The demand for vegetable oils in North America has shown a steady upward trend over the past decade, increasing from 16.61 million metric tons in 2014 to 19.77 million metric tons in 2023. Year-on-year variations over this period indicate fluctuating growth rates, with notable increases in 2015 (4.49%) and 2016 (4.1%), and a brief decline in 2022 (-1.05%). The compound annual growth rate (CAGR) for the last five years stands at 0.77%, reflecting moderate growth. Forecasts for the next five years suggest a slower, yet consistent growth with a forecasted CAGR of 0.65%, reaching 20.62 million metric tons by 2028.
Future trends to watch for include potential impacts of technological advancements in oil extraction and processing, changes in dietary preferences towards plant-based oils, and regulatory shifts focusing on sustainability and health concerns. Additionally, global market dynamics, such as trade policies and climate impacts on crop yields, will also play a critical role in shaping the demand for vegetable oils in North America.
