Posted on 05 Dec 2018

Global Palm Oil Market to Reach a Volume of 112 Million Tons by 2024

Originated in West-Africa, palm oil is a type of edible vegetable oil which is derived from the fruits of the most efficient type of oilseed crop, i.e. oil palm tree. It has, today, emerged as the foremost global source of vegetable oil and currently represents the second most traded vegetable oil crop in the world. This can be attributed to its adequate availability, versatility in usage, and lower cost as compared to other vegetable oils.

The production of palm oil is sustainable as compared to other crop based vegetable oils like soybean and rapeseed as it requires lesser energy in its production process and yields more oil per hectare. According to a new report by Expert Market Research, the global palm oil market reached a consumption volume of 80 Million Tons in 2018 and is further expected to reach 112 Million Tons by 2024

Uses of palm oil in various industries make it a versatile product. As it has great cooking properties and can be used in even high temperatures, it represents an essential product in the food industry. It is also used as an active ingredient in many skin-care and cosmetic products. Besides this, palm oil is now being used as an ingredient in bio-diesel and as a fuel for producing electricity in power stations.

In recent years, governments across various nations have taken initiatives to curb the consumption of trans-fat which has resulted in the increased use of palm oil. Moreover, changing consumer preferences and growing demand from diverse end-use industries have also fuelled the global demand for palm oil.

                                                       Global Palm Oil Market

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Key findings from the report:

  • Palm oil serves a number of application domains which include food, consumer products and energy. Majority of the palm oil is used by the food industry followed by consumer products and energy.
  • In 2018, Indonesia and Malaysia represented the largest global producers of palm oil and together accounted for the majority of the total global production.
  • India was the largest consumer of the palm oil and accounted for more than one-fifth of the total global palm oil consumption. India was followed by Indonesia, China, the European Union and Malaysia.
  • Being consolidated in nature, the global palm oil market is surrounded by a number of dominant players, namely, Wilmar International, Sime Darby Bhd, IOI Corporation, Astra Agro, KL Kepong and Golden Agri.
  • Manufacturers are shifting their focus to produce high-value products using sustainable ways of production.  

Expert Market Research has analysed the global palm oil market according to application, major regions and top players:

Market breakup by Application

  • Food
  • Consumer Products
  • Energy

 Production breakup by Region

  • Indonesia
  • Malaysia
  • Others

Consumption breakup by Region

  • India
  • Indonesia
  • China
  • The European Union
  • Malaysia
  • Pakistan
  • Thailand
  • Others

Top players

  • Wilmar International
  • Sime Darby Berhad
  • IOI Corporation
  • Astra Agro
  • KL Kepong
  • Golden Agri Resources Ltd.

About Us

Expert Market Research (EMR) is a market research and consultancy firm providing syndicated and custom research along with consultancy services to a wide clientele base which includes Fortune 1000 companies as well as small and medium enterprises. With our tailored approach, the clients gain valuable and unbiased insights that help to improve their competitive edge and realize sustainable growth.

With a keen focus on the qualitative aspect as well as accuracy of the reports, we align our resources and services as per the client’s requirement and offer a flexible engagement model that best suits their needs. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical & Materials, Energy & Mining, Packaging and Agriculture.


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