(MENAFN- Ameliorate Digital Consultancy) The Global Palm Oil Market is projected to reach USD 108.54 billion by 2031, at a CAGR of 5.5%, from USD 66.84 billion in 2022. The palm oil market is expected to continue to grow in the coming years due to rising consumer awareness and demand for transparency, industrial applications, and technological advancements and research. Palm oil, a versatile vegetable oil, is made from the fruit of oil palm trees. It is frequently used as a component in food, cosmetics, and biofuels due to its high production and versatility. However, the challenges associated with its production, such as habitat destruction, labor, and deforestation, have aroused ethical and environmental controversy.
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The production of ethical palm oil is encouraged by sustainable practices in an effort to lessen these problems. The palm oil market is a significant player in the global vegetable oil industry. The oil palm tree, which originated in West Africa but is currently primarily grown in Southeast Asia, provides the bulk of the material for its extraction. The versatility and low cost of palm oil have made it a popular ingredient in a wide range of products, including food, cosmetics, cleaning supplies, and biofuels. The largest producers of palm oil are Indonesia and Malaysia, which account for over one-third of all vegetable oils produced globally. As a result of the industry's criticism for its environmental impact, particularly deforestation and habitat destruction, calls for sustainable practices and certification programs like RSPO (Roundtable on Sustainable Palm Oil) have evolved. Customers' growing awareness of these sustainability-related issues and the consequent increase in demand for products advertised as using sustainable palm oil has an additional impact on the market. Many companies have committed to using palm oil sourced from sustainably managed sources in their products. Many companies have pledged to utilize palm oil from sourcing that is responsibly managed in their products. Initiatives to generate alternate, more environmentally friendly vegetable oils were also in progress to decrease the impact of palm oil on the environment.
In September 2023, Top palm oil buyer India anticipates a 26% increase in imports to reach a record 10 million tonnes. In the 2022–23 fiscal year that ends on October 31, India's imports of palm oil are expected to climb by 26% to a record level as refiners raise their purchases in response to recovering consumer demand and competitive prices.
In February 2023, Fastmarkets acquired Palm Oil Analytics to further its growth. Fastmarkets can move forward with its plans to support trade and investment decisions throughout vegetable oil markets, including those for biofuels and renewable energy sources, thanks to the purchase of Palm Oil Analytics.
Market Dynamics
The global palm oil market is split into organic and conventional products based on the natural world. The traditional category controls the highest revenue portion of the market. The CPO, palm kernel oil, RBD palm oil, and fractionated palm oil segments of the global palm oil market are separated based on the product. With the biggest revenue share, the fractionated palm oil category dominates the world market. The global palm oil market is divided into categories for food & beverage, biofuel & energy, pharmaceuticals, personal care & cosmetics, and others based on end-use. The market for palm oil is dominated by the food and beverage sector. There are many complex forces at play on the palm oil market. Global demand for palm oil has expanded due to changing dietary trends and growing populations, which is supported by the oil's availability and adaptability. The extraction of palm oil has been linked to habitat loss and deforestation, thus this surge in demand has raised questions about sustainability and the environment. This has prompted the development of sustainability certification programs like RSPO and a rise in customer preference for products labeled“sustainable palm oil.” The production has been concentrated in Malaysia and Indonesia, which together control the majority of the global market. Weather, political restrictions, and environmental initiatives have all had a significant impact on the production levels and market dynamics in these nations. Since some countries have imposed tariffs and import restrictions on palm oil due to environmental concerns, it has impacted international trade flows, and the palm oil industry has also experienced regulatory challenges. Additionally, the palm oil market is well recognized for its price volatility, which is impacted by factors including climate variations and world economic conditions. This volatility has an effect on both how profitable producers are and how much consumers must pay for products that contain palm oil. Despite these challenges, there has been an increase in financing for ecologically friendly manufacturing techniques and technology as well as the hunt for substitute vegetable oils. In response to shifting consumer demands, businesses have modified their operations to use sustainable palm oil or investigate other oil sources. A complex interplay of economic, environmental, and social factors affects the palm oil market. In order to address sustainability challenges and adapt to changing market dynamics, efforts are being made.
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Regional Analysis
The palm oil market in Asia Pacific is expected to lead globally. In the Asia-Pacific region, particularly in Malaysia and Indonesia, palm oil is produced in large quantities. Because these two countries generate the majority of the world's palm oil, the area is a center of production. One of the greatest domestic palm oil consumption rates is seen in the Asia-Pacific area. The widespread usage of processed foods and fried foods in the diets of the public has a big impact on how much palm oil is used in the food sector. The demand for palm oil has increased as a result of the rising urbanization and industrialization of Asia-Pacific, particularly in the production of biodiesel, detergents, and personal care items. The strong economic growth in countries like China and India has increased consumer spending and the demand for items using palm oil.
The report “ Palm Oil Market Size, Share & Trends Analysis Report by Nature (Organic and Conventional), by Product (CPO, Palm Kernel Oil, RBD Palm Oil, and Fractionated Palm Oil), by End-Use (Personal Care & Cosmetics, Food & Beverage, Biofuel & Energy, Pharmaceuticals, and Others), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from:
Further key findings from the report suggest :
The global palm oil market is predicted to register a compound annual growth rate (CAGR) of 5.5% over the projected period of 2023-2031. Asia Pacific will be the leading region of the global palm oil market during the forecast period of 2023-2031. The major key players in the global palm oil market are: ADM; Wilmar International Ltd.; Sime Darby Plantation Berhad; IOI Corporation Berhad; Kuala Lumpur Kepong Berhad; United Plantations Berhad; Kulim (Malaysia) Berhad; IJM Corporation Berhad; PT Sampoerna Agro, Tbk; Univanich Palm Oil Public Company Ltd.; PT. Bakrie Sumatera Plantations tbk; and Asian Agri.
Econ Market Research has segmented the global palm oil market based on nature, product, end-use and region:
Palm Oil Market by Nature Outlook (Revenue, USD Billion, 2023-2031)
Palm Oil Market by Product Outlook (Revenue, USD Billion, 2023-2031)
CPO Palm Kernel Oil RBD Palm Oil Fractionated Palm Oil
Palm Oil Market by End-Use Outlook (Revenue, USD Billion, 2023-2031)
Personal Care & Cosmetics Food & Beverage Biofuel & Energy Pharmaceuticals Others
Palm Oil Market Regional Outlook (Revenue, USD Billion, 2023-2031)
North America Europe Germany U.K. France Italy Spain Rest of Europe
Asia Pacific China India Japan South Korea Australia Rest of Asia Pacific
Middle East & Africa Saudi Arabia UAE South Africa Rest of MEA
Latin America Brazil Argentina Rest of Latin America
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