North America Fats and Oils Market - Growth, Trends, and Forecast (2019 - 2024)

The North America Fats and Oils Market is segmented by Product (Oils - Soybean Oil, Canola Oil, Palm Oil, Coconut Oil, Olive Oil, Cottonseed Oil, Sunflower Seed Oil, and Other Oils, and Fats - Butter, Lard, and Other Fats), Application (Foods, Feed, and Industrial), and Geography (US, Canada and Mexico, and Rest of North America).

Market Snapshot

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Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Mexico

Largest Market - by Segment:

Soybean Oil

Key Players:

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Market Overview

The North American fats and oils market is forecasted to reach USD 57.5 billion by 2024, and it is expected to register a CAGR of 3.2%, during the forecast period (2019-2024). Food and drinks contain carbohydrates, proteins, fats, vitamins, minerals, and other essential nutrients. With the ever-growing food products industry, the demand for edible fats and oils has also increased. Fats and oils are valuable ingredients in the food processing industry and provide several essential nutrients to one’s body, including omega-3 and omega-6 fatty acids. Additionally, fats and oil are essential for vitamin absorption, including vitamins, such as vitamin A, vitamin D, vitamin K, and vitamin E. Fats and oils also help in maintaining the body cholesterol and provide energy required by the body. As per the World Health Organization (WHO), maximum 30% of energy should come from oils and fats.

Scope of the Report

Fats and oils are widely accepted in food applications, due to their functional properties. They play an important role in determining the desired physiochemical and sensory attributes, such as smooth, creamy, and rich texture, milky and creamy appearance, and desirable flavors. 

Product
Oils
Soybean Oil
Canola Oil
Palm Oil
Coconut Oil
Olive Oil
Cotton Seed Oil
Sunflower Seed Oil
Other Oils
Fats
Butter
Lard
Other Fats
Application
Foods
Feed
Industrial
Geography
North America
United States
Canada
Mexico
Rest of North America

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Key Market Trends

Rise in the Consumption of Olive Oil

Consumption of olive oil is continuously rising in the region, as it is considered to be healthy dietary fat. Olive oil constitutes a considerable amount of monounsaturated fatty acids. As per the Food and Drug Administration (FDA), eating two tablespoons of olive oil a day may reduce the risk of heart diseases. Consumption of olive oil has several other benefits, such as lowering the risk of osteoporosis, blood pressure, diabetes, and cholesterol. Furthermore, fatty acids (such as omega-3 and omega-6) essential for brain health are also present in extra-virgin olive oil. Due to the tremendous benefits offered by the consumption of olive oil, the demand for oil has increased to a greater extent across the United States and other North American markets.

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United States Dominates the Regional Market

The United States is a major potential market in the world, owing to its high consumption and exports of oils. The country is the world’s largest producer of soybean and almost half of the total crops is processed domestically into soybean meal and oil. The country is also the largest exporter of soybean oil, followed by rapeseed oil. With the rising healthcare expenditure, increasing cognizance about various cardiovascular diseases, and rise in obesity rates, the consumers are switching to healthier vegetable oil options, such as olive oil and canola oil, as these oils are free from trans-fat. In addition, they have low saturated fat and have high omega-3 fatty acids. Moreover, vegetable oil is considered to be a healthier alternative to animal fats, as they contain more unsaturated fatty acids. The market in the United States is changing and moving away from refined 18:12 oils toward concentrates and others. Heart health, inflammation control, mental acuity, and joint health tend to be the priority associations connected with omega-3 fish oil in the market in the United States.
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Competitive Landscape

The North American fats and oils market is a fragmented market and comprises of regional and international competitors. The market is dominated by players, such as ADM, Bunge Limited, DowDuPont, and Cargil Inc. These players have a wide geographical reach. Moreover, brand awareness gives them an upper hand, as compared to regional players. The key players are also known to adopt effective production standards with higher operational capabilities, particularly with the production of specialized grades of oils and fats that are used across various industries. Furthermore, the expansion of product portfolio within all categories is expected to enhance the companies’ position in the market.

Major Players

  1. Ag Processing Inc.
  2. Wilmar International Ltd
  3. AAK AB
  4. DowDuPONT
  5. Archer Daniels Midland

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products and Services

      5. 4.3.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product

      1. 5.1.1 Oils

        1. 5.1.1.1 Soybean Oil

        2. 5.1.1.2 Canola Oil

        3. 5.1.1.3 Palm Oil

        4. 5.1.1.4 Coconut Oil

        5. 5.1.1.5 Olive Oil

        6. 5.1.1.6 Cotton Seed Oil

        7. 5.1.1.7 Sunflower Seed Oil

        8. 5.1.1.8 Other Oils

      2. 5.1.2 Fats

        1. 5.1.2.1 Butter

        2. 5.1.2.2 Lard

        3. 5.1.2.3 Other Fats

    2. 5.2 Application

      1. 5.2.1 Foods

      2. 5.2.2 Feed

      3. 5.2.3 Industrial

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

  6. 6. Competitive Landscape

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Ag Processing Inc.

      2. 6.3.2 Wilmar International Ltd

      3. 6.3.3 AAK AB

      4. 6.3.4 DowDuPont

      5. 6.3.5 Ingredion Incorporated

      6. 6.3.6 Archer Daniels Midland Company

      7. 6.3.7 Cargill Incorporated

      8. 6.3.8 Bunge Limited

      9. 6.3.9 Fuji Oil Holdings Inc.

      10. 6.3.10 Richardson International Limited

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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