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Global Palm Oil Market: By Application: Food Products, Consumer Products, Energy; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Value Chain Analysis; Trade Analysis; Price Analysis; Competitive Landscape; Industry Events and Developments
Global Palm Oil Market Outlook
The global palm oil market size reached a volume of almost 76.61 MMT in the year 2022. The market is further expected to grow at a CAGR of 2.8% between 2023 and 2028 to reach a volume of almost 90.42 MMT by 2028.
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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 the 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.
Market Segmentation
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.
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The industry can be broadly categorised on the basis of its applications into:
- Food Products
- Consumer Products
- Energy
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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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 industry. 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 industry has received a further upward push. Changing dietary preferences and rising demand from end-use sectors is also fuelling the growth of the industry. 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 industry 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 industry. The industry is expected to be driven by the increased consumption in food applications.
Competitive Landscape
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:
- Wilmar International Ltd.
- Cargill, Incorporated
- Bunge Limited
- Archer Daniels Midland Company
- Others
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.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Application, Region |
| Breakup by Application | Food Products, Consumer Products, Energy |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Price Analysis | Historical and Forecast Price Trends- Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Wilmar International Ltd., Cargill, Incorporated, Bunge Limited, Archer Daniels Midland Company, Others |
| 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. |
*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.
1 Preface
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
6 Snapshot
6.1 Global
6.2 Regional
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
8.4.2 Europe
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
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2022)
9.4.1.3 Forecast Trend (2023-2028)
9.4.2 Consumer Products
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2022)
9.4.2.3 Forecast Trend (2023-2028)
9.4.3 Energy
9.4.3.1 Market Share
9.4.3.2 Historical Trend (2018-2022)
9.4.3.3 Forecast Trend (2023-2028)
9.5 Global Palm Oil Market by Region
9.5.1 Market Share
9.5.1.1 North America
9.5.1.2 Europe
9.5.1.3 Asia Pacific
9.5.1.4 Latin America
9.5.1.5 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
10.1.3.2 Canada
10.2 Europe
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
10.2.3.2 Germany
10.2.3.3 France
10.2.3.4 Italy
10.2.3.5 Others
10.3 Asia Pacific
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.3.3 Market by Country
10.3.3.1 China
10.3.3.2 Japan
10.3.3.3 India
10.3.3.4 ASEAN
10.3.3.5 Australia
10.3.3.6 Others
10.4 Latin America
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.4.3 Market by Country
10.4.3.1 Brazil
10.4.3.2 Argentina
10.4.3.3 Mexico
10.4.3.4 Others
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
10.5.3.3 Nigeria
10.5.3.4 South Africa
10.5.3.5 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
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 Key Players’ Market Share
15.3 Company Profiles
15.3.1 Wilmar International Ltd.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Demographic Reach and Achievements
15.3.1.4 Financial Summary
15.3.1.5 Certifications
15.3.2 Cargill, Incorporated
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Demographic Reach and Achievements
15.3.2.4 Financial Summary
15.3.2.5 Certifications
15.3.3 Bunge Limited
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Demographic Reach and Achievements
15.3.3.4 Financial Summary
15.3.3.5 Certifications
15.3.4 Archer Daniels Midland Company
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Demographic Reach and Achievements
15.3.4.4 Financial Summary
15.3.4.5 Certifications
15.3.5 Others
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
2.2. Construction
2.3. Plant Machinery
2.4. Cost of Raw Material
2.5. Packaging
2.6. Transportation
2.7. Utilities
2.8. Manpower
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
Key Questions Answered in the Report
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 almost 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, and Archer Daniels Midland Company, among others.
Analyst Review
The global palm oil market attained a volume of 76.61 MMT in the year 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, and 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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