USD 8.1 billion
Report ID: SQMIR30H2035 | Region: Regional | Published Date: November, 2022 | Pages: 223 | Tables: 133 | Figures: 77
North America Vegetable Oils Market size was valued at USD 8.1 billion in 2021 and is poised to grow from USD 8.64 billion in 2022 to USD 13.65 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).
Demand for edible healthy oils sourced naturally is boosting the demand for vegetable oils in the market. Rapid growth of the processed food industry will further boost demand for them during the forecast period.
Palm oil sector holds 29.6% of market share in the market and is likely to stay ahead in the competition due to its wide availability and low cost. Consumers are increasingly demanding palm oil due to these factors.
Soybean oil is also likely to gain popularity due to its widespread usage in the processed food industry. It finds extensive application due to its ability to emulsify and bland flavor.
Increasing awareness about consumption of unrefined and saturated fat from animal sources is encouraging consumers to shift towards vegetable oils. Oil processing industries in Mexico and Canada are further boosting the market growth.
Malaysia and Indonesia remain two top exporters of vegetable oils and are expected to rise by 1.4% and 1.8% respectively. Malaysia exports about 80% of its output and Indonesia exports about 70% of its vegetable oils. Argentina, which also exports more than two-thirds of the domestically produced vegetable oil, is followed by Indonesia and Malaysia.
North America Vegetable Oils Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.1 billion
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North America Vegetable Oils Market is segmented based on type, package type, distribution channel, End-User and Region. Based on type the north america vegetable oils market is further sub-segmented into palm oil, soybean oil, rapeseed oil, sunflower oil, peanut oil, specialty blended oil, olive oil, corn oil, flaxseed oil, avocado oil, walnut oil, pumpkin seed oil, grapeseed oil and other segments. , Based on package type the North America Vegetable Oils Market is further sub segmented into tinplate containers, HDPE (High Density Polyethylene) Containers, PVC (Poly Vinyl Chloride) Bottles, PET (Polyethylene Terephthalate) Bottles, Glass Bottles, Semi – Rigid Containers, Flexible Plastic Pouches and Others. According to the distribution channel the North America Vegetable Oils Market is further segregated into direct and indirect segments. Based on End User the North America Vegetable Oils Market is further sub segmented into domestics, industrial, food service and others. Based on region the North America Vegetable Oils Market is further sub segmented into US, Canada, Mexico in North America.
North America Vegetable Oils Market Analysis based on the type
The vegetable oil is projected to be the biggest section at some stage in the forecast duration. The fitness advantages, clean availability, and cost-effectiveness are a number of the elements that have driven the market for fat & oils. Within vegetable oils, the palm oil segment has ruled the marketplace, as its miles are easily available and is fantastically greater stable than other oils.
North America Vegetable Oils Market Analysis based on source
The vegetable phase is predicted to maintain its dominance for the foreseeable length. Vegetable oils from sunflower, rapeseed, soybean, palm, cottonseed, and coconut are tremendously utilized in food programs that have pushed the market for vegetable-sourced oils. The qualities associated with vegetable oils inclusive of low fats, low-LDL cholesterol, and occasional-calorie content material are registering a boom inside the phase. Additionally, the type of use of vegetable oils in food in addition to different industries inclusive of pleo-chemical industries, animal feed, and strength & biomass industry has also driven the marketplace for vegetable oils.
North America Vegetable Oils Market Analysis based on form
liquid oils are projected to witness the best growth in the north america vegetable oils market. The liquid shape of fats & oils is forecasted to dominate the market. but, the physical characteristics of fat and oils rely upon a lot of factors which include a diploma of unsaturation, the length of the determined carbon chain, the isomeric sorts of the fatty acids, molecular configuration, and processing variables, but it is believed that the liquid oils are more unsaturated and are therefore more desired by the clients.
The most popular form of oil on the market is palm, which is mostly produced in Indonesia and Malaysia. During the projection period, Indonesia's palm oil production is expected to expand by 1.8% annually. Furthermore, nations like Nigeria, Colombia, and Thailand will experience rapid development in the use of palm oil.
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United States holds the highest market share for vegetable oils and is expected to reach 17.5 million metric tonnes in 2021. At the moment, the nation holds an 8.28% market share worldwide. Canada is expected to grow by 3.3% during the forecast period. Increasing adoption of biofuel and export of processed food products is boosting the demand for vegetable oils in this region.
The market in Mexico is expected to grow moderately during the forecast period as the economy is growing. Increasing population and import of oil from neighbouring countries such as Canada and the U.S. is expected to bring lucrative opportunities in the country. Effective involvement of local players to adopt and innovate packaging, branding, and labelling of these products will further drive the market growth.
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North America Vegetable Oils Market Driver
Numerous Health Benefits of Vegetable Oils to Boost its Demand
North America Vegetable Oils Market Restraint
High Cost and Low Availability of Raw Materials to Hinder Market Growth
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The top market participants have a wide geographic reach and a wide range of products to meet a variety of consumer wants. This element helps the business keep a solid grip on the market. Cargill, Inc., Fuji Oil Holding Inc., Archer Daniels Midland Company, AGYDSA, Olam International Limited, and Wilmar International Limited are just a few of the significant competitors.
North America Vegetable Oils Market Top Player’s Company Profiles
North America Vegetable Oils Market Recent Development
Reduced Carbon Footprint to Motivate Consumption of Vegetable Oils Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Increasing Use of olive oil dominated the North America Vegetable Oils Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, the US-dominated the North America Vegetable Oils Market owing to the region's highly aware and economically stable population. Players in the market are investing in R&D activities to stay ahead in the competition and cater to larger consumer groups.
|Market size value in 2021||USD 8.1 billion|
|Market size value in 2030||USD 8.64 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the North America Vegetable Oils Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America Vegetable Oils Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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