North America Oilseed Processing Market

North America Oilseed Processing Market Analysis:

North America Oilseed Processing market is anticipated to grow at 6.87% CAGR from 2021 to 2026 and it is estimated that the North America market was valued at USD 71.2 million in 2021 and is expected to reach USD 85.32 million by 2026.

Oilseeds are generally used to extract edible oil for households and food industry. However, over last two decades, usage of vegetable oil has been increased in the field of bio-fuel, due to the shortage of non-renewable resources for various purposes. Oilseeds are pressed or crushed manually or mechanically to obtain edible oil. Few oilseeds such as Soybean and Peanuts are directly consumed as food besides extracting oil from them. In addition, poppy seed and hazelnuts, which are rich in oils are consumed directly. Moreover, these oilseeds are used as food ingredients in daily cooking.

North America Oilseed Processing market Drivers:

The key drivers of this market are the increased household consumption in emerging countries and growing foodservice industry. Growth in retail and modern oilseed processing technologies has further triggered the availability of the product in the market. Another major factor that is expected to drive the market is demand for biofuels in developed and developing countries. Compulsory usage of biofuels in vehicles and other machinery would fuel the demand for oilseeds in the North America market. Changing lifestyles followed by changing food preferences and experimenting with a number of new food varieties is driving the demand for oilseed market. However, the gap in demand and supply worldwide is going to hinder the growth of the market. Moreover, increasing government regulations on manufacturing, exporting and marketing of oil could be a potential restraint to this market. Furthermore, fluctuating weather conditions in various regions of the world could destroy the proper product availability in the market. Price fluctuations and loopholes in distribution channel could also act as potential barriers to the market growth.

North America Oilseed Processing market Segmentation:

The North America Oilseed Processing market is segmented on the basis of Type, Process, and Application. On the basis of Type, it is segmented into Soybean, Rapeseed, Sunflower, and Cottonseed. Soybean is projected to be the fastest-growing segment due to the increase in production of soybean in the Asian countries, owing to the strong demand for a meal with high protein content from the feed industry. In addition, the increase in demand for biodiesel derived from soybean feedstock is expected to fuel the growth of this market segment across the globe. On the basis of Process, it is segmented into Mechanical and Chemical. The chemical process segment is projected to witness the highest growth due to the increasing use of the chemical processes to ensure maximum extraction of oil content from oilseeds. Additionally, the high usage of the chemical process of extraction for soybean drives the market growth of this segment of the Oilseed Processing Market. On the basis of Application, it is segmented into Performance Food, Feed, and Industrial.  The food segment accounted for the largest share in the Oilseed Processing Market. This is due to the high application of oilseed processed products such as edible oil in various food products.

Impact of COVID-19 on North America Oilseed Processing Market

In May 2021, the United States, India, Brazil, Russia, Spain, France, the United Kingdom, Turkey and Italy were among the most affected countries in terms of confirmed cases and reported deaths. COVID-19 is affecting economies and various industries in different countries due to roadblocks, travel bans and business closures. The closure of several manufacturing plants and factories has also been affected, global supply chains have also negatively impacted manufacturing, delivery schedules and sales of goods in the global market. Additionally, global travel bans imposed by countries in Europe, Asia-Pacific, and North America also affect business collaborations, as well as partnership opportunities.

Due to the Covid-19 pandemic, the food industry is also facing huge losses, which has an additional impact on the global economy. In addition, it disrupted the transportation system and disrupted the supply of raw materials. The disruptive value chain has had a negative impact on the supply of raw materials, which in turn is affecting the growth of the herb ice cream market. However, as economies plan to restart operations, the demand for plant-based ice cream is expected to increase as consumers purchase more food products through online retailers. Some of the safety measures that companies follow include limiting direct contact with the delivery person and visitors, reinforcing and communicating good hygiene practices, conducting a thorough sanitation, and eliminating contact with staff during shift changes. With all these factors, it can be assumed that in a post-pandemic period, the demand for these products will increase.

Regional Insights:

Geographically the North America Oilseed Processing Market is segmented into US, Canada, Mexico and Rest of North America.

The North America Oilseed Processing market has been categorized on the basis of geography to offer a clear understanding of the market. North America Oilseed Processing Market has been divided into the United States, Canada, Mexico and rest of North America. North America is expected to experience the fastest growth during the forecast period due to increased adoption of improved oil extraction technologies in the region. The North American oilseed processing market is driven by increased cultivation of vegetables, modernization of oil processing plants.

Leading Company

Bunge Limited had the largest share of the North America Oilseed Processing Market in terms of sales revenue in 2021.

Key Players

The North America Oilseed Processing Market is concentrated with well-established players. Key players in the North America Oilseed Processing Market include Wilmar International Ltd., Bunge Limited, Archer Daniels Midland Company, Efko Group, Louis Dreyfus Company B.V., CHS Inc, and Richardson International Limited