The global palm oil market size reached a volume of approximately 76.61 MMT in 2022. The market is further expected to grow at a CAGR of 2.8% between 2023 and 2028 to reach a volume of around 90.42 MMT by 2028.
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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 supporting market growth. 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 palm oil 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.
The global palm oil market is being driven by its ease of availability, diverse applications, and its lower cost compared to other vegetable oils. According to the palm oil 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. As per the palm oil outlook, India has been a leading consumer of palm oil a majority of which is consumed in food followed by other industrial uses. The palm oil market in China, another major importer, is influenced by the rising demand from sectors like food, feed, and oleochemicals. In the European Union, the palm oil is increasingly used as a feedstock in the 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.
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. 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.
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The industry can be broadly categorised on the basis of its applications into:
The report also covers the regional palm oil markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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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, with is supporting the oil palm market expansion.
The global palm oil market growth 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 palm oil industry. Their lower energy consumption during the production process and low land requirement while generating more oil per hectare make them more sustainable.
As per the palm oil industry analysis, 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 industry is witnessing growth in Southeast Asian countries, especially in crucial palm oil producing countries like Indonesia and Malaysia, thus aiding the Malaysia palm oil market. 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 more higher yield hybrid varieties. EU legislation requiring palm oil for biodiesel production has provided further impetus to the industry. The palm oil global market is expected to be driven by the increased consumption in food applications.
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 palm oil market based on the Porter's five forces model along with giving a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Application||
|Breakup by Region||
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*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.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Market Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 Global Vegetable Oil Market Overview
8.1 Key Industry Highlights
8.2 Global Vegetable Oil Historical Market (2018-2022)
8.3 Global Vegetable Oil Market Forecast (2023-2028)’
8.4 Global Vegetable Oil Market by Region
8.4.1 North America
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East & Africa
9 Global Palm Oil Market Analysis
9.1 Key Industry Highlights
9.2 Global Palm Oil Historical Market (2018-2022)
9.3 Global Palm Oil Market Forecast (2023-2028)
9.4 Global Palm Oil Market by Application
9.4.1 Food Products
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9.4.2 Consumer Products
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9.5 Global Palm Oil Market by Region
9.5.1 Market Share
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
126.96.36.199 Middle East and Africa
10 Regional Analysis
10.1 North America
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.1.3 Market by Country
10.1.3.1 United States of America
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.2.3 Market by Country
10.2.3.1 United Kingdom
10.3 Asia Pacific
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.3.3 Market by Country
10.4 Latin America
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.4.3 Market by Country
10.5 Middle East and Africa
10.5.1 Historical Trend (2018-2022)
10.5.2 Forecast Trend (2023-2028)
10.5.3 Market by Country
10.5.3.1 Saudi Arabia
10.5.3.2 United Arab Emirates
10.5.3.4 South Africa
11 Market Dynamics
11.1 SWOT Analysis
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyers Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Trade Analysis (HS Code- 2309)
13.1 Major Exporting Countries by Value & Volume
13.2 Major Importing Countries by Value & Volume
14 Price Analysis
14.1 North America Historical Price Trends (2018-2022) & Forecast (2023-2028)
14.2 Europe Historical Price Trends (2018-2022) & Forecast (2023-2028)
14.3 Asia Pacific Historical Price Trends (2018-2022) & Forecast (2023-2028)
14.4 Latin America Historical Price Trends (2018-2022) & Forecast (2023-2028)
14.5 Middle East & Africa Historical Price Trends (2018-2022) & Forecast (2023-2028)
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Wilmar International Ltd.
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
15.2.2 Cargill, Incorporated
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
15.2.3 Bunge Limited
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
15.2.4 Archer Daniels Midland Company
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
15.2.5 PT Astra Agro Lestari Tbk
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
15.2.6 FGV Holdings Berhad
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
15.2.7 Sime Darby Plantation Berhad.
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
15.2.8 Kuala Lumpur Kepong Berhad
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
15.2.9 RGE Pte Ltd
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
15.2.10 Musim Mas Group
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
15.2.11 IOI Corporation Berhad
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
15.2.12 Golden Agri-Resources Ltd
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
16 Industry Events and Developments
Additional Customisations Available
1 Manufacturing Process
1.1 Detailed Process Flow
1.2 Operations Involved
1.3 Mass Balance
2 Cost Analysis
2.1 Land, Location & Site Development
2.3 Plant Machinery
2.4 Cost of Raw Material
2.9 Other Capital Investment
List of Key Figures and Tables
1. Global Vegetable Oil Market: Key Industry Highlights, 2018 and 2028
2. Global Vegetable Oil Historical Market: Breakup by Region (Million Tons), 2018-2022
3. Global Vegetable Oil Market Forecast: Breakup by Region (Million Tons), 2023-2028
4. Global Palm Oil Market: Key Industry Highlights, 2018 and 2028
5. Global Palm Oil Historical Market: Breakup by Application (Million Tons), 2018-2022
6. Global Palm Oil Market Forecast: Breakup by Application (Million Tons), 2023-2028
7. Global Palm Oil Historical Market: Breakup by Region (Million Tons), 2018-2022
8. Global Palm Oil Market Forecast: Breakup by Region (Million Tons), 2023-2028
9. North America Palm Oil Historical Market: Breakup by Country (Million Tons), 2018-2022
10. North America Palm Oil Market Forecast: Breakup by Country (Million Tons), 2023-2028
11. Europe Palm Oil Historical Market: Breakup by Country (Million Tons), 2018-2022
12. Europe Palm Oil Market Forecast: Breakup by Country (Million Tons), 2023-2028
13. Asia Pacific Palm Oil Historical Market: Breakup by Country (Million Tons), 2018-2022
14. Asia Pacific Palm Oil Market Forecast: Breakup by Country (Million Tons), 2023-2028
15. Latin America Palm Oil Historical Market: Breakup by Country (Million Tons), 2018-2022
16. Latin America Palm Oil Market Forecast: Breakup by Country (Million Tons), 2023-2028
17. Middle East and Africa Palm Oil Historical Market: Breakup by Country (Million Tons), 2018-2022
18. Middle East and Africa Palm Oil Market Forecast: Breakup by Country (Million Tons), 2023-2028
19. Major Importing Countries by Volume (2020)
20. Major Exporting Countries by Volume (2020)
21. Major Importing Countries by Value (2020)
22. Major Exporting Countries by Value (2020)
23. North America Historical Price Trends and Forecast 2018-2028
24. Europe Historical Price Trends and Forecast 2018-2028
25. Asia Pacific Historical Price Trends and Forecast 2018-2028
26. Latin America Historical Price Trends and Forecast 2018-2028
27. Middle East and Africa Historical Price Trends and Forecast 2018-2028
28. Global Palm Oil Market Structure
In 2022, the global palm oil market attained a volume of almost 76.61 MMT.
In the forecast period of 2023-2028, the market is projected to grow at a CAGR of 2.8%.
By 2028, the market is estimated to reach a volume of 90.42 MMT by 2028
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.
The global palm oil market attained a volume of 76.61 MMT in 2022 driven by the rising demand from the food industry and growing health consciousness. Aided by the rising adoption of biodiesel, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 2.8%. The market is projected to reach 90.42 MMT by 2028.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of application, the food sector accounts for 71% in the global market. The major regional markets for North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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