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The North America Fats & Oils Market size was 25.92 million tonnes in 2018, is projected to reach 36.60 million tonnes by the end of 2026, exhibiting a CAGR of 4.49% in the forecast period.
Amplifying demand for convenience and processed food products in North America is leading to an increase in demand for fats & oils among food processors and manufacturers. Fats & oils are a rich source of fatty acids, such as omega-3 and omega-6 fatty acids that the body requires.
Increasing awareness regarding the ill-effects of consuming saturated and unrefined fat is propelling the adoption of natural vegetable oil in the region. Furthermore, rising awareness regarding the significance of consumption of an appropriate amount of oils & fats to get energy and maintaining the cholesterol level of the body is expected to further escalate the market growth.
Product launch and expansion of product portfolio are the key strategies adopted by the North America fats & oils companies wherein they are actively investing in the production of healthy edible oil and offering them to customers at affordable market prices.
The future of fats & oils market in North America is projected to be growing at promising rates. The increasing adoption of unique oil and fat processing techniques by key market players, along with the adoption of strong marketing strategies by them is predicted boost the North America fats & oils market revenue during the forecast period.
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"Vegetable Oil Has Accounted for the Largest Market Share and is Projected to Witness High CAGR"
Vegetable oils, such as soybean oil, canola oil, olive oil, and others are widely used by the food industry to produce various processed food products, attributed by higher health benefits associated with them as compared to animal fats. High adoption of vegetable oil by households in order to aid heart health, digestive health, and others is further anticipated to boost the segment’s growth. which will in, turn accelerate North America fats & oils market growth. Furthermore, the high demand for plant-based and organic products is projected to drive the North America fats and oils market.
Among vegetable oils, soybean oil segment is expected to dominate the North America fats & oils market during the forecast years and hold a market share of approximately 50%. Abundant availability, wide range of applications, and price advantage are the few factors that support the soybean oil segment to dominate the vegetable oils.
The demand for canola oil and corn oil is expected to witness decent growth during the foreseeable years, due to the presence of important micronutrients such as omega-3 and omega-6 fatty acids in them. The corn oil segment is anticipated to grow at the fastest pace, exhibiting a CAGR of 6.06% during the forecast period.
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On the basis of application, the North America fats & oils market has been classified into food and non-food uses. In 2018, food applications accounted for the highest market share of 68.9% in the North America fats & oils market. Significance of fats & oils in improving the overall texture and flavor of various food products, coupled with their higher demand from the growing foodservice and food processing industry of North America, along with growing demand from households is expected to bring promising growth opportunities for North America fats & oils market during the forecast period. Application of fats & oils in food applications is expected to exhibit a CAGR of 3.27% during the forecast years.
"U.S. is the Largest Market for Fats & Oils and is Projected to Grow at the Highest CAGR"
The U.S. is the largest market for fats & oils, accounted for approximately 80% of volumetric share in the North America fats & oils market. The North America fats & oils market in the U.S. is expanding considerably, due to the growing consumption of healthy oil such as olive oil, canola oil, and rapeseed oil in the U.S. High production and export of widely consumable vegetable oil such as soybean oil in the U.S. is further boosting the fats & oils market growth of the country.
U.S. Fats & Oils Market, 2018
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The North America fats & oils market in Canada is anticipated to grow moderately during the forecast years, attributed to increasing adoption of unsaturated fats, and oils such as canola & rapeseed by food processing and foodservice industries. Increasing innovation by market players and rising healthcare expenditure of people based in the U.S. and Canada are significant reasons that are expected to propel the growth of North America fats & oils market during the forthcoming years.
Fats and oils are important ingredients used in the preparation of various food products. Fats and oils have the ability to impart special characteristics and features within the food products, such as sensory and physicochemical features. They are also responsible for enhancing the appearance, texture, and flavor of the food when used in an appropriate amount.
The demand for fats & oils in North America is projected to grow considerably during the forecast years, owing to increasing demand for confectionery, packaged, and convenient food products across the region. Growing health concern among individuals and concerns regarding the fulfillment of regular dietary good fat requirements is promoting the North America fats & oils market growth. However, adverse health effects due to the consumption of saturated and trans fat are likely to suppress the growth of the North America fats & oils market.
The report provides qualitative and quantitative insights on the North America fats & oils industry and detailed analysis of North America fats & oils market size & growth rate (in terms Volume) for all possible segments in the market. North America fats & oils market is segmented by source, application, and country. On the basis of source, the North America fats & oils market is categorized into vegetable oil and animal oil. On the basis of application, the North America fats & oils market is categorized into food and non-food uses. Geographically, the North America fats & oils market is segmented into three major countries, which are U.S., Canada, and Mexico.
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Along with this, the report provides an elaborative analysis of North America fats & oils market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, new product innovations and launches, the regulatory scenario in key countries, and key industry trends.
Fortune Business Insights says that North America consumption of fats & oils stood at 25.92 million tonnes in 2018 and is projected to reach 36.60 million tonnes by 2026.
In 2018, the North America fats & oils market was valued at USD 25.92 million tonnes (volume).
North America fats & oils market is projected to grow at a CAGR of 4.49% during the forecast period (2019-2026).
Fats and oils extracted from the vegetable/plant sources is the leading segment and is projected to hold the largest share in North America over the coming years.
The amplifying demand for processed and convenience foods across the region is driving the growth of fats and oils in North America market.
Archer Daniels Midland Company, Cargill, Bunge North America, Ag Processing, Inc., and Riceland Foods are the key active players in the North America fats & oils market.
The U.S. is the largest market for fats and oils and is projected to grow at a highest CAGR during the forecast period (2019-2026).
The rising awareness regarding the ill-effects of consuming unrefined and saturated fats is majorly boosting the adoption and acceptance of plant sourced vegetable fats & oils in North America.
Food application has accounted for the highest market share in the utility of fats and oil in North America region.