The North America Canola Oil Market would witness market growth of 3.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 6,778.7 Kilo Tonnes, showcasing a growth of 2.7% (2019-2022).
Canola oil is an important component in the cosmetics and personal care industries. Its emollient properties make it a prevalent component in skincare products like lotions, creams, and hair conditioners. It aids in hydrating and nourishing the epidermis and hair. It is also utilized in various industrial applications, including producing lubricants, bio-based plastics, and even manufacturing bio-based ink. Its biodegradability and renewability make it an attractive option in these applications.
Consumers are increasingly seeking healthier dietary options and clean-labeled products. This trend has encouraged the use of canola oil in food products, as it aligns with the demand for natural, non-GMO, and heart-healthy ingredients. Sustainability is a core focus of the market. From sustainable farming practices to reducing the carbon footprint of canola oil production, the industry is actively addressing environmental concerns. Increasingly, consumers prefer environmentally conscious products and are prepared to pay a premium for them.
The rise in North America's population and the associated demand for processed and convenience foods are key drivers of the food processing sector's expansion. As per the data provided by the United States Department of Agriculture, according to the U.S. Department of Commerce, Bureau of the Census's County Business Patterns, the United States had a total of 41,080 food and beverage processing plants in 2021. California had the highest number of food and beverage manufacturing plants, with 6,301 establishments. Texas and New York were prominent states in this sector, with 2,782 and 2,662 manufacturing plants, respectively. The ongoing growth in North America's food processing industry will help expand the market.
The US region dominated the North America Canola Oil Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $6.8 Billion by 2030. The Canada region is experiencing a CAGR of 6% during (2023 - 2030). Additionally, The Mexico region would exhibit a CAGR of 5.1% during (2023 - 2030).
Based on Nature, the market is segmented into Conventional, and Organic. Based on Application, the market is segmented into Food Processing, Food Service, Households, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Canola oil Market is Predict to reach $43.3 Billion by 2030, at a CAGR of 3.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Louis Dreyfus Company B.V., Cargill, Incorporated, Associated British Foods PLC, Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Jivo Wellness Pvt. Ltd., American Vegetable Oils, Inc., Richardson International Limited and La Tourangelle, Inc.
By Nature Volume, Kilo Tonnes, USD Million, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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