United States Plant-Based Oils Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 7.7% from 2023 to 2033
• The United States Plant-Based Oils Market Size is Expected to hold a significant share by 2033.

The United States Plant-Based Oils Market is anticipated to hold a significant share by 2033, growing at a CAGR of 7.7% from 2023 to 2033. 

Market Overview

Plant-based oils are those that are obtained through the extraction process from plants. They are frequently used in salad dressings, baking, cooking, and other food preparation processes. Numerous plant sources, such as nuts, seeds, fruits, and vegetables, are the source of these oils. Because they are high in antioxidants, vitamins, and healthy fats, plant-based oils are well known for their nutritional advantages. The market for oils derived from other plant sources—apart from animal-based oils—is referred to as the US plant-based oils market. Plant-based oils have been increasingly popular in recent times because of their sustainability, culinary flexibility, and health benefits. Several factors, including the food processing industry's explosive growth and the US market's growing ubiquity of alternative fuels like biodiesel, are anticipated to support market expansion. The main application for plant-based oils is in the baking, dairy, and confectionery industries. The primary factor driving this increase is the consistent expansion of the food manufacturing sector, which uses plant-based oils for deep-frying. The demand for healthy oils like olive oils is predicted to rise due to the increased prevalence of cardiovascular disorders and greater health consciousness. Additionally, oleochemicals and biodiesel are produced from oils derived from plants. The market for plant-based oils is anticipated to rise in response to a greater need for sustainable and alternative fuels in the US.

Report Coverage

This research report categorizes the market for the United States plant-based oils market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the plant-based oils market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the plant-based oils market.

Driving Factors

One of the main factors propelling the market for plant-based oils is consumers' growing inclination for healthier diets. Customers are looking for more nutrient-dense food options as they become more health-conscious. Because they include more unsaturated fats—which are thought to be better for the heart—and less saturated fat, they are seen as a healthier option to fats and oils derived from animals. The oils are also a great source of vital fatty acids, like omega-3 and omega-6, which are critical for preserving health. Antioxidants found in these oils might also aid in preventing chronic illnesses like cancer and heart disease. The market for plant-based oils has been driven by advances in oil production technology. Higher yields and higher-quality oils are the outcome of these developments in production processes and increased efficiency. Oils might be extracted from a greater variety of plant materials, such as fruits, nuts, and seeds, due to advancements in extraction techniques. The quality and purity of oils have also increased as a result of enhanced extraction methods like solvent and cold-pressed extraction.

Restraining Factors

Changing raw material prices are the main issue the sector is facing. Variations in climate affect the number of raw materials produced, including sunflower and soybean. The availability and quality of the raw materials are therefore the primary determinants of the cost of the finished product.

Market Segmentation

The United States plant-based oils market share is classified into source and application.

• The soybean oil segment is expected to hold the largest market share through the forecast period.   

The United States plant-based oils market is segmented by source into palm oil, soybean oil, and sunflower oil. Among them, the soybean oil segment is expected to hold the largest market share through the forecast period. Being one of the biggest soybean producers in the world has increased domestic consumption and made the crop very popular. About 11.0 million tons of soybeans were produced in the nation, and 7.7% of that total volume was exported to other nations.

• The food segment dominates the market with the largest market share over the predicted period.

The United States plant-based oils market is segmented by application into food, industrial, and animal feed. Among them, the food segment dominates the market with the largest market share over the predicted period. The manufacturing of baked goods, confections, dairy products, and processed foods has a significant demand for these oils. The food market was dominated by processed foods, which included goods like cookies, mayonnaise, margarine, salad dressings, and so forth. Because plant-based oils are widely available and contain polyunsaturated fatty acids, which support heart health, food processors favor them.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States plant-based oils market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ADM
• Bunge Limited
• Wilmar International Ltd
• Cargill, Incorporated
• CHS Inc.
• Ag Processing Inc. a cooperative
• Riceland Foods
• ACH Food Companies, Inc.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2023, A definitive asset purchase agreement was signed between Bunge, a leading worldwide player in the agricultural sector, and Fuji Oil to acquire a recently built, cutting-edge refinery located in Louisiana. With its multi-oil refining capabilities, the facility at IMTT's Avondale Terminal will help Bunge expand its clientele. Customary closing requirements apply to the transaction.

Market Segment

This study forecasts revenue at United States, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States Plant-Based Oils Market based on the below-mentioned segments:

United States Plant-Based Oils Market, By Source

• Palm Oil
• Soybean Oil
• Sunflower Oil

United States Plant-Based Oils Market, By Application

• Food
• Industrial
• Animal Feed