North America Vegetable Oils Market
North America Vegetable Oils Market Demand, Recent Trends, Size and Share Estimation by 2027
North America vegetable oils market is likely to gain momentum from a rise in the demand for healthy edible oils that are infused with natural ingredients. According to a report published by Fortune Business Insights, titled “North America Vegetable Oils Market Analysis, Insights and Forecast, 2019-2026,” the consumption of vegetable oil in North America was 22.89 Million Tonnes in 2018. But it is projected to reach 32.89 Million Tonnes by the end of 2026, exhibiting a CAGR of 4.7%.
Growth of the Processed Food and Foodservice Industries to Boost Market Growth
The report suggests that North America has been witnessing a growth of processed food industry in the recent years. Additionally, there has been a growth of the foodservice industry in the region. These two factors will help in boosting the North America vegetable oils market growth. Moreover, there has been a rise in the awareness campaigns regarding the harmful effects of consuming unrefined and saturated fats that are procured from animals. This will further propel the North America vegetable oils market sales during the forecast period.
Companies Adopt Resilient Marketing Strategies to Propel Market in North America
The prominent market players operating in the North America vegetable oils market are persistently implementing flexible marketing strategies in order to promote healthy vegetable oils sales in the region. Canada and Mexico have also been exhibiting growth in the oil processing industry. These factors are likely to increase North America vegetable oils market revenue. Furthermore, the key market players are currently concentrating on innovative packaging strategies, new product launches, expansion of product portfolio, and clean-labeling procedures. Their strategic efforts have already started to put positive impact on the vegetable oils market in North America. The companies are also investing huge sums in the production of edible oils that are healthier than the commodity oils. They are offering such types of edible oils at very reasonable rates to attract the consumer that will further propel the market.
Calyxt, Inc., Richardson International Limited, and Other Key Players Strengthen their Positions through Innovative Product Launch and Strategic Acquisitions
Richardson International Limited, an agricultural and food industry company headquartered in Canada, announced that it has acquired Wesson, a leading retail brand of vegetable oils and canola, based in the U.S. in February 2019. The acquisition is considered to be very significant for Richardson as it will aid in bolstering and growing the company’s food and ingredients business. This will not only boost the market in North America, but also enhance the company’s capability to fulfill the unmet needs of the masses across the globe.
Calyxt, Inc., a consumer-centric food- and agriculture-focused company, headquartered Minnesota, announced the launch of its ‘Calyno High Oleic Soybean Oil’. It is the company’s first product that is being sold in the U.S. market. Primarily, Calyno oil was sold commercially to the foodservice industry for salad dressing, frying, and sauce application. The oil consists of approximately 20% less saturated fatty acids, up to 80% oleic acid, and zero grams of trans fat per serving, unlike the commodity soybean oil. One of the most important benefits of this oil is that it possesses three times the extended shelf life as well as fry life as compared to commodity oils. This makes the Calyno oil more sustainable.
Fortune Business Insights has profiled some of the leading companies that have made significant growth contributions to the North America vegetable oils market. Some of the leading companies that are operating in the market are Archer Daniels Midland Company, Bunge North America Inc., Cargill Incorporated, ConAgra Foods Inc., Ag Processing Inc., Riceland Foods, Incobrasa Industries, ACH Food Companies Inc., Viterra Inc., Associated British Foods Plc (ABF), and other key market players.
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