According to the latest report by IMARC Group, titled "North America Palm Oil Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the North America palm oil market is expected to grow at a CAGR of 3.31% during 2022-2027. Palm oil is extracted from the fruit of palm trees that is generally used for cooking purposes across several countries. It is commonly produced by squeezing the fleshy palm fruit and crushing the kernel. It has a long shelf life and offers numerous health benefits. It is a rich source of vitamin E, calories and fat that keeps the immune system healthy. Since palm oil is also a great source of antioxidants, it aids in reducing the risks of heart diseases and age-related macular degeneration. The demand for palm oil is consistently increasing across North America due to its extremely versatile properties and functions.
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North America Palm Oil Market Trends:
The market in North America is primarily driven by the rising adoption of palm oil in the preparation of numerous food items. This is supported by the increasing product utilization in bakery items, salad dressings and ready-to-eat food products. Along with this, the growing health consciousness among the masses has led to the rising consumption of superior quality edible oils, thereby creating a positive market outlook. Since palm oil remains stable at high temperatures and is resistant to oxidation, it is widely used for cooking and frying to help extend the shelf life of foods, thereby providing a boost to the market growth. With an enhanced focus on sustainable development, along with several initiatives undertaken by the government, there has been a considerable increase in the utilization of palm oil to produce biodiesel across the region, which is further positively influencing its demand. Additionally, the widespread adoption of palm oil in the formulation of personal care and cosmetics products is acting as a major growth-inducing factor. Other factors, including the easy product availability via online and offline channels and the escalating preference for online grocery stores, are favorably impacting the product uptake across North America.
- On the basis of the application, the market has been segmented into household cooking, food and beverages, oleo chemicals, personal care, animal feed and others.
- Based on the country, the market has been divided into the United States and Canada.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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