At 4.8% CAGR, the North America Edible Oils and Fats Market is Projected to be Worth US$ 18,576.30 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the North America edible oils and fats market was valued at US$ 13,404.50 million in 2023 and is expected to reach US$ 18,576.30 million by 2030, registering a CAGR of 4.8% from 2023 to 2030. Rising demand for edible oils and fats from food & beverage processing industry and strategic development initiatives by manufacturers are among the critical factors attributed to the North America edible oils and fats market expansion.

According to the United States Department of Agriculture (USDA), soy oil is the second largest consumed vegetable oil. It is extensively utilized for frying, cooking, shortening, and margarine. According to the Organization for Economic Co-operation and Development (OECD), in 2023, the consumption of vegetable oil reached 249 million metric tons, with the food sector accounting for the major share. Moreover, the confectionery industry significantly utilizes butter as a primary ingredient, followed by margarine. The high-quality edible oils and fats are used in bakery and confectionery, dairy and frozen desserts, snacks, Ready-to-Eat (RTE) and Ready-to-Cook (RTC) meals, and other food and beverage items. Refined oils and fats are a rich source of lipids. Thus, their use is increasing due to rising application and growing global population.

The food & beverages industry in North America is continuously growing owing to an upsurging inclination toward sustainability, preference for convenience and ready-to-eat products, and rising adoption of organic and plant-based products. The industry is witnessing substantial motion with innovation in processes, products, and services to cater to rapidly changing consumer preferences.

According to the United States Census Bureau, the US had 39,646 food and beverage manufacturing plants in 2020. Of which California, Texas, and New York had 6,116, 2,625, and 2,600 respectively. Thus, the growing food & beverages industry across the globe propels the demand for edible oils and fats.

On the contrary, increasing prices of edible oils hampers the growth of North America edible oils and fats market.

Based on type, the North America edible oils and fats market is bifurcated into oils and fats. The oils segment held 66.6% share of the North America edible oils and fats market in 2023, amassing US$ 8,923.10 million. It is projected to garner US$ 12,600.84 million by 2030 to expand at 5.1% CAGR during 2023–2030. 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 75.4% share of the North America edible oils and fats market in 2023, amassing US 10,107.06 million. It is projected to garner US$ 14,017.96 million by 2030 to expand at 4.8% CAGR during 2023–2030.

Based on country, the North America edible oils and fats market is segmented into US, Canada, and Mexico. The US held 73.9% share of North America edible oils and fats market in 2023, amassing US$ 9,525.60 million. It is projected to garner US$ 13,114.97 million by 2030 to expand at 4.1% CAGR during 2023–2030.

Key players operating in the North America edible oils and fats market are 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, among others.

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