North America Vegetable Oil Market to Grow at 4.44% During 2024-2032 Impelled by Increasing Demand for Convenient Foods

The latest report by IMARC Group, titled "North America Vegetable Oil Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032," finds that the North America vegetable oil market is expected to grow at a CAGR of 4.44% during the forecast period (2024-2032). Vegetable oil is a type of oil that is extracted from various plants, such as soybeans, sunflowers, corn, canola, and palm. It is commonly used for cooking and baking as it has a neutral flavor and a high smoke point, making it suitable to be heated at high temperatures without smoking or burning. It is also used in a variety of food products, such as salad dressings, mayonnaise, and snack foods. Some types of vegetable oil, such as olive oil, are also known for their health benefits due to their high content of monounsaturated and polyunsaturated fats. Owing to these properties, vegetable oil is widely utilized across various industrial verticals across the region.

North America Vegetable Oil Market Trends:

The market is primarily driven by the increasing consumption of convenient and fast-food items, such as potato chips, French fries, and mayonnaise, which has escalated the demand for vegetable oils in the food and beverage (F&B) industry. Vegetable oils are utilized in cooking to add a unique taste to the dish and in culinary applications, as a type of fat that provides a crumbly texture and prevents ingredients from adhering to one another. In addition, the increasing utilization of inedible vegetable oils in industrial applications and the manufacturing of pharmaceutical and cosmetic products, paints, and lubricants represents another major growth-inducing factor. Besides this, with the escalating demand for biofuels, vegetable oils are widely used as a feedstock for biofuel production. This, coupled with the strict regulatory framework in the United States regarding the recyclability and disposability of petrochemicals derived from lubricants has increased the utilization of vegetable oil in biofuels. Moreover, the growing preference toward healthier food options is escalating the demand for oils that are low in saturated fats and high in unsaturated fats, such as canola oil and olive oil, thus contributing to market growth.

Market Summary:

• Based on the oil type, the market has been segmented into palm, soybean, sunflower, canola, coconut, palm kernel, and other oils.
• On the basis of the application, the market has been segregated into food industry, biofuels, and others.
• On the geographical front, the market has been divided into the United States, Canada, and Mexico.
• The competitive landscape of the market has also been examined in the report, along with the detailed profiles of the key players operating in the industry.
   

Report Scope

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