years. With this increased focus on sustainability and healthier diets, the global canola protein market is projected to reach a size of $X billion in 2024, continuing its upward trajectory toward $Y billion by 2028.
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Canola Protein Market Competitive Landscape
Archer Daniels Midland Company, Wilmar International Limited, Bunge Global Markets LLC, CHS Inc., Corteva Inc., The Scoular Company, DSM Nutritional Products Inc., Amway Corp., Glanbia plc, Roquette Brothers SA, Richardson International Limited, Tate & Lyle PLC, AGT Food and Ingredients Inc., MGP Ingredients Inc., SunOpta Inc., Axiom Foods Inc., Burcon NutraScience Corporation, Botaneco Inc., Prairie AquaTech LLC, NapiFeryn BioTech
Key Canola Protein Market Trend
Companies in the canola protein market are introducing innovations such as canola protein isolate to remain competitive. In May 2024, Burcon NutraScience launched a high-purity canola protein isolate with over 90% protein purity, a complete amino acid profile, and excellent solubility. This product caters to the growing demand for sustainable, plant-based proteins suitable for various food and beverage applications.
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Global Canola Protein Market Segmentation
The canola protein market covered in this report is segmented –
1) By Nature: Organic, Conventional
2) By Form: Canola Protein Isolates, Canola Protein Concentrates, Canola Protein Hydrolysates
3) By End-Use: Food And Beverages, Nutraceuticals And Feed Grade, Personal Care, Pharmaceuticals, Other End-Users
By Geography:The regions covered in the canola protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the canola protein market in 2023.
The Canola Protein Global Market Report 2024 furnishes information about the global canola protein market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
