Global Palm Oil Market to Grow at a CAGR of 3.6% between 2019-2024

Indonesia and Malaysia are the leading producers of palm oil in the global palm oil market. They are also its major exporters. Indonesia, currently, accounts for over 50% of the global exports of the oil. A significant proportion of the export demand of the vegetable oil comes from the rising demand for palm oil as a biodiesel feedstock. Indonesia has been increasing its domestic application of palm oil as a biodiesel feedstock. In 2018, the government of Indonesia mandated the use of diesel containing 20% locally manufactured biodiesel, known as B20. This step by the government is expected to boost the local palm oil industry and reduce the country’s dependency on fuel imports, especially, amidst increasing prices of crude oil. The mandate includes all diesel users under its purview from cars to railways and power plant. It is expected to save the country almost USD 6 billion annually.

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The palm oil market might be affected by the Renewable Energy Directive (RED) by the EU which aims to phase out biofuels manufactured from raw materials associated with high land-use, like oil palm, over the next decade. This might prove detrimental to major palm oil markets like Indonesia and Malaysia as the EU is a major importer of palm oil used in the production of biodiesel. The countries might attempt to offset the projected loss by increasing their exports to countries like India and China.

In India and China, the oil finds its primary use in the food sector as a cheap cooking oil. In 2018, India was a leading consumer of palm oil, accounting for a fifth of its consumption. The use of palm oil in the country saw a substantial growth between 2000-2017, with its imports almost tripling in size. India imported almost 10 million tonnes of the oil in 2017. With the rising demand for edible oil, specifically palm oil, in India, the country is looking to expand its domestic production to meet the mounting demand.

Market Analysis by Applications and Regions:

• Palm oil finds its major applications in food and consumer products along with the energy sector.
• North America, Europe, Asia Pacific, Latin America, and Middle East and Africa are the major regional markets for palm oil.

Key Findings of the Reports:

• In 2017, palm oil along with soybean oil accounted for nearly 63% of the global vegetable oil production.
• The main oilseed crops in markets like Indonesia and Malaysia was oil palm.
• The rising per capita consumption of palm oil due to the growing population is aiding the market growth.
• Government schemes to decrease the consumption of trans-fat is also driving the industry.
• The leading application sector for palm oil is the food sector which represented 71% of its application, followed by the energy sector.
• A majority of the palm oil output is used as edible oil in Southeast Asia.
• Palm oil is the leading feedstock for biodiesel accounting for 31% of the feedstock, followed by soybean oil and rapeseed oil. 
• It finds extensive application in the home and personal care sector in products like soaps, biodegradable laundry detergents, and skin creams. 

Key Offerings of the Report:

• The EMR report gives an in-depth analysis of the historical (2014-2018) and forecasted (2019-2024) consumption and production of the vegetable oil as well as palm oil.
• The report provides the regional production and consumption of palm oil for the periods (2014-2018) and (2019-2024).
• It analyses the global trade data for 2018, looking into the volume and value of the major exporting and importing countries.
• It also offers a detailed analysis of the regional historical (2014-2018) and forecasted (2019-2024) price trends.

Wilmar International Ltd., Cargill, Incorporated, Bunge Limited, Archer Daniels Midland Company, and IOI Corporation Bhd, among others, are the key players in the global palm oil market. The EMR report looks in-depth into their market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds.

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