North America Vegetable Oils Market to Surpass 13.65 Billion by 2030 Drives Due to Growing Awareness of Sustainability
SkyQuest projects that the North America vegetable oils market will attain a value of USD 13.65 billion by 2030, with a CAGR of 6.7% over the forecast period (2023-2030). Vegetable oils or vegetable fats are extracted from various plant sources, including seeds, nuts, cereal grains, or fruits in the North America vegetable oils market. These oils are crucial in the food industry, extensively used for cooking and baking. They not only provide flavor and richness to food products but also contribute to improving their texture and mouthfeel.
Westford, USA, Aug. 13, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, consumers are actively seeking healthier and more sustainable alternatives to animal-derived products such as butter and lard with a surge in health concerns and a growing awareness of sustainability. This shift in consumer preferences has resulted in a substantial increase in the demand for North America vegetable oils market.
Browse in-depth TOC on “North America Vegetable Oils Market”
- Pages – 223
- Tables – 133
- Figures – 77
The commercial availability of vegetable isolating oils presents an exciting opportunity to replace mineral-based oils in transformer applications. Vegetable oil offers several advantages that make it an ideal substitute for mineral oil in the North America vegetable oils market. Vegetable oil is cost-effective, making it an economically viable option for transformer manufacturers and operators.
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Prominent Players in North America Vegetable Oils Market
- Archer Daniels Midland Company
- Cargill, Incorporated
- Bunge Limited
- Louis Dreyfus Company B.V.
- CHS Inc.
- Richardson International Limited
- Ag Processing Inc
- Ventura Foods, LLC
- The J.M. Smucker Company
- The Hershey Company
- The Kraft Heinz Company
- Conagra Brands, Inc.
- The Clorox Company
- Unilever PLC
- The Procter & Gamble Company
- The Coca-Cola Company
- PepsiCo, Inc.
- General Mills, Inc.
- Kellogg Company
- Nestle S.A.
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Vegetable Phase Segment is Expected to Dominate the Market Due to Rising Widespread Utilization of Vegetable Oils
Vegetable phase sector is expected to maintain its dominance in the North America vegetable oils market. This is largely driven by the widespread utilization of vegetable oils derived from sunflower, rapeseed, soybean, palm, cottonseed, and coconut in various food applications. In addition, the market for vegetable-sourced oils has witnessed significant growth owing to their desirable qualities, including low fat, low cholesterol, and low-calorie content.
The markets in the United States currently dominate the North America vegetable oils market, holding the highest market share. It is projected to reach 17.5 million metric tons in 2021, accounting for 8.28% of the market. This robust growth can be attributed to several factors, including the increasing adoption of biofuels and the export of processed food products.
Liquid Oils Segment is Expected to Grow the Market Due to Influencing their Physical Characteristics
Liquid oils are expected to exhibit the highest growth rate in the North America vegetable oils market. The liquid form of fats and oils is projected to dominate the market, primarily owing to several factors influencing their physical characteristics. These factors include the degree of unsaturation, the carbon chain length, and the isomeric forms of fatty acids, molecular configuration, and processing variables.
Regional markets in Mexico are anticipated to experience moderate growth in the North America vegetable oils market. Mexico’s increasing population and oil imports from neighboring countries such as Canada and the United States present lucrative opportunities for market expansion. In addition, the effective involvement of local players in adopting and innovating the packaging, branding, and labelling of vegetable oil products will further contribute to market growth.
A comprehensive analysis of the major players in the North America vegetable oils market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in North America Vegetable Oils Market
- Cargill laid out plans to construct a new USD two hundred million palm oil refinery in Indonesia to boost its efforts to broaden a sustainable palm delivery chain and offer established deforestation-unfastened products to customers in 2022.
- Recently, ADM planned to build its first-ever devoted soybean crushing and refinery in the US to satisfy the short-growing call for food, feed, and industrial and biofuel customers, consisting of manufacturers of renewable diesel.
Key Questions Answered in North America Vegetable Oils Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Natural Food Preservatives Market
Global Wood Preservatives Market
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