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The global palm oil market size reached a volume of approximately 78.76 MMT in 2023. The market is further expected to grow at a CAGR of 2.8% between 2024 and 2032 to reach a volume of around 100.98 MMT by 2032.
Palm oil is the leading vegetable oil in the market and is chiefly grown in tropical countries. Originating in West Africa, it is a high-quality oil procured from oil palm trees. As per the palm oil analysis report, while these oils 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 rising demand for palm oil as a result of people's increasing awareness of its health advantages is among the key palm oil market trends. Also, the increasing use of palm oil as a substitute for petroleum-based diesel to prevent the build-up of carbon in diesel engines is providing a positive outlook for the market.
There is also an increase in the use of palm oil to improve the texture and moisturising properties of perfumes as well as a variety of skincare and beauty products, including body lotions, concealers, mascara, foundation, lipstick, and foundation. This is assisting in increasing the market share, as is the growing use of palm oil in the production of detergents, shampoos, and conditioners to enhance their foaming capabilities. Since palm oil is a more affordable alternative to other vegetable oils and is more readily available on the market, the demand for it from individuals and households in underdeveloped nations has surged, supporting a positive palm oil demand forecast.
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The palm oil market growth is being driven by its ease of availability, diverse applications, and lower cost compared to other vegetable oils. According to the market report, India is a significant importer of palm oil, followed by the European Union and China. Over the years, the demand for palm oil has multiplied.
India has been a leading consumer of palm oil a majority of which is consumed in food followed by other industrial uses. The market in China, another major importer, is influenced by the rising demand from sectors like food, feed, and oleochemicals. In the European Union, palm oil is increasingly used as a feedstock in biodiesel production. Meanwhile, the North America palm oil market is being driven by the increasing use of palm oil in cooking and as a feedstock for the production of biodiesel.
The market can be broadly categorised on the basis of its application into:
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Food products occupy a significant market share. The growing global population and the expansion of the middle class in developing countries have increased the demand for processed and packaged foods, which often contain palm oil. Palm oil is an incredibly versatile ingredient used in a wide range of food products. It's found in everything from baked goods and snacks to frying oils and margarine. Its ability to maintain stability at high temperatures and its semi-solid state at room temperature makes it a preferred choice for many food manufacturers.
It is one of the most economical cooking oils to produce as its high yield per hectare and relatively low production costs compared to other vegetable oils, like soybean or canola oil, make it an attractive option for food manufacturers looking to minimise production costs.
Palm oil contributes to the desirable texture of many processed foods and can help extend shelf life. Its oxidative stability helps prevent spoilage and rancidity in food products, which is particularly important for the shelf-stability of packaged foods.
Although the health impacts of saturated fats are debated, palm oil's saturated fat content makes it a useful alternative to trans fats, which have been largely phased out due to health concerns. Palm oil can provide a similar texture and mouthfeel to trans fats in many food products.
The report also covers the major regional markets for palm oil, which are as follows:
Palm oil along with soybean oil is the major vegetable oil available in the market. Oil palm is the main oilseed crop in significant markets like Malaysia and Indonesia, which is supporting the market expansion.
The palm oil market demand 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 are also fuelling the market share. 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, followed by the energy sector, with extensive usage as edible oil in Southeast Asia. The biodiesel sector is witnessing growth in Southeast Asian countries, especially in crucial palm oil-producing countries like Indonesia and Malaysia, thus aiding the Malaysia market for palm oil. Palm oil is commonly used as biodiesel feedstock followed by soybean oil and rapeseed oil. It also finds uses in skin creams, soaps, and biodegradable laundry detergents.
The production of palm oil is expected to see an increase in the forecast period with the planned growth and replanting along with the utilisation of higher-yield hybrid varieties. The EU legislation requiring palm oil for biodiesel production has provided further impetus to the market.
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The Asia Pacific region accounts for a substantial palm oil market share. The Asia Pacific region is home to the world's largest palm oil producers, notably Indonesia and Malaysia, which together account for the majority of global palm oil production. The availability and accessibility of palm oil in these countries significantly contribute to its high demand.
The region's rapidly growing population and economic development led to increased demand for edible oils, including palm oil. As economies grow, there is a rise in consumption levels and changes in dietary patterns, often leading to greater consumption of processed and packaged foods that commonly use palm oil.
Palm oil is widely used in the food sector as a cooking oil and an ingredient in a vast array of products, from snacks and baked goods to instant noodles and confectionery. Its versatility, cost-effectiveness, and functional properties, such as oxidative stability and texture, make it a preferred choice for food manufacturers.
Beyond the food sector, there is a growing demand for palm oil in industrial applications, including biofuels (particularly biodiesel), personal care products, and cosmetics. The biofuel sector, in particular, has seen significant growth in the Asia Pacific, driven by government mandates and policies supporting biofuel usage.
The report gives a detailed analysis of the following key players in the global palm oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global palm oil market attained a volume of almost 78.76 MMT.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 2.8%.
By 2032, the market is estimated to reach a volume of 100.98 MMT
The major drivers of the market growth include rising disposable incomes, increasing population, increasing demand from the food sector, rising health consciousness, and growing demand for biofuel.
The growing shift from trans-fat to healthier alternatives and the rising adoption of biofuels in countries across the globe are the key trends in the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The food sector accounts the largest market share of 71% among other application sectors.
The key players in the market include Wilmar International Ltd., Cargill, Incorporated, Bunge Limited, Archer Daniels Midland Company, PT Astra Agro Lestari Tbk, FGV Holdings Berhad, Sime Darby Plantation Berhad., Kuala Lumpur Kepong Berhad, RGE Pte Ltd, Musim Mas Group, IOI Corporation Berhad, and Golden Agri-Resources Ltd, among others.
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