According to the latest report by IMARC Group, titled “North America Vegetable Oil Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the North America vegetable oil market size reached 19.6 Million Tons in 2020. Vegetable oil refers to plant-based oils derived from nuts, seeds and fruits. It consists of various essential nutrients like vitamin E, omega-3 and omega-6 fatty acids, polyunsaturated, monounsaturated, and saturated fats. These nutrients help improve digestion and metabolism, reduce the risk of cardiovascular diseases, lower cholesterol levels, and manage heart health. In the North American region, vegetable oils are gaining preference over mineral oils due to their affordable prices, easy availability, high viscosity, lower volatility and better pressure performance.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
North America Vegetable Oil Market Trends:
The North America vegetable oil market is primarily driven by the growing applications of vegetable oils in various industries. In the food industry, with the increasing consumption of convenient and fast-food items, such as French fries, potato chips and mayonnaise, the demand for vegetable oils has escalated across the region. Vegetable oils are used to give a distinctive flavor to the dish and in culinary preparations as a shortening agent to provide pastries a crumbly texture and prevent the ingredients from sticking to each other. Besides this, inedible vegetable oils are utilized in industrial applications, as well as the manufacturing of pharmaceutical and cosmetic products, paints, and lubricants. Moreover, the strict regulatory framework in the United States regarding the disposability and recyclability of petrochemicals derived from lubricants has led to an increase in the utilization of vegetable oil in biodiesel or biofuel production. Furthermore, several manufacturers are investing in the development of modified renewable and mineral oil-based products. On account of these factors, the market value is expected to reach 25.3 Million Tons by 2026, exhibiting a CAGR of 4.4% during the forecast period (2021-2026).
- Based on the oil type, the market has been segmented into palm, soybean, sunflower, canola, coconut, palm kernel, and other oils. Amongst these, soybean oil holds the largest market share.
- On the basis of the application, the market has been classified into the food industry, biofuels, and others.
- Region-wise, the market has been divided into the United States, Canada, and Mexico. The United States currently dominates the market.
- The competitive landscape of the market has been examined in the report with the detailed profiles of some of the key players operative in the industry.
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