LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global canola meal market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global canola meal market for 2017-2021. The report also lists commercial buildings, residential buildings, and automotive as the three major segments where the use of solar control glass is used the most.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global canola meal market:
- Nutritional benefits
- Increasing demand in developing countries
- Better alternative as animal feed than other meals
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Nutritional benefits
Canola meal is used to feed animals, mainly poultry, cattle, fish, and swine as a protein source. Canola meal typically contains more than 35% protein and suitable amounts of amino acids for it to be used as an animal feed. Canola meal is also considered as a good source of minerals when compared to other oilseed meals. It contains high amounts of iron, manganese, and other minerals. It is also a good source of phosphorus and selenium.
The food intake of cattle can be enhanced when other oilseed meals like soybean meals are substituted with canola meal. Thus, many cattle and poultry owners are switching to canola meal because of its nutritional value.
Increasing demand in developing countries
The demand for canola meal is increasing in most developing countries such as China, India, Thailand, Pakistan, and developed countries such as the UAE and the US. This is due to the growing consumer awareness of the health benefits and nutritional value of canola meal. Canada exports about 90% of its total canola produced to the US, Mexico, China, India, Thailand, Japan, the EU, and Pakistan. Although China is one of the largest canola producing countries, it imports a significant portion of its domestic requirement from other countries like Canada. The demand is mainly for canola oil and meal.
“India is a new market for Canadian canola, but the growing awareness of healthier meal options has led to the increased imports of canola meal. Similarly, imports by other countries like Vietnam and Thailand are rising due to the increasing demand for healthy meal options for livestock,” says Manjunath Reddy, a lead analyst at Technavio for food research.
Better alternative as animal feed than other meals
Canola meal has a higher nutritional value than most other oilseed meals, and the average selling price of canola meal is lower than most other oilseed meals. Other oilseed meals like sunflower meal and cottonseed meal, especially whole cottonseed meal, are priced higher than canola meal. While other oilseed meals are suitable only for certain types of animals, canola meal is suitable for almost every animal.
There are no restrictions on the amount of canola meal that can be fed to animals. When canola meal is included in the diet of cattle, it helps in increasing the yield of milk, and it also helps in ensuring quick weight gain of the animals.
“Canola meal is an economical meal supplement and it fulfils all the dietary requirements of animals as it does not need to be supplemented with any other proteins. In addition, canola meal is suitable for the growth and development of most of the animals,” says Manjunath.
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