The palm oil processing market in North America showed steady growth from 2014 to 2023. Starting at 31.0 Thousand Metric Tons in 2014, it reached 45.0 Thousand Metric Tons in 2023, indicating moderate year-on-year increases, except for a pronounced 16.13% spike in 2015. Recent growth has stabilized with approximately 2.27% year-on-year increases from 2022 to 2023, and a 5-year CAGR of 1.88% leading up to 2023.
Future forecasts suggest a slight deceleration in growth, with an expected 5-year CAGR of 0.85%. By 2028, the market is anticipated to reach 48.0 Thousand Metric Tons, reflecting a cumulative growth rate of 4.35% over the forecast period.
Future trends to watch for:
- Potential market saturation impacting growth rates.
- Evolution in consumer preferences towards sustainable palm oil.
- Regulatory changes influencing production and import policies.
- Technological advancements boosting processing efficiency.
