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Oils & Fats - North America

North America
  • Revenue in the Oils & Fats market amounts to US$23.17bn in 2024. The market is expected to grow annually by 3.95% (CAGR 2024-2029).
  • In global comparison, most revenue is generated India (US$46bn in 2024).
  • In relation to total population figures, per person revenues of US$45.40 are generated in 2024.
  • In the Oils & Fats market, volume is expected to amount to 5.72bn kg by 2029. The Oils & Fats market is expected to show a volume growth of 1.8% in 2025.0.
  • The average volume per person in the Oils & Fats market is expected to amount to 10.5kg in 2024.

Definition:

The Oils and Fats market covers all substances that are composed of fatty acids and used for cooking purposes or as an ingredient in many food products. These fats and oils can be obtained from plants or animals and are available in both liquid (oils) and solid (fats) form.

Structure:

The market consists of four different submarkets:

  • The Butter market covers all products that are defined as a high-fat milk product and contain a minimum of 80% fat. Its other ingredients are water, protein, and lactose.
  • The Margarine market covers all products that are made of vegetable oils and contains a minimum of 80% fat.
  • The Edible Oils market covers any type of oil that is extracted from plants and is used for cooking and food preparation.
  • The Other Oils & Fats market covers lard and other edible animal fats.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Butter
  • Margarine
  • Edible oils
  • Edible animal fats

Out-Of-Scope

  • Peanut Butter
  • Ghee
  • Butter oil
  • Out-of-home consumption
Oils & Fats: market data & analysis - Cover

Market Insights report

Oils & Fats: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Oils & Fats Market within The Food market in North America is experiencing minimal growth, influenced by shifting consumer preferences towards healthier options, increasing scrutiny on fat consumption, and the rising popularity of plant-based alternatives.

    Customer preferences:
    Consumers are increasingly prioritizing health and wellness, leading to a pronounced shift towards oils and fats perceived as healthier, such as olive oil, avocado oil, and coconut oil. This trend is further fueled by rising awareness of the Mediterranean diet and its associated health benefits. Additionally, younger demographics, particularly millennials and Gen Z, are gravitating towards plant-based and sustainable fats, reflecting broader environmental concerns and a desire for transparency in food sourcing. These evolving preferences are reshaping product offerings in the Oils & Fats Market.

    Trends in the market:
    In North America, the Oils & Fats Market is experiencing a shift towards healthier options, with consumers increasingly favoring oils like olive, avocado, and coconut due to their perceived health benefits. Additionally, the rise of plant-based and sustainable fats is particularly prominent among younger consumers, driven by environmental awareness and a demand for transparency in sourcing. This trend is reshaping product development and marketing strategies, prompting industry stakeholders to innovate and adapt, ultimately influencing pricing, distribution, and consumer engagement in the food sector.

    Local special circumstances:
    In North America, the Oils & Fats Market is shaped by diverse geographical factors, with regions like California leading in the production of avocado and olive oils, reflecting local agricultural strengths. Culturally, there is a strong emphasis on health and wellness, influencing consumer preferences toward organic and non-GMO oils. Regulatory frameworks, such as labeling requirements for fat content and sourcing transparency, further drive market dynamics, encouraging brands to innovate while meeting consumer demands for sustainability and quality.

    Underlying macroeconomic factors:
    The Oils & Fats Market in North America is significantly influenced by macroeconomic factors such as fluctuations in crude oil prices, trade policies, and consumer spending trends. Global economic trends, including inflation and supply chain disruptions, affect the cost of raw materials, impacting product pricing and availability. National economic health indicators, like GDP growth and unemployment rates, also shape consumer purchasing power and preferences. Furthermore, fiscal policies that promote agricultural subsidies and sustainable practices encourage innovation within the sector, driving the development of healthier and more environmentally friendly oils, aligning with consumer demand for quality and sustainability.

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

    Modeling approach:

    Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:

    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

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    Oils & Fats: market data & analysis - BackgroundOils & Fats: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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