Canola Nutritional Oil Powder Market

Evolving Consumer Preferences and Growing Affinity toward Natural Ingredients to Accelerate Market Growth

Over the past couple of decades, significant research has been carried out within the food industry to find food products and ingredients that offer the desired levels of nutrition and have no negative effects on the body. Furthermore, evolving consumer interests, tectonic shift toward a healthier lifestyle, and surge in consumer consciousness are some of the factors that have led to the growing demand for niche food products, including nutritional oil powder. The nutritional oil powder market is gradually maturing into a full-fledged industry across the world, as food manufacturers and other stakeholders in the value chain are launching different variants of nutritional oil powder to fulfill the ascending consumer demand, particularly in North America, Europe, and APAC.

Over the past few years, nutritional oil powder are increasingly being used in sports nutrition, cosmetic & personal care products, nutraceuticals, animal nutrition, and the food processing industry. Consumer affinity toward sustainable and natural products and ingredients is another factor that is expected to enhance the adoption of nutritional oil powder during the forecast period (2019-2027). Thus, demand for natural food products is expected to drive the nutritional oil powder market, which is projected to reach a value of ~US$ 2.1 Bn by 2020.

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Nutritional Oil Powder Gains Popularity among Vegans

The shift toward veganism and vegetarianism is a growing trend across the world. The number of vegans and vegetarians has increased at a rapid pace in the past few years, owing to growing consumer awareness pertaining to the ill effects of meat consumption, environmental concerns, and animal cruelty. While vegan and vegetarianism continue to gather traction, consumer trends suggest a substantial surge in the adoption of soybean oil powder. This growth can be primarily attributed to the appropriate blend of protein and high fat content in soybean.

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In recent times, the demand for soybean oil powder has increased at a rapid pace. In 2019, ~92,371 metric tons of soybean oil powder was consumed worldwide, and it is projected that ~133,362 metric tons of soybean oil powder will be consumed by the end of 2027. Moreover, non-vegan consumers are also exploring the potential benefits of other alternatives, including palm oil powder, coconut oil powder, and fish oil powder. Palm oil powder and soybean oil powder are expected to account for a collective market share of ~50 % in 2020, a trend that is expected to continue during the forecast period. 

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Stakeholders Expand Product Portfolio of Nutritional Oil Powder

Witnessing a significant surge in consumer demand for healthier and natural food products, stakeholders in the nutritional oil powder market are expected to expand their product portfolio to gain an edge in the current market landscape. Furthermore, participants in the nutritional oil powder market are also formulating effective and impactful marketing strategies to improve their brand value. Manufacturers have identified these two strategies as an effective approach toward expanding their footprint in the nutritional oil market. For instance, in August 2018, Archer Daniels Midland Company expanded its health and wellness product portfolio by introducing Onavita™ algal DHA powder. With the addition of this powder, the company aims to expand its existing product offerings, which include vitamins, botanical extracts, nutritional oils, etc. The newly developed powder can be used in an array of fortified food products and dietary supplements, including powdered beverages and nutritional bars.

Despite increasingly being used across the food processing industry, the adoption of nutritional oil powder in nutraceutical formulations is on the rise. After investing a significant amount of resources on research and development, food manufacturers are venturing into the production of nutraceutical products that offer the required nutritional balance, mouthfeel, stability, and taste, among others. With a market share of ~17%, the nutraceuticals end use segment is expected to account for the second-highest share of the nutritional oil powder market in 2020. Stakeholders are expected to closely monitor evolving consumer interests and develop products in tune with these preferences.

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Analysts’ Viewpoint

The nutritional oil powder market is expected to grow at a healthy CAGR of ~6% during the forecast period. The growth of the market can be primarily attributed to evolving consumer preferences, shift toward a healthier lifestyle, research and development, and soaring demand for food products made from natural ingredients. Stakeholders operating in the nutritional oil powder market should focus on their marketing and promotional strategies by leveraging the benefits of digital and social media marketing.

Furthermore, as the e-Commerce sector continues to expand its footprint across the world, companies should promote the functional aspects of their products on these platforms to gain a competitive edge in the nutritional oil powder market.