New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Palm Oil Global Market Report 2023" - https://www.reportlinker.com/p06464222/?utm_source=GNW
, Godrej Agrovet Limited, Golden Agri Resources Limited, IJM Corporation Berhad, Boustead Plantations, and Asiatic Development Berhad.
The global palm oil market is expected to grow from $61.15 billion in 2022 to $64.67 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The palm oil market is expected to reach $78.48 billion in 2027 at a CAGR of 5.0%.
The palm oil market consists of sales of palm kernel oil, and fractionated palm oil.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Palm oil is an edible vegetable oil that is extracted from palm fruits that are used as a moisturizing solution and also for cooking healthy recipes. It is also utilized in detergents, cosmetics, biodiesel, and culinary goods.
Asia-Pacific was the largest region in the palm oil market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in palm oil report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of palm oil are crude palm oil and RBD palm oil.Crude palm oil refers to a type of edible oil that is obtained from the pulp of palm fruit.
They are produced by methods including organic and conventional that are used in various industries such as food and beverage, personal care and cosmetics, biofuel and energy, pharmaceuticals, and industrial.
Increasing demand from the biofuel industry is expected to propel the growth of the palm oil market going forward.Biofuel is the same as any type of fuel that is produced from biomass, also known as organic matter.
Biofuel can be produced from palm oil through a process called transesterification, in which the oil is converted into biodiesel, palm oil is a popular feedstock for biodiesel production due to its high yield and availability, which improves air quality.For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global demand for biofuels is expected to grow by 41 billion liters, or 28%, over 2021-2026.
Therefore, increasing demand from the biofuel industry is driving the growth of the palm oil market.
Technological advancements are the key trend gaining popularity in the palm oil market.Major companies operating in the palm oil market are introducing new technologies for the efficient supply of palm oil products and sustain their position in the market.
For instance, in March 2022, Unilever plc, a UK-based consumer goods company with a focus on sustainable palm oil, has launched a pilot project that utilizes SAP blockchain technology to verify the origin of its palm oil.The implementation of this initiative has the potential to revolutionize the transparency, traceability, and sustainability of palm oil production.
Furthermore, this project enables the involvement of small-scale producers from the countries of origin, enhancing the sustainability of the supply chain.
In October 2021, Cargill, a US-based company operating in palm oil collaborated with JDE Peet, a Netherlands-based beverages company for an undisclosed amount. Through this collaboration, both companies support independent smallholders towards sustainable oil palm production in Indonesia
The countries covered in the palm oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The palm oil market research report is one of a series of new reports that provides palm oil market statistics, including palm oil industry global market size, regional shares, competitors with a palm oil market share, detailed palm oil market segments, market trends and opportunities, and any further data you may need to thrive in the palm oil industry. This palm oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464222/?utm_source=GNW
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