WASHINGTON, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Global Palm Oil Market is valued at USD 68.2 Billion in 2022 and is projected to reach a value of USD 95.32 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.9% over the forecast period 2023-2030.
One of the most significant economic areas is the Palm Oil business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Palm Oil, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Palm Oil market growth over the forecast period. One of the main factors favorably affecting the demand for Palm Oil is the rising increasing consumer demand from the food, beverage, personal care, biofuel, energy, and cosmetics sectors.
We forecast that the crude palm oil category in Palm Oil market sales will account for more than 50% of total sales by 2028 due to rise in the use of oleochemicals in the manufacturing of cleaning consumer products and agrochemicals.
Asia Pacific region dominates the market, and this trend of dominance will continue throughout the projection period. The region's high use of palm oil is attributed to India and China's rapid population growth, shifting demographic patterns, and variety of culinary uses drive increased demand for Palm Oil in this region.
Top Players in the Global Palm Oil Market
- Wilmar International Limited
- Cargill Inc.
- Musim Mas Group
- Golden Agri-Resources Ltd.
- Sime Darby Plantation Berhad
- IOI Corporation Berhad
- Archer Daniels Midland Co.
- Bunge Limited
- Kuala Lumpur Kepong Berhad
- First Resources Limited
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Market Dynamics
Rising demand from Food and Beverage Industry to Drive the Market:
In 2022, the food and beverage industry accounted for more than 60% of the market's sales. Its large market share may be attributed to both growing demand for palm oil as a raw ingredient in product portfolios and growing utilisation of the product in industry end uses. worldwide product demand has increased as a result of the increase in worldwide population, which has also impacted global product growth.
Increased Curde Palm Oil Product Launches to Promote Market Growth:
The Crude Palm Oil product segment contributed significantly to worldwide sales due to its significant end use application in the food and beverage sector. Vitamin A offers this product category an advantage over other product categories, making its use in edible items more appealing. Market demand is anticipated to be driven by its broad application in the food sector. As crude palm oil is a necessary component for the creation of many goods from the cosmetics, pharmaceutical, and other end-use industries, there is also a sizable demand from these sectors.
Top Trends in Global Palm Oil Market
- One trend that Vantage Market Research (VMR) expects to see in the Palm Oil industry is the rising incidence of Sustainable palm oil production and certification. As consumer knowledge of the environmental and social effects of palm oil production has grown, so has the demand for palm oil that has been sourced sustainably. To guarantee sustainability, certification programmes like RSPO and ISPO are utilised.
- Another trend that VMR predicts will continue in the Palm Oil industry is advances in growing use in biofuels. The great yield and low cost of palm oil make it a preferred feedstock for biofuels. Because of government initiatives that support renewable energy sources, this trend is predicted to continue.
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Top Report Findings
- Based on nature, The conventional sector has the biggest revenue share on the palm oil market. This can be attributed to the segment's affordable pricing and simple accessibility. Small and medium sized farmers depend heavily on the revenue from conventional oil palm fields since they may use synthetic chemicals to boost productivity. In low-income nations with large people, the traditional nature segment is more popular..
- Based on product type, The fractionated palm oil segment dominated the market. This is due to the product's widespread availability and reasonably priced rates. Due of its widespread availability and widespread affordability, it has great popularity in low-income nations. The product is more expensive to create in bulk due to its constituent composition..
- Based on end-use, In 2022, food and drink held a revenue share of more than 60%, dominating the palm oil market. Its large market share may be attributed to the product's rising usage in the sector's end uses and the rise of product portfolios that require palm oil as a raw ingredient. worldwide product growth has been impacted by the increase in worldwide population, which has also increased product demand on the global market.
Crude Palm Oil segment in Palm Oil Market to Generate Over 50% Revenue
The crude palm oil segment is a significant component of the overall palm oil market. The majority of the world's commerce in palm oil is conducted in crude form, which accounts for around 50% of the total amount. It is prized in the food, cosmetics, and biofuels sectors for its high level of adaptability and variety of uses.
Crude Palm Oil is made by extracting the oil from the fruit of the oil palm tree, which normally entails crushing and pressing the fruit, followed by refining and purifying. The finished product is then marketed to customers all over the world who use it for cooking, baking, frying, as a butter or margarine alternative, in the production of cosmetics, and as a feedstock for biofuels, among other uses.
A number of variables, including as supply and demand dynamics, global economic circumstances, currency movements, climatic patterns, and governmental regulations, affect crude palm oil prices. Given the substantial demand for palm oil on a worldwide scale, the crude palm oil industry is a reasonably stable and lucrative sector within the larger agricultural commodities market.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Palm Oil Market Forecast Report (2023-2030).
Global Palm Oil Market Segmentation
By Nature
- Organic
- Conventional
By Product Type
- Crude Palm Oil
- RBD Palm Oil
- Palm Kernel Oil
- Fractionated Palm Oil
By End-Use Type
- Food & Beverage
- Personal Care & Cosmetics
- Biofuel & Energy
- Pharmaceuticals
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 68.2 Billion |
| Revenue Forecast by 2030 | USD 95.32 Billion |
| CAGR | 4.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Wilmar International Limited, Cargill Inc., Musim Mas Group, Golden Agri-Resources Ltd., Sime Darby Plantation Berhad, IOI Corporation Berhad, Archer Daniels Midland Co., Bunge Limited, Kuala Lumpur Kepong Berhad, First Resources Limited |
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