North America Fats & Oils Market Size, Share and Industry Analysis By Source (Vegetable (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), Animal (Lard, Tallow, Fish Oil, Butter)), By Application (Food & Non-Food Use), and Regional Forecast 2019-2032

North America fats & oils market was valued at 25.92 million tonnes (MT) in 2018 and is projected to reach 50.04 million tonnes (MT) by the end of 2032 at a CAGR of 4.89% during the forecast period based on our analysis in the existing report. Moreover, the fats & oils market size in the U.S. is projected to grow significantly, reaching an estimated value of 40.3 million tons (MT) by 2032, driven by the growing demand for healthier cooking oils and plant based specialty fats.

Amplifying demand for convenience and processed food products in North America is leading to an increase in demand for fats and oils among food processors and manufacturers. Fats and oils are rich sources of the body's required fatty acids, such as omega-3 and omega-6.

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, high-quality 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 to 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 to 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, the soybean oil segment is expected to dominate the market during the forecast years and hold a market share of approximately 50%. Abundant availability, a 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 trends 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 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 American market. The significance of fats & oils in improving the overall texture and flavor of various food products, coupled with their higher demand from the growing food service and food processing industry of North America, along with growing demand from households is expected to bring promising growth opportunities for the market during the forecast period. The 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 the volumetric share in the North American fats & oils market. The North America 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 market growth of the country.

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The North America fats & oils market in Canada is anticipated to grow moderately during the forecast years, attributed to the 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 the market during the forthcoming years.

Report Coverage

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 market growth. However, adverse health effects due to the consumption of saturated and trans fat are likely to suppress the growth of the market.

The report provides qualitative and quantitative insights on the North American fats & oils industry and a detailed analysis of the market size & growth rate (in terms of 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 market is categorized into vegetable oil and animal oil. On the basis of application, the market is categorized into food and non-food uses. Geographically, the 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, 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.

SEGMENTATION

Key companies covered in the report

• Archer Daniels Midland Company


• Cargill, Incorporated


• Bunge Limited


• Ag Processing, Inc.


• Riceland Foods


• Incobrasa Industries


• Perdue Agribusiness


• Louis Dreyfus Company


• Viterra Inc.


• Associated British Foods Plc (ABF)


• Other Key Market Players

KEY INDUSTRY DEVELOPMENTS

• In February 2019, Calyxt, Inc. launched ‘Calyno high oleic soybean oil’ in the US market. The product claims to contain 80% oleic acid and zero grams of trans fat (per servings) and can be used for frying purpose, salad dressings, and others.


• In March 2019, Bunge Loders Croklaan launched a non-GMO project verified Whole Harvest ColdChurn Culinary Crème. The product claims to add a buttery texture and taste to food products.