Global Palm Oil Market: By Application: Foods, Consumer Products, Energy; By Region: North America, Europe, APAC, LATAM and Middle East and Africa; Historical Market (2014-2018), Market Forecast (2019-2024); Market Drivers, Opportunities and Threats; Competitive Landscape; Regional Price Analysis; Trade Analysis; Cost Analysis

Global Palm Oil Market Key Insights:

  • Oil Types: Palm, Soybean, Rapeseed, Sunflower, Others
  • Market Analysis
  • Market Outlook 2019-2024
  • Trade Data Analysis
  • Production Breakup by Region
  • Consumption Breakup by Region
  • Competitive Landscape
  • Capacity Addition & Plant Turnarounds
  • Mergers & Acquisitions


Market Outlook

The global palm oil market attained a production volume of more than 70 million tonnes in 2018. The market is further expected to grow in the forecast period of 2019-2024 at a CAGR of nearly 1.9% to reach 79.6 million tonnes in 2024. The global palm oil market is being driven by its ease of availability, diverse applications, and its lower cost compared to other vegetable oils.

In 2017, India was the major importer of palm oil, importing nearly 10 million tonnes of the same. The EU and China followed India as the leading importers. Over the years, its demand has multiplied, with imports almost tripling in 2017 as compared to 2000. India was also the leading consumer of palm oil in 2018, accounting for about 20% of the global consumption. A majority of it is consumed in India is used in food followed by other industrial uses. Its growing demand in India stems from the rapidly growing population, which has led to an increase in the per capita consumption. The palm oil market in China, another major importer, is influenced by the rising demand from sectors like food, feed, and oleochemicals. In the EU, the second largest importer of the same, it is increasingly used as a feedstock in the biodiesel production.

Indonesia and Malaysia are the major exporters with Indonesia accounting for over half the global palm oil imports. Southeast Asia, Africa, and South American countries like Papua New Guinea, Guatemala, Colombia, Benin, Honduras, and Ecuador are the other significant exporters globally. Biodiesel application accounts for a significant proportion of its demand. While, initially, Indonesia was exporting more palm oil for biodiesel production than it was using it for the same application domestically, in 2017, Indonesia consumed more palm oil biodiesel than it exported. It utilised 2.6 billion litres of palm oil as a feedstock for domestic biodiesel production while exporting 190 million litres of the same as a biodiesel feedstock. The demand is expected to be strong in the forecast period too.

Properties and Application

Palm oil is the leading vegetable oil in the market and is chiefly grown in tropical countries. Originated in West Africa, it is a high-quality oil procured from oil palm trees. While they are primarily used in foods in developing economies, they have a wide range of versatile applications. They are found in products like detergents, soaps, skin-care products, lipsticks, and ice cream, among others. In the twenty-first century, biofuel is a robustly growing application sector.

The market can be broadly categorised on the basis of its applications into:

  • Food Products
  • Consumer Products
  • Energy

The EMR report looks into the production and consumption of the oil in North America, LATAM, Europe, Middle East and Africa, and Asia Pacific regions.

Market Analysis

Palm oil along with soybean oil is the major vegetable oil available in the market. In 2017, they accounted for almost 63% of the total vegetable oil output. It remained the leading vegetable oil in the market. Oil palm is the main oilseed crop in significant markets like Malaysia and Indonesia.

The global palm oil market is being driven by the rising population leading to an increase in the per capita consumption. With governments, globally, attempting to curb trans-fat consumption, the market has received a further upward push. Changing dietary preferences and rising demand from end-use sectors is also fuelling the growth of the market. Their lower energy consumption during the production process and low land requirement while generating more oil per hectare make them more sustainable.

The food sector is the leading application sector for palm oil accounting for 71% of the application, followed by the energy sector. Its average consumption between 2017 and 2018 was 63 million tonnes, most of which was used as edible oil in Southeast Asia. The biodiesel market is witnessing a growth in Southeast Asian countries, especially in crucial palm oil producing countries like Indonesia and Malaysia. The Southeast Asia market accounts for over a quarter of the palm oil used in the biodiesel produced in the EU. Palm oil accounts for 31% of the biodiesel feedstock and is the major feedstock for biodiesel followed by soybean oil and rapeseed oil. It also finds uses in skin creams, soaps, and biodegradable laundry detergents.

Its production is expected to see an increase in the forecasted period with the planned growth and replanting in the area along with the utilisation of more higher yield hybrid varieties. EU legislation requiring palm oil for biodiesel production has provided further impetus to the market. The market is expected to be driven by the increased consumption in food applications.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global palm oil market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Wilmar International Ltd.
  • Cargill, Incorporated
  • Bunge Limited
  • Archer Daniels Midland Company
  • IOI Corporation Bhd
  • Others

The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s five forces.

1    Preface
2    Research Methodology
3    Executive Summary

    3.1    Market Overview
    3.2    Key Players
    3.3    Supply Market Changes
    3.4    Key Demand Drives
    3.5    Market Opportunities & Threats
4    Global Vegetable Oil Market Overview
    4.1    Historical Consumption (2014-2018) & Forecast (2019-2024)
    4.2    Historical Production (2014-2018) & Forecast (2019-2024) 
    4.3    Market Breakup by Region
        4.3.1    Asia Pacific
        4.3.2    North America
        4.3.3    Europe
        4.3.4    Middle East & Africa
        4.3.5    Latin America
5    Global Palm Oil Market Outlook
6    Global Palm Oil Market 
    6.1    Global Palm Oil Market Analysis

        6.1.1    Chart: Historical Consumption (2014-2018) & Forecast (2019-2024)
        6.1.2    Chart: Historical Production (2014-2018) & Forecast (2019-2024)
        6.1.3    Chart: Breakup by Application
      Food Products
      Consumer Products    
        6.1.4    Figure: Historical Production (2014-2018) & Forecast (2019-2024)
      North America
      Asia Pacific
      Latin America
      Middle East & Africa
        6.1.5    Figure: Historical Consumption (2014-2018) & Forecast (2019-2024)
      North America
      Asia Pacific
      Latin America
      Middle East & Africa
    6.2    SWOT Analysis
        6.2.1    Overview
        6.2.2    Strengths
        6.2.3    Weaknesses 
        6.2.4    Opportunities
        6.2.5    Threats
    6.3    Value Chain Analysis
    6.4    Porter’s Five Forces Analysis

        6.4.1    Overview
        6.4.2    Buyer’s Power
        6.4.3    Supplier’s power
        6.4.4    New Entrants
        6.4.5    Degree of Rivalry
        6.4.6    Substitutes
    6.5    Global (HS Code-1511) Trade Analysis (2018) 
        6.5.1    Major Exporting Countries by Value & Volume
        6.5.2    Major Importing Countries by Value & Volume
    6.6    Global Palm Oil Market Price Analysis
        6.6.1    North America Historical Price Trends (2014-2018) & Forecast (2019-2024)
        6.6.2    Europe Historical Price Trends (2014-2018) & Forecast (2019-2024)
        6.6.3    Asia Pacific Historical Price Trends (2014-2018) & Forecast (2019-2024)
        6.6.4    Latin America Historical Price Trends (2014-2018) & Forecast (2019-2024)
        6.6.5    Middle East & Africa Historical Price Trends (2014-2018) & Forecast (2019-2024)
7    Competitive Landscape & Supplier Analysis
    7.1    Wilmar International Ltd.
    7.2    Cargill, Incorporated
    7.3    Bunge Limited
    7.4    Archer Daniels Midland Company
    7.5    IOI Corporation Bhd
    7.6    Others
8    Events & Developments

Additional Customisations Available: 

9    Manufacturing Process
    9.1     Detailed Process Flow
    9.2     Operations Involved
    9.3     Mass Balance
10    Cost Analysis
    10.1    Land, Location & Site Development
    10.2    Construction
    10.3    Plant Machinery
    10.4    Cost of Raw Material
    10.5    Packaging
    10.6    Transportation
    10.7    Utilities
    10.8    Manpower
    10.9    Other Capital Investment

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