Cargill Inc., Wilmar International Limited, Sime Darby, Golden Agri Resources Limited, and Godrej Agrovet Limited among others, are the major players in the global palm kernel oil market.
The global palm kernel oil market witnessed a CAGR of 3.5% in the historical period of 2016-2020 and is expected to grow robustly in the forecast period. As per the analysis by Expert Market Research, the market is likely to be supported by extensive applications of palm kernel oil in various end-use industries.
As palm kernel oil’s saturated fat content amounts to more than 80%, it is more solid than palm oil, which is surging its use in the processing of soaps, creams, cosmetics, detergents, and lotions, among others. With the growing preference for natural ingredients in the personal care and cosmetics industry, the demand for palm kernel oil in naturally-formulated skincare and beauty products is rising.
The increasing demand for edible oils like palm kernel oil in the food industry amid the growing health-consciousness is significantly contributing to the market growth. The growing use of palm kernel oil as partial CB replacers in confectionery and bakery products is also aiding the market. With palm kernel oil being a tropical oil, its wide utilisation in frostings and chocolates is fuelling the market growth. In addition, the increasing industrial applications of palm kernel oils in the production of biodiesels and lubricants are likely to support the market growth.
The introduction of favourable initiatives by several governments to boost the cultivation of palm kernel oils is anticipated to positively influence the market. Various leading chemical companies like BASF are extensively sourcing palm kernel oil and utilising it as their primary renewable raw material. This is likely to bolster the demand for palm kernel oil in the production of solutions for the cleaning, detergents, and cosmetics industries.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
|Headquarters:||Minnesota, United States|
Cargill is a major agriculture company that connects farmers with markets and consumers with ingredients to ensure robust food supply chain. With operations in 70 countries, the company boasts of an employee base of 155,000 people. Its global operations include segments like protein and salt, financial services and metals, agricultural supply chains, and food ingredients and bio-industrials. Its services and products are used across various end-use sectors, including animal nutrition, personal and beauty care, foodservice, agricultural, and pharmaceuticals, among others.
Wilmar is a major agribusiness group, based in Singapore. It is a pioneer in oilseed crushing, merchandising, and processing of edible oils, sugar merchandising, and producing speciality fats, oleochemicals, and palm biodiesel. With over 500 manufacturing plants and a workforce of 100,000 people, the company attained net profit of USD 1.89 billion in 2021. It is a leading processer and merchandiser of lauric and palm oils in the world.
Sime Darby is one of the leading industrial and motor companies in the Asia Pacific. The company’s core businesses include motors, logistics, healthcare, and industrial, among other businesses. With workforce of 21,000 employees in 19 countries, the company aims to develop a portfolio of sustainable solutions. In 2021, it acquired Salmon Earthmoving Holdings Pty Ltd to complement and strengthen its industrial portfolio in Australia. In 2021, the company’s revenue reached RM 10.6 billion.
|Headquarters:||Pasir Panjang, Singapore|
Golden Agri-Resources is a leading seed-to-shelf agribusiness and a vertically integrated palm oil plantation company that aims to produce sustainable palm oil. With operations across 13 countries, its products are delivered around 100 countries across the globe, including India, the United States, and China. In 2021, it produced over 2.35 million tonnes of crude palm oil and managed nearly 536,000 hectares of plantations.
Godrej Agrovet Limited is a food and agriculture company that aims to improve the productivity of Indian farmers. The company offers innovative services and products to sustainably boost livestock and crop yields. With 62 manufacturing plants, the company is a leading producer of palm oil and one of the major commercial feed millers. Its significant businesses include crop protection, aqua feed, oil palm, and animal feed, among others.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.