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The North America vegetable oils market size consumption was 22.89 million tonnes (MT) in 2018 and is projected to reach 32.89 million tonnes (MT) by the end of 2026, exhibiting a CAGR of 4.7%.
Amplifying demand for healthy edible oils, obtained from natural sources are propelling the growth of North America vegetable oils market. The growing processed food industry of the region, coupled with growth of the foodservice industry is further expected to aid the market growth of vegetable oils in North America.
Rising awareness regarding the adverse health effects of consumption of saturated and unrefined fat obtained from animal sources is further projected to fuel the growth of the vegetable oils market in the upcoming years. Furthermore, growing oil processing industry in economies, such as Mexico and Canada, along with the adoption of resilient marketing strategies by market players to promote healthy vegetable oils sales is anticipated to boost the market growth.
Product launches, adoption of clean-labeling, innovative packaging strategies, and expansion of product portfolio are the key strategies adopted by the North America vegetable oils companies wherein they are actively investing in the production of healthy edible oils in order to offer the products to customers at affordable market prices. The future of vegetable oils market in North America is projected to be promising as there is an increasing rate of adoption not only in food application but also in the production of biofuels and other bio-based & natural products.
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"Soybean Oil Accounted for the Largest Market Share and Corn Oil is Projected to Witness Rapid Growth"
Soybean oil is one of the most widely consumed oils across the prominent North American countries, such as the U.S. and Canada, due to the large production of soybean crop and easy availability of the oil across the region. Soybean oil consisted of approximately 50% volumetric consumption share from the total consumed vegetable oil in North America in 2018. High production of soybean oil in the U.S., coupled with their increasing adoption in processed food production, their high lubrication and emulsification properties are some of the major reasons for the soybean oil dominance in North America vegetable oils market.
The canola oil segment is projected to hold the major market share due to health benefitting properties associated with the consumption of canola oil. Low cholesterol content and presence of omega-3 and omega-6 fatty acids, along with the high presence of vitamin E in canola oil is projected to aid its market growth during the forecast period. The corn oil segment is also expected to witness a significant growth of 6.06% (CAGR) during the forecast period.
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On the basis of application, the North America vegetable oils market has been classified into food and non-food uses. In 2018, food applications accounted for the highest market share of approximately 70% in the market. Higher adoption of vegetable oil in food preparation due to their high functionality is propelling their usage across the food application segment. However, for sustainable production of biofuels and for ensuring the safety of the environment, a considerable amount of vegetable oil is getting utilized by the non-food segment. Non-food applications segment is projected to grow at a CAGR of 7.61% during the forecast period.
"U.S. is the Largest Market for Vegetable Oils and is Projected to Exhibit a High CAGR During the Forecast Period"
U.S. is the largest market for vegetable oils, accounted for approximately 80% of volumetric share in the North America vegetable oils market in 2018. The market in the U.S. is expanding considerably, due to increasing adoption of vegetable oils for the use of production of biofuel and export potential of processed food products of the country.
North America Vegetable Oils Market, 2018
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The vegetable oils market in Mexico is anticipated to grow moderately during the forecast years, owing to the increasing population of the region, as well as the growing economy. Increased import of vegetable oils, such as soybean and canola from neighboring countries namely, the U.S. and Canada and growth in domestic oil crushing and processing industry in Mexico is projected to aid the market growth of the country during the forecast period (2019-2026). Increasing efforts by local market players and adoption of innovative packaging, labeling, branding, nutrient content modification, and other marketing strategies for vegetable oils sales in the country is further expected to boost the vegetable oils market growth.
Vegetable oils being rich in omega fatty acids, antioxidants, particular vitamins, and various other macronutrients have the potential to aid cell growth, reduce the risk of heart diseases, and improve overall health, when consumed in regulated amount.
The demand for vegetable oils in North America is expected to rise significantly during the forecast years, owing to the high production and consumption of vegetable oils, such as soybean and canola oil in the region. The demand for vegetable oils, such as soy oil, canola oil, and palm oil from bakery, foodservice, and other food processing sector is expected to proliferate the growth of vegetable oils in the upcoming years.
Furthermore, increasing utilization of vegetable oils such as palm oil in non-food uses (biofuels and bio-based products) is projected to aid market growth. High fluctuations in raw material prices and dependency on other countries for the import of a few variants vegetable oilseeds and oils are likely to suppress the market growth of the North America vegetable oils market.
The report provides qualitative and quantitative insights on the North America vegetable oils market and detailed analysis of market size & growth rate (in terms of volume) for all possible segments in the market. The market is segmented by type, application, and country. On the basis of type, the market is categorized into soybean oil, canola oil, corn oil, palm oil, coconut oil, palm kernel oil, olive oil, cottonseed oil, sunflower oil, peanut oil, safflower oil, sesame oil, linseed oil, and castor oil. On the basis of application, the market is categorized into food and non-food uses. Country-wise, the market is segmented into three major countries, which are the U.S., Canada, and Mexico.
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Along with this, the report provides an elaborative analysis of the 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 vegetable oils stood at 22.89 million tonnes in 2018 and is projected to reach 32.89 million tonnes by 2026.
In 2018, the North America vegetable oils market was valued at USD 22.89 million tonnes (volume).
North America vegetable oils market is projected to grow at a CAGR of 4.7% during the forecast period (2019-2026).
Soybean oil 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 vegetable oils in North America market.
Archer Daniels Midland Company, Cargill, Bunge North America, Ag Processing, Inc., and ConAgra Foods Inc, are the key active players in the North America vegetable oils market.
The U.S. is the largest market for vegetable 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 oils in North America.
Food application has accounted for the highest market share in the utility of fats and oil in North America region.