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North America Vegetable Oil Market by Distribution Channel and Type - Forecast and Analysis 2024-2028

North America Vegetable Oil Market by Distribution Channel and Type - Forecast and Analysis 2024-2028

Published: Feb 2024 145 Pages SKU: IRTNTR77616

Market Overview at a Glance

$12.45 B
Market Opportunity
3.93%
CAGR
3.67
YoY growth 2023-2024(%)

North America Vegetable Oil Market Size 2024-2028 

The north america vegetable oil market size is forecast to increase by USD 12.45 billion at a CAGR of 3.93% between 2023 and 2028.

  • The market is witnessing significant growth due to several key trends. One of the primary factors driving market growth is the increasing use of vegetable oils in non-food applications, such as cosmetics and pharmaceuticals. Additionally, the demand for clean-label vegetable oil products is on the rise, as consumers seek healthier and more natural alternatives to processed foods. However, the market faces challenges from other cooking oils and fats, including palm oil and animal fats, which offer lower prices and higher production yields. Producers must focus on innovation and differentiation to remain competitive in this market. In summary, the market is experiencing growth due to increasing demand for non-food applications and clean-label products, but faces challenges from competitive alternatives.

    • What will be the size of the North America Vegetable Oil Market during the forecast period?

    Vegetable Oil Market in North America Size

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  • The vegetable oils market in North America is a significant sector withIn the edible oils industry, primarily derived from plant sources such as soybean, corn, sunflower, canola, and others. These oils, which are rich in triglycerides, serve various purposes in food preparation, including cooking, baking, and as a heat transfer medium. Additionally, they function as flavor enhancers, moisture retainers, and In the production of soaps and biodiesel fuel. Palm oil, although not a primary focus in North America, is also relevant due to its global impact on the market. Vegetable oils are consumed for their health benefits, including monounsaturated fats contributing to heart health.
  • The market is influenced by trends towards organic and fortified vegetable oils, e-commerce sales, and the use of vegetable oils in industries beyond food, such as cosmetics and lubricants. Used cooking oil and mineral oil have their unique applications, while vegetable isolating oils cater to specific industries. The market dynamics are shaped by factors such as supply and demand, price fluctuations, and consumer preferences. The vegetable oils market in North America continues to evolve, driven by technological advancements, health consciousness, and the ever-changing landscape of the food industry.

    • How is this market segmented and which is the largest segment?

    The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Distribution Channel
      • Offline
      • Online
    • Type
      • Palm oil
      • Soybean oil
      • Canola oil
      • Sunflower oil
      • Others
    • Geography
      • North America
        • Canada
        • Mexico
        • US

    By Distribution Channel Insights

    • The offline segment is estimated to witness significant growth during the forecast period.

    In the North American vegetable oils market, traditional retail channels dominate distribution. Supermarkets and hypermarkets serve as primary outlets, providing a wide selection of vegetable oils and sizes. Convenience is a key factor, as consumers value the variety and accessibility these retailers offer. Convenience stores also play a significant role, particularly in urban and suburban areas, catering to the quick needs of consumers. Traditional grocery stores remain prominent, maintaining their status as go-to destinations for vegetable oils within local communities. Wholesale clubs cater to both household consumers and businesses, offering bulk purchasing options for vegetable oils. Vegetable oils, derived from plant sources such as soybean, corn, sunflower, canola, and others, serve various purposes.

    They are used for cooking and baking, as heat transfer mediums, flavor enhancers, and moisture agents. In addition, they are used In the production of soaps, skincare products, biodiesel, and essential fatty acids. Vegetable oils are also rich in unsaturated fats, particularly monounsaturated and omega-3 fatty acids, making them heart-healthy options. The health consciousness trend and increasing household incomes contribute to the growing demand for vegetable oils. Key players In the market include soybean oil, corn oil, sunflower oil, canola oil, and others. Vegetable oils are also used In the pharmaceutical, cosmetics, animal feed, and retail/household industries. E-commerce platforms are emerging as a distribution channel, offering convenience and competitive pricing.

    The nutritional value and health benefits of vegetable oils make them an essential component of food production.

    Vegetable Oil Market in North America Size

    Get a glance at the market share of various segments Request Free Sample

    The Offline segment was valued at  USD 40.58 billion in 2018 and showed a gradual increase during the forecast period.

    Market Dynamics

    Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

    What are the key market drivers leading to the rise in adoption of North America Vegetable Oil Market?

    Increasing use of vegetable oils in non-food applications is the key driver of the market.

  • The vegetable oils market in North America is witnessing significant growth due to the expanding utilization of vegetable oils in non-food applications. Edible oils, primarily derived from plant sources such as soybean, corn, sunflower, canola, olive, avocado, and others, offer distinct properties that make them valuable in various industries. In the biodiesel sector, vegetable oils are increasingly used as feedstocks to produce eco-friendly and renewable fuels. The global shift towards cleaner energy sources and the need to reduce greenhouse gas emissions have fueled the demand for biodiesel, consequently driving the consumption of vegetable oils in this sector. Beyond biodiesel, vegetable oils find applications In the production of biodegradable lubricants, hydraulic fluids, and greases, offering sustainable alternatives to petroleum-based products.
  • These oils are also used as heat transfer media, flavor enhancers, emulsifiers, and stabilizers in various industries, including pharmaceuticals, cosmetics, and food production. Moreover, vegetable oils are rich in essential fatty acids, monounsaturated fats, and unsaturated fats, making them heart-healthy and beneficial for human health. As health consciousness continues to rise, the demand for heart-healthy vegetable oils is expected to increase, driving the vegetable oils market in North America. In summary, the vegetable oils market in North America is experiencing growth due to the expanding use of vegetable oils in non-food applications, particularly In the biodiesel industry, and their health benefits.
  • The versatility of vegetable oils, derived from various plant sources, makes them an essential ingredient in various industries, including food production, pharmaceuticals, cosmetics, and industrial applications.

    • What are the market trends shaping the North America Vegetable Oil Market?

    Demand for clean-label vegetable oil products is the upcoming trend In the market.

  • The vegetable oils market in North America is witnessing significant growth due to the increasing consumption of edible oils derived from plant sources. Vegetable oils, such as soybean, corn, sunflower, canola, olive, avocado, and others, are rich in essential nutrients like monounsaturated and polyunsaturated fats, omega-3 fatty acids, and vitamins. These oils are used extensively in food production for cooking, baking, and as a heat transfer medium, flavor enhancer, and moisture retainer. Moreover, vegetable oils find extensive applications in various industries, including pharmaceuticals, cosmetics, animal feed, and biodiesel production. The health benefits associated with vegetable oils, particularly those rich in unsaturated fats, have led to a growing trend of heart-healthy and nutritionally fortified vegetable oils.
  • This trend is further fueled by increasing health consciousness among consumers and a growing awareness of the negative health effects of saturated and trans fats. The rise of e-commerce platforms and the increasing household incomes have made vegetable oils more accessible to consumers. Additionally, vegetable oil manufacturers are focusing on producing organic, fortified, and vegetable isolating oils to cater to the diverse needs of consumers. The demand for clean-label vegetable oils, free from artificial additives and preservatives, is also on the rise, driven by consumer preferences for natural and sustainable products. In conclusion, the vegetable oils market in North America is poised for growth due to the increasing demand for healthier and more sustainable edible oils.
  • The market is driven by the diverse applications of vegetable oils in food production, pharmaceuticals, cosmetics, animal feed, and biodiesel production, among others. The trend towards clean-label vegetable oils and the growing awareness of the health benefits of unsaturated fats are key factors fueling the market's growth.

    • What challenges does North America Vegetable Oil Market face during the growth?

    Increasing threats from other cooking oils and fats is a key challenge affecting the market growth.

  • The Vegetable Oils market in North America is witnessing significant competition from various cooking oils and fats, including animal fats and alternative plant-based oils. Animal fats, such as lard and butter, have regained popularity due to dietary trends and the promotion of traditional cooking methods. These fats offer distinct flavor profiles and culinary properties, making them a preferred choice for consumers seeking savory and indulgent dishes. However, they may not provide the same health benefits as vegetable oils, which are rich in unsaturated fats, monounsaturated fats, and essential fatty acids. Alternative plant-based oils, such as coconut oil, avocado oil, and almond oil, have gained traction as healthier alternatives to traditional vegetable oils.
  • These oils offer various health benefits, including heart health, improved nutritional value, and the presence of omega-3 fatty acids. Furthermore, they are used in various industries, including food production, pharmaceuticals, cosmetics, animal feed, and biodiesel production. Vegetable oils, such as soybean oil, corn oil, sunflower oil, canola oil, and olive oil, continue to dominate the market due to their versatility and health benefits. They are used for cooking, baking, heat transfer medium, flavor enhancer, moisture retention, and In the production of soaps, skincare products, and biodiesel. Vegetable oils are also fortified with vitamins and minerals to address micronutrient deficiencies.
  • Despite the competition, vegetable oils remain a staple in North American households due to their heart-healthy properties and increasing health consciousness among consumers.

    • Exclusive North America Vegetable Oil Market Customer Landscape

    The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

    Vegetable Oil Market in North America Share by Geography

     Customer Landscape

    Key Companies & Market Insights

    Companies are implementing various strategies, such as strategic alliances, market forecast partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the market.

    The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

    • Archer Daniels Midland Co.
    • Azelis SA
    • Bulk Apothecary
    • Bunge Ltd.
    • Cargill Inc.
    • CHS Inc.
    • ELIXENS GROUP
    • Fuji Oil Co. Ltd.
    • Jedwards International Inc.
    • Louis Dreyfus Co. BV
    • Olam Group Ltd.
    • Ravago Chemicals
    • The Clorox Co.
    • Unilever PLC
    • Wilmar International Ltd.
    • Cheryls Herbs
    • Hybco USA
    • The Procter and Gamble Co.
    • Welch Holme and Clark Co. Inc.

    Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

    Research Analyst Overview

    Vegetable oils have long been a staple in North American food production and consumption, serving various purposes beyond culinary applications. These plant-derived triglycerides offer a wide range of benefits, making them essential in various industries, including food, pharmaceuticals, cosmetics, animal feed, and even as biofuels. The vegetable oils market in North America is driven by several factors, including the health benefits associated with unsaturated fats and the increasing health consciousness of consumers. Vegetable oils, rich in monounsaturated and polyunsaturated fats, are considered heart-healthy alternatives to saturated fats. As a result, their demand continues to rise, particularly In the retail/household sector.

    Vegetable oils, derived from plant sources such as soybean, corn, sunflower, canola, olive, avocado, and others, offer unique characteristics that cater to diverse applications. For instance, sunflower oil is known for its high smoke point, making it suitable for deep-frying and heat transfer medium applications. Canola oil, on the other hand, is popular for its neutral taste and high stability, making it an excellent choice for baking and salad dressings. Beyond their culinary uses, vegetable oils find applications in various industries. In the pharmaceutical sector, they are used as emulsifiers and stabilizers in drug formulations. In cosmetics, they are used in soaps, skincare products, and as a base for various lotions and creams.

    In the animal feed industry, vegetable oils are used as a source of energy and essential fatty acids. The vegetable oils market in North America is also influenced by the growing demand for biodiesel as an alternative fuel source. Vegetable oils, particularly palm oil, soybean oil, and corn oil, are used to produce biodiesel, which is a renewable, cleaner-burning fuel that reduces greenhouse gas emissions. The increasing health consciousness of consumers and the rising prevalence of micronutrient deficiencies have led to the fortification of vegetable oils with essential nutrients such as Vitamin D. Cooking oil fortification and food fortification are becoming increasingly common practices In the food industry to address these deficiencies and improve overall health.

    The vegetable oils market in North America is expected to continue growing, driven by the increasing demand for heart-healthy oils, the growing popularity of plant-based diets, and the expanding applications of vegetable oils in various industries. However, factors such as price volatility, supply chain disruptions, and regulatory challenges may pose challenges to market growth. In conclusion, the vegetable oils market in North America is a dynamic and diverse market, driven by various factors, including health benefits, increasing health consciousness, and expanding applications in various industries. The market is expected to continue growing, offering opportunities for businesses and investors alike.

    Market Scope

    Report Coverage

    Details

    Page number

    145

    Base year

    2023

    Historic period

    		 2018-2022

    Forecast period

    2024-2028

    Growth momentum & CAGR

    Accelerate at a CAGR of 3.93%

    Market growth 2024-2028

    USD 12.45 billion

    Market structure

    Fragmented

    YoY growth 2023-2024(%)

    3.67

    Competitive landscape

    Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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    What are the Key Data Covered in this Market Research Report?

    • CAGR of the market during the forecast period
    • Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
    • Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
    • Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
    • Growth of the market across North America
    • Thorough analysis of the market’s competitive landscape and detailed information about companies
    • Comprehensive analysis of factors that will challenge the growth of market companies

    We can help! Our analysts can customize this market research report to meet your requirements Get in touch

     

    Table of Contents not available.

    Research Methodology

    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

    INFORMATION SOURCES

    Primary sources

    • Manufacturers and suppliers
    • Channel partners
    • Industry experts
    • Strategic decision makers

    Secondary sources

    • Industry journals and periodicals
    • Government data
    • Financial reports of key industry players
    • Historical data
    • Press releases

    DATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts

    REPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape

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    Frequently Asked Questions

    Vegetable Oilin North America market growth will increase by $ 12.45 bn during 2024-2028.

    The Vegetable Oilin North America market is expected to grow at a CAGR of 3.93% during 2024-2028.

    Vegetable Oilin North America market is segmented by Distribution Channel( Offline, Online) Type( Palm oil, Soybean oil, Canola oil, Sunflower oil, Others)

    Archer Daniels Midland Co., Azelis SA, Bulk Apothecary, Bunge Ltd., Cargill Inc., CHS Inc., ELIXENS GROUP, Fuji Oil Co. Ltd., Jedwards International Inc., Louis Dreyfus Co. BV, Olam Group Ltd., Ravago Chemicals, The Clorox Co., Unilever PLC, Wilmar International Ltd., Cheryls Herbs, Hybco USA, The Procter and Gamble Co., Welch Holme and Clark Co. Inc. are a few of the key vendors in the Vegetable Oilin North America market.

    North America will register the highest growth rate of 100% among the other regions. Therefore, the Vegetable Oilin North America market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

    US, Canada, Mexico

    • Increasing use of vegetable oils in non-food applicationsThe increasing use of vegetable oils in non-food applications serves as a significant driver for the vegetable oil market in North America. Vegetable oils is the driving factor this market.
    • derived from various plant sources is the driving factor this market.
    • possess unique properties that make them versatile ingredients in a wide range of non-food applications. One key sector driving this trend is the biodiesel industry is the driving factor this market.
    • where vegetable oils serve as feedstocks for producing renewable and environmentally friendly fuels. The push for cleaner energy sources and reducing greenhouse gas emissions has led to a growing demand for biodiesel is the driving factor this market.
    • thus driving the consumption of vegetable oils in this sector. Additionally is the driving factor this market.
    • vegetable oils find applications in the production of biodegradable lubricants is the driving factor this market.
    • hydraulic fluids is the driving factor this market.
    • and greases is the driving factor this market.
    • offering eco-friendly alternatives to petroleum-based products. In the cosmetics and personal care industry is the driving factor this market.
    • vegetable oils are valued for their moisturizing is the driving factor this market.
    • emollient is the driving factor this market.
    • and antioxidant properties is the driving factor this market.
    • making them popular ingredients in skincare products is the driving factor this market.
    • haircare products is the driving factor this market.
    • and cosmetics. Furthermore is the driving factor this market.
    • vegetable oils are utilized in the manufacturing of soaps is the driving factor this market.
    • detergents is the driving factor this market.
    • and surfactants is the driving factor this market.
    • where they act as effective cleansing agents. Therefore is the driving factor this market.
    • an increase in vegetable oils in non-food application boosts the growth of the vegetable oil market in North America during the forecast period. is the driving factor this market.

    The Vegetable Oilin North America market vendors should focus on grabbing business opportunities from the Offline segment as it accounted for the largest market share in the base year.