The increasing demand for processed and convenience food products in North America is boosting the regional fats and oils market, says Fortune Business Insights in their new report. The report is titled” North America Fats and Oils Market: Global Market Analysis, and Forecasts, 2019 – 2026”.
According to the report, the market is anticipated to reach 36.60 million tonnes from 25.92 million tonnes, rising at a CAGR of 4.5% within the forecast period of 2019 to 2026. The market is expected to witness faster growth on account of rising consumption of healthy oils such as olive oil, rapeseed oil, and others.
Presence of Omega-3 and Omega-6 Fatty Acids in Oils and Fats is a Key Factor Driving North America Fats and Oils Market Growth
On the basis of application, the food application segment is likely to hold more than 2/3rd share of the market. This is because of the increasing demand for fats and oils from the food and beverage industries in the region. Use of fats and oils in food applications is anticipated to rise at a steady 3.22% CAGR in the forecast duration.
On the other side, the soybean oil segment is anticipated to dominate North America fats and oils market in terms of vegetable oils, with an approximate share of 50%. This is owing to the high use of soybean oil for food as well as industrial applications. Likewise, the demand for corn oil and canola oil is also anticipated to witness decent growth in the coming years because of the presence of micronutrients such as omega-3 and omega -6 fatty acids in them. This segment is likely to grow at a CAGR of 6.06% in the foreseeable future.
Increasing Adoption of Unsaturated Fats and Oils to Boost Market
The oils and fats market in North America is witnessing growth due to diverse factors. These include the rising adoption of unsaturated oils and fats such as rapeseed and canola by food processing and food service industries. In addition, the rise in healthcare expenditure of people living in Canada and the U.S is fueling the demand for oils and fats in North America. Since oils and fats are important ingredients for preparing various food products, it has huge demand in the market. Fats and oils are often used to improve the texture, appearance, and flavor of the food item when used in appropriate amount. These factors also expected to boost North America oils and fats market revenue.
The unhealthy lifestyle of people and their uncertain diet patterns may hamper the overall fats and oils market in North America. Meanwhile, coconut oil is considered as a rich source of fatty acid that is immune to various pathogens such as bacteria.
Nevertheless, rising health consciousness among people and the augmenting trend of health conscious diet are anticipated to fuel demand for healthy oils and fats that will further bring lucrative growth opportunities for the market in the long run.
Rising Trend of Eat Healthy- Stay Healthy to Propel Demand for Market
The competitive landscape of North America fats and oils market is fragmented with the presence of many large and small players, each one trying to stand out in the crowd and generate more to the most revenues. Players are investing huge sums for research and development in order to come out with unique techniques to extract fats and oils from their natural sources.
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