Market Size of North America Fats and Oils Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Fats & Oil Market Analysis
The North American fats and oils market is projected to grow at a CAGR of 3.2%, during the forecast period (2020 - 2025).
- Changing consumer dietary habits is projected to positively influence the fats & oils market over the forecast period. The rise in processed food consumption coupled with high-quality edible oil demand is expected to have a positive impact on the fats & oils market.
- An increase in awareness of obesity and its association with heart diseases and diabetes are responsible for the changing food trend among consumers. Oils and fats' manufacturers are focusing on manufacturing healthier products, including low-cholesterol and low-carbohydrate foods, in order to cater to the growing demand from health-conscious consumers.
- Shifting consumer buying patterns have gained the attraction of fats & oil suppliers, prompting them to update their product portfolios for reflecting potential demand for varieties along with added benefits.
North America Fats & Oil Industry Segmentation
Based on product type, the market studied is segmented into fats and oils. Based on fats, the market studied is further segmented into butter, lard, and other fats. Based on oils, the market studied is further segmented into soybean oil, canola oil, palm oil, sunflower seed oil, olive oil, and other oils. Based on the application, the market studied is segmented into food and beverages, animal feed, personal care and cosmetics, and other applications. Based on food and beverages, the market is further segmented into bakery and confectionery, savory snacks, dairy, and other food and beverage. Based on the country, the market studied is segmented into the United States, Canada, Mexico, and the rest of North America.
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North America Fats and Oils Market Size Summary
The North American fats and oils market is experiencing a positive growth trajectory, driven by evolving consumer dietary preferences and an increasing demand for high-quality edible oils. As consumers become more health-conscious, there is a notable shift towards healthier product offerings, such as low-cholesterol and low-carbohydrate options. This trend is encouraging manufacturers to innovate and diversify their product portfolios to meet the rising demand for oils and fats that offer health benefits. The consumption of olive oil, in particular, is on the rise due to its reputation as a healthy dietary fat, rich in monounsaturated fatty acids and beneficial for heart health. The growing awareness of the health benefits associated with olive oil and other vegetable oils is influencing consumer choices, leading to a preference for oils that are free from trans fats and have high omega-3 fatty acid content.
The United States stands out as a significant player in the North American fats and oils market, being a leading producer and exporter of soybean and rapeseed oil. The country's market is shifting towards healthier vegetable oil options, reflecting a broader trend towards reducing saturated fats and increasing unsaturated fatty acids in the diet. This shift is supported by rising healthcare expenditures and increased awareness of cardiovascular health. The market is characterized by a high degree of competition, with major players like ADM, Bunge Limited, Wilmar, and Cargill driving innovation and differentiation. As the market evolves, there is a strong focus on product innovations that cater to consumer preferences for health-oriented oils, contributing to the dynamic and fragmented nature of the North American fats and oils industry.
North America Fats and Oils Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products and Services
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1.3.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Product
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2.1.1 Oils
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2.1.1.1 Soybean Oil
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2.1.1.2 Canola Oil
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2.1.1.3 Palm Oil
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2.1.1.4 Olive Oil
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2.1.1.5 Sunflower Seed Oil
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2.1.1.6 Other Oils
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2.1.2 Fats
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2.1.2.1 Butter(Excluding Dairy Butter)
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2.1.2.2 Lard
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2.1.2.3 Other Fats
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2.2 Application
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2.2.1 Food and Beverage
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2.2.1.1 Bakery and Confectionary
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2.2.1.2 Savory Snacks
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2.2.1.3 Dairy
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2.2.1.4 Other Food and Beverage
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2.2.2 Animal Feed
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2.2.3 Personal Care and Cosmetics
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2.2.4 Other Applications
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2.3 By Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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2.3.4 Rest of North America
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North America Fats and Oils Market Size FAQs
What is the current North America Fats and Oils Market size?
The North America Fats and Oils Market is projected to register a CAGR of 3.20% during the forecast period (2024-2029)
Who are the key players in North America Fats and Oils Market?
Ag Processing Inc., Wilmar International Ltd, Archer Daniels Midland, Cargill Incorporated and Bungee Limited are the major companies operating in the North America Fats and Oils Market.
