The US: Soybean Oil Shows Retail Sales Value of $1.2B
Reading time: 2 minutes
The U.S. was the third largest global market for Cooking Oils, with imports valued at US$8.9 billion (8.4% market share), 5.5 billion kg in 2021. It experienced a CAGR of 8.9% as imports increased from US$5.8 billion in 2016. Canada in comparison, was the thirty-first largest global market for Cooking Oils with values of US$0.8 billion (0.7% market share) in 2021, representing an increase in CAGR of 6.1% from imports valued at US$0.6 billion in 2016.
The United States (U.S.) was the fifth largest global retail sales market for Cooking Oils, valued at US$3.9 billion, representing a 3.8% market share in 2021. The U.S. experienced an increase in CAGR of 1.9% as retail sales grew from US$3.6 billion in 2016 and are expected to further improve with an increase in CAGR of 4.0% in the forecast period as retail sales are anticipated to achieve US$4.8 billion by 2026.
In 2021, the total population in the U.S. was 332 million, with females occupying 50.5% of the population, while the median age was 38.8, and 82.7% of the population resided in urban areas. By 2040, the U.S. population is expected to reach 359 million and remain the third largest country globally (India and China are the larger populated countries). Females are still expected to occupy 50.5% of the population, and the median age will be 42.4 years, while urbanization will increase to 85.9%.
The top three Cooking Oil categories in the U.S, in terms of retail value sales in 2021, were olive Oil, with values of US$1.5 billion (37.7% market share), followed by Soybean Oil, valued at US$1.2 billion (29.6% market share), and Rapeseed Oil with values of US$527.3 million (13.4% market share).
ConAgra Brands Inc (Brand name; Pam and Wesson) was the most prominent Cooking Oil company in the U.S., with retail sales of US$392.3 million (10.0% market share) in 2021.
According to Mintel’s Global New Products Database (GNPD), 1,219 new Cooking Oil products were launched in the U.S. between January 2016 and December 2021.
The U.S. imported US$8.9 billion, 5.5 billion kilograms of Cooking Oils from global markets in 2021. The top three suppliers of Cooking Oils to the U.S was Canada, with a 34.8% market share, equivalent to US$3.1 billion, 2.1 billion kilograms, followed by Indonesia, with a 23.4% market share, equal to US$2.1 billion, 1.8 billion kilograms, and Italy, representing a 6.5% market share with US$0.6 billion, 0.1 billion kilograms in 2021.
Top imported Cooking Oils to the U.S in 2021 were Rape, colza, or mustard Oil and its fractions (HS code: 1514) valued at US$2.9 billion, 2.0 billion kilograms, followed by palm Oil and its fractions (HS code: 1511) valued at US$1.8 billion, 1.7 billion kilograms and olive Oil and its fractions (HS code: 1509) with values of US$1.5 billion, 0.4 billion kilograms.
According to the AgFlow data, Indonesia led its import market with 0.15 million tons of VegOil in June, followed by Malaysia (11,145 tons) and Argentina (8,000 tons). Total imports hit 0.66 million tons in Jan-Jun 2023.
The United States – Canada VegOil Trade
Canada was the largest VegOil supplier of the US (representing a 34.8% market share), with imports valued at US$3.1 billion, 2.1 billion kilograms in 2021. Top Cooking Oil imports from Canada were Rape, colza, or mustard Oil and its fractions (HS code: 1514) valued at US$2.8 billion, 1.9 billion kilograms, (91.9% market share), followed by Soybean Oil and its fractions (HS code: 1507) with values of US$199.2 million, 142.4 million kilograms (6.5% market share) and fixed vegetable fats and Oils, incl.jojoba Oil (HS code: 1515) valued at US$48.6 million, 30.4 million kilograms (1.6% market share) in 2021.
The top supplying Canadian provinces to the U.S. market were Saskatchewan, Manitoba, and Alberta, occupying market shares of 49.0%, 20.2%, and 15.6%, respectively, in 2021.
Other sources: AGRICULTURE CANADA
Try AgFlow Free
Access Free On Updates for Corn, Wheat, Soybean,
Barley, and Sunflower Oil.
No Credit Card Required & Unlimited Access In Time