Oil Crops - United States

United States

Gross production value in Oil Crops market is projected to amount to US$42.80bn in 2024. An annual growth rate of 3.19% is expected (CAGR 2024-2028), resulting in gross production value of US$48.53bn in 2028.
The import value in Oil Crops market is projected to amount to US$0.9bn in 2024. An annual growth rate of -8.75% is expected (CAGR 2024–2028).
The export value in Oil Crops market is projected to amount to US$33.5bn in 2024. An annual growth rate of 8.21% is expected (CAGR 2024–2028).

Key regions: Germany, Spain, Italy, Brazil, United States

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Analyst Opinion

The Oil Crops market in United States has been experiencing significant growth in recent years.

Customer preferences: Consumers in the United States have been showing a growing interest in plant-based diets, which has led to an increase in demand for oil crops. Additionally, the use of oil crops in various industries such as cosmetics, biofuels, and pharmaceuticals has also contributed to the growth of the market.

Trends in the market: One of the major trends in the Oil Crops market in United States is the increasing popularity of soybean oil. Soybean oil is widely used in the food industry due to its low cost and neutral taste. Another trend is the growing demand for organic and non-GMO oil crops, as consumers become more health-conscious and environmentally aware.

Local special circumstances: The United States is one of the largest producers of oil crops in the world, with soybeans and corn being the most widely grown crops. The country's favorable climate and advanced agricultural technology have contributed to the growth of the industry. Additionally, the government's support for the production of biofuels has also boosted the demand for oil crops.

Underlying macroeconomic factors: The growth of the Oil Crops market in United States can also be attributed to macroeconomic factors such as population growth and increasing disposable incomes. As the population continues to grow, the demand for food and other products that use oil crops is expected to increase. Rising disposable incomes also mean that consumers are willing to spend more on healthier and more sustainable products, which is driving the demand for organic and non-GMO oil crops.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.