U.S. Vegetable Oil Market Projected To Display A Robust Growth With a CAGR of 4.9% by 2027
• A slight negative impact has been noticed on the oilseeds and U.S. vegetable oil market during the lockdown, due to low export demand.
• The lockdown and social distancing norms led to shutdown of restaurants across the globe, which in turn decreased the demand from the food service industry.
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Numerous applications of vegetable oil, growing popularity of fast food, and changes in consumer lifestyle toward more convenient foods in the food service and food processing industries augment the growth of the U.S. vegetable oil market. Nevertheless, changes in U.S. biodiesel policy or global biodiesel policy restrain the market growth. However, increase in use of vegetable oils such as olive oil and canola oil, owing to their health benefits is anticipated to usher a plethora of opportunities for the players in near future.
The U.S. vegetable oil market is segmented based on product type and distribution channel. Based on product type, the market is divided into soybean oil, palm oil, sunflower oil, olive oil, canola oil, corn oil, and others. The soybean oil segment held the highest market share in 2018, contributing to around one-third of the total share, and is estimated to maintain its leadership status throughout the forecast period. On the other hand, the canola oil segment is expected to grow at the highest CAGR of 6.3% from 2021 to 2027.
Based on distribution channel, the report is segmented into business-to-business (B2B) and business-to-consumers (B2C). The B2Csegment held the highest market share in 2018, accounting for more than half of the total share, and is expected to maintain its dominant share throughout the forecast period. On the other hand, theB2B segment would register the highest growth rate, with a CAGR of 5.7% from 2021 to 2027.
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Leading industry players in the research include Cargill Inc., Deoleo, S.A., J M Smucker Company, Pompeian, Inc., Richardson International Limited, Archer-Daniels-Midland Company, Associated British Foods, Bunge Limited, Ventura Foods, LLC, and Wilmar International Limited.
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