North America Palm Oil Market Size, Share (2022-2027):
North America Palm Oil Market is worth USD 22.5 billion in 2021 and estimated to grow at a CAGR of 7.5%, reaching USD 32.7 billion by 2027.
Overview
The North America Palm Oil market is developing at an exceptionally quick pace. Palm oil is an economically important and versatile vegetable oil used as a raw material for both food and non-food products. Palm oil is used all over the world and is found in supermarkets ranging from sweets, baked goods, margarine, cereals, washing powders, and cosmetics. Palm oil is also used as a first-generation biofuel. It is also used in preventing vitamin A deficiency, cancer, brain disease, and aging; and treating malaria, high blood pressure, high cholesterol, and cyanide poisoning. Most palm oil is produced in Asia, Africa, and South America because the trees require warm temperatures, sunlight, and plenty of rain in order to maximize crop production.
North America Palm Oil Market Factors:
The significant driver is improving economic conditions, rising living standards, changing eating habits in emerging countries, and growing demand for vegetable oil as a feedstock for biodiesel production. Properties such as cooking, which can be used in high temperature; Its smooth and creamy texture and having no smell make it a perfect ingredient for many recipes like it is used in the bakery (especially for biscuits) has led to a surge in the growth of this industry. It has a natural perspective effect which helps the longevity of the food by resisting the oxidation that spoils them.
North America Palm Oil Market Segmentation:
The North America Palm Oil market is segmented on the
Based on application
edible oil
cosmetics
biodiesel
lubricants
surfactants
Edible oil segment is expected to witness strong growth in upcoming years owing to health concerns regarding trans-fat consumption.
US
Canada
Mexico
Rest of North America
The North America market has been geographically segmented into US, Canada and Mexico.USA has the highest demand followed by Canada and Mexico. The North America region is largely driven by industrial concerns.
Keyplayers
Golden Agri Resources Limited
Godrej Agrovet Limited
PT Astra Agro Lestari Tbk
Cargill Inc.
United Palm Oil Industry Public Company Limited
Wilmar International Limited
Sime Darby
IOI Corp
London Sumatra
Kulim Bhd
Musim Mas Group
Alami Group
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