Canada Tops Fats and Oils Exports to U.S. as Market Grows by X%
In 2024, Canada emerged as the top supplier of fats and oils to the U.S., accounting for X% of total imports, followed by Mexico and Indonesia. Meanwhile, the U.S. market for fats and oils witnessed a significant turnaround, growing by X% to $X after six years of consecutive expansion following a five-year decline.
The U.S. fat and oil market's resurgence in 2024 was driven by a notable increase in imports, which reached $X, ending a two-year declining trend and showing a substantial expansion from 2013 to 2024. Canada, Mexico, and the Netherlands were the primary destinations for U.S. fat and oil exports, with a combined X% share of total exports. Despite this growth, exports in 2024 fell to $X, with a perceptible curtailment overall. The average import price in 2024 stood at $X per ton, decreasing by X% compared to the previous year. Production in the U.S. amounted to $X in 2024, showing a pronounced shrinkage over the period, with the most rapid growth in 2021 at X%.
The U.S. fat and oil market's performance in 2024 was marked by a notable increase in imports and a significant role for Canada as the largest supplier. Despite a decline in exports, the market's overall growth indicates a positive outlook for the industry.
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