North America Edible Oils and Fats Market Forecast to 2030 - Regional Analysis - By Type

The North America edible oils and fats market was valued at US$13.40 billion in 2023 and is expected to reach US$18.57 billion by 2030; it is estimated to grow at a CAGR of 4.8% from 2023 to 2030.

Strategic Development Initiatives by Manufacturers Drive North America Edible Oils and Fats Market

Manufacturers of edible fats and oils invest significantly in the expansion of business and production capacity to serve their customer base better and meet their consumer requirements. In December 2021, ITOCHU Corporation, headquartered in Japan, announced their agreement through ITOCHU International Inc., headquartered in New York, US, for the establishment of Fuji Oil International Inc. in the US. With this agreement, the firm plans to strengthen the oil and fat business in North America. Also, in October 2021, ADM, one of the prominent edible fat and oil manufacturers, announced its plans to build the first-ever dedicated soybean crushing plant and refinery in North Dakota to cater to the fast-growing demand for soybean oil from food and animal feed industries. Thus, the business expansion strategies of prominent players drive the edible oils and fats market growth.

North America Edible Oils and Fats Market Overview

The North America edible oils and fats market is segmented into the US, Canada, and Mexico. Consumers in the region extensively demand products with lower trans-fat content and higher nutritional value, boosting the requirement for low-fat and low-calorie edible oils and fats. Thus, manufacturers are launching low-cholesterol and plant-based products to cater to consumers' demand for healthy products. For instance, in November 2019, Bunge Loders Croklaan announced the launch of 100% sustainable shea-based margarine for the bakery industry. The launch was aimed to cater to the growing demand for plant-based alternatives from bakery manufacturers. In addition, the demand for convenience food and surging snacking trends in the region are contributing to the market growth. Working professionals are increasingly shifting toward ready-to-eat (RTE) and ready-to-cook (RTC) meals to save cooking time and effort. According to the US Bureau of Labor Statistics (BLS), 69% of the people worked from the office in 2023. Hence, the rising number of working professionals tends to increase the demand for RTE and RTC meals. Edible oils and fats play a crucial role in RTE and RTC meals. It delivers calories and essential fats and helps an individual body absorb fat-soluble vitamins such as A, E, D, and K, further driving the edible oils and fats demand from RTE and RTC meal processors across the region. Further, Cargill Incorporated, Bunge Limited, ADM, and FUJI OIL HOLDINGS INC are a few prominent edible oils and fats market players across North America. The players adopt strategic initiatives such as product launches, mergers and acquisitions, and collaborations to expand their consumer base, product portfolio, and logistic network across the world. For instance, in October 2021, ADM, one of the prominent edible fat and oil manufacturers in the US, announced its plans to build the first-ever dedicated soybean crushing plant and refinery in North Dakota to cater to the fast-growing demand for soybean oil from food and animal feed industries. Thus, strategic initiatives from key regional manufacturers propel the growth of the North America edible oils and fats market.

North America Edible Oils and Fats Market Segmentation

The North America edible oils and fats market is segmented based on type, application, and country.

Based on type, the North America edible oils and fats market is bifurcated into oils and fats. The oils segment held a larger share in 2023 . The fats segment is further subsegmented into butter, margarine, palm oil based shortening, vegetable oil based shortening, and others. The oils segment is further subsegmented into soybean oil, sunflower oil, palm oil, canola oil/rapeseed oil, and others.

By application, the North America edible oils and fats market is segmented into food and beverages, animal nutrition, pharmaceuticals and nutraceuticals . The food and beverages segment held the largest share in 2023. The food and beverages segment is further subsegmented into bakery and confectionery, dairy and frozen desserts, RTE and RTC meals, snacks, and others.

Based on country, the North America edible oils and fats market is segmented into the US, Canada, and Mexico. The US dominated the North America edible oils and fats market in 2023.

AAK AB, Archer-Daniels-Midland Co, Bunge Ltd, Cargill Inc, ConnOils LLC, Fuji Oil Co Ltd, J-Oil Mills Inc, Kao Corp, Louis Dreyfus Co BV, and Olam Group Ltd are some of the leading companies operating in the North America edible oils and fats market.