North America Fats and Oils Market was worth USD 69.74 billion in 2021 and estimated to be growing at a CAGR of 3.56%, to reach USD 83.07 billion by 2026.
Fats and oils are organic substances which form an essential part of the human diet in addition to having various industrial applications. The usual form of fats and oils are in solid and liquid state respectively. Fats and oils are considered as high energy food substances which provide to the likes of 9 calories per gram of fat. The energy density is also higher compared to proteins and carbohydrates.
Additionally, fats and oils have lubricating, emulsifying and whipping properties as well as a high caloric value. A special category of edible fats called dietary fats are important in supporting cell growth and protection of body organs. Their other functions include developing hormones and regulate vitamins in the body. They also find applications in industrial manufacture of edible products due to their smooth, creamy and rich texture and their milky and creamy appearance.
The major driver of the North America fats and oils market is the large number of industries in the region who find applications for fats and oils. The confectionary and bakery industry in North America is the highest grosser of fats and oils market. They are also demanded in large quantities for use in oleochemical industries and for the production of biodiesel. The increasing demand for vegetable oil in the region also fuels the growth of the market. Other factors include rising population and rising demand for processed food. Inspite of the drivers, the challenges regarding their manufacture and the increasing health concerns among consumers are restraints for the market growth.
The North America Fats and Oils market is broadly classified into Palm, Sunflower, Olive, Soybean, Rapeseed and others based on product type. Based on application, they are classified as Food, Industrial, Personal Care, Animal Feed and Pharmaceutical. They are further classified into butter, ghee, lard and suet on the basis of animal fats. Based on form they are classified into solid and liquid and based on source they are classified into plants and animals.
Geographically the North America Fats And Oils Market is segmented into US, Canada, Mexico and Rest of North America. The North American market has the second highest market revenue worldwide with it commanding almost a third of the total market share in 2018. The highly developed nature of the market is also evident from the low CAGR for the region since the scope for growth is minimal. The USA fats and oils market is the major player in the region.
Key Players in the Market:
Major Key Players in the North America Fats And Oils Market are
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