North America Edible Oils and Fats Market
No. of Pages: 94 | Report Code: BMIRE00029883 | Category: Food and Beverages
No. of Pages: 94 | Report Code: BMIRE00029883 | Category: Food and Beverages
Manufacturers of edible fats and oils invest significantly in the expansion of business and production capacity to serve their customer base better and meet their consumer requirements. In December 2021, ITOCHU Corporation, headquartered in Japan, announced their agreement through ITOCHU International Inc., headquartered in New York, US, for the establishment of Fuji Oil International Inc. in the US. With this agreement, the firm plans to strengthen the oil and fat business in North America. Also, in October 2021, ADM, one of the prominent edible fat and oil manufacturers, announced its plans to build the first-ever dedicated soybean crushing plant and refinery in North Dakota to cater to the fast-growing demand for soybean oil from food and animal feed industries. Thus, the business expansion strategies of prominent players drive the edible oils and fats market growth.
The North America edible oils and fats market is segmented into the US, Canada, and Mexico. Consumers in the region extensively demand products with lower trans-fat content and higher nutritional value, boosting the requirement for low-fat and low-calorie edible oils and fats. Thus, manufacturers are launching low-cholesterol and plant-based products to cater to consumers' demand for healthy products. For instance, in November 2019, Bunge Loders Croklaan announced the launch of 100% sustainable shea-based margarine for the bakery industry. The launch was aimed to cater to the growing demand for plant-based alternatives from bakery manufacturers. In addition, the demand for convenience food and surging snacking trends in the region are contributing to the market growth. Working professionals are increasingly shifting toward ready-to-eat (RTE) and ready-to-cook (RTC) meals to save cooking time and effort. According to the US Bureau of Labor Statistics (BLS), 69% of the people worked from the office in 2023. Hence, the rising number of working professionals tends to increase the demand for RTE and RTC meals. Edible oils and fats play a crucial role in RTE and RTC meals. It delivers calories and essential fats and helps an individual body absorb fat-soluble vitamins such as A, E, D, and K, further driving the edible oils and fats demand from RTE and RTC meal processors across the region. Further, Cargill Incorporated, Bunge Limited, ADM, and FUJI OIL HOLDINGS INC are a few prominent edible oils and fats market players across North America. The players adopt strategic initiatives such as product launches, mergers and acquisitions, and collaborations to expand their consumer base, product portfolio, and logistic network across the world. For instance, in October 2021, ADM, one of the prominent edible fat and oil manufacturers in the US, announced its plans to build the first-ever dedicated soybean crushing plant and refinery in North Dakota to cater to the fast-growing demand for soybean oil from food and animal feed industries. Thus, strategic initiatives from key regional manufacturers propel the growth of the North America edible oils and fats market.
The North America edible oils and fats market is segmented based on type, application, and country.
Based on type, the North America edible oils and fats market is bifurcated into oils and fats. The oils segment held a larger share in 2023. The fats segment is further subsegmented into butter, margarine, palm oil based shortening, vegetable oil based shortening, and others. The oils segment is further subsegmented into soybean oil, sunflower oil, palm oil, canola oil/rapeseed oil, and others.
By application, the North America edible oils and fats market is segmented into food and beverages, animal nutrition, pharmaceuticals and nutraceuticals. The food and beverages segment held the largest share in 2023. The food and beverages segment is further subsegmented into bakery and confectionery, dairy and frozen desserts, RTE and RTC meals, snacks, and others.
Based on country, the North America edible oils and fats market is segmented into the US, Canada, and Mexico. The US dominated the North America edible oils and fats market in 2023.
AAK AB, Archer-Daniels-Midland Co, Bunge Ltd, Cargill Inc, ConnOils LLC, Fuji Oil Co Ltd, J-Oil Mills Inc, Kao Corp, Louis Dreyfus Co BV, and Olam Group Ltd are some of the leading companies operating in the North America edible oils and fats market.
Strategic insights for the North America Edible Oils and Fats provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 13,404.50 Million |
| Market Size by 2030 | US$ 18,576.30 Million |
| Global CAGR (2023 - 2030) | 4.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Edible Oils and Fats refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
1. AAK AB
2. Archer-Daniels-Midland Co
3. Bunge Ltd
4. ConnOils LLC
5. Cargill Inc
6. Fuji Oil Co Ltd
7. J-Oil Mills Inc
8. Kao Corp
9. Louis Dreyfus Co BV
10. Olam Group Ltd
The North America Edible Oils and Fats Market is valued at US$ 13,404.50 Million in 2023, it is projected to reach US$ 18,576.30 Million by 2030.
As per our report North America Edible Oils and Fats Market, the market size is valued at US$ 13,404.50 Million in 2023, projecting it to reach US$ 18,576.30 Million by 2030. This translates to a CAGR of approximately 4.8% during the forecast period.
The North America Edible Oils and Fats Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Edible Oils and Fats Market report:
The North America Edible Oils and Fats Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Edible Oils and Fats Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Edible Oils and Fats Market value chain can benefit from the information contained in a comprehensive market report.
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