(MENAFN- IMARC Group)
According to the latest research report by IMARC Group, titled“ Palm Oil Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ,” offers a comprehensive analysis of the industry, which comprises insights on palm oil market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The
global palm oil market size
reached US$ 55.8 Billion in 2023. Looking forward, IMARC Group expects the
market to reach US$ 80.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
Palm oil is a highly efficient crop, producing a significant yield of oil per unit of land, making it a preferred choice for many industries.
Factors Affecting the Growth of the Palm Oil Industry:
Global Demand for Edible Oils:
Palm oil, being one of the most efficient and versatile vegetable oils, has gained prominence due to its high yield per hectare compared to other oil crops, such as soybean or canola. This efficiency makes it a cost-effective option for both producers and consumers. Furthermore, the diverse applications of palm oil in food products, from cooking oil to processed foods, drive its demand in both developed and developing countries. The rising global population, coupled with growing income levels in emerging economies, contributes to greater consumption of food products that incorporate palm oil, thus propelling the industry's growth.
Biofuel Policies and Renewable Energy Targets:
Biofuels have been identified as a renewable alternative to fossil fuels, aimed at reducing greenhouse gas emissions and dependence on non-renewable energy sources. Palm oil, due to its high energy efficiency and lower production costs compared to other vegetable oils, has become a preferred choice for biofuel production, particularly for biodiesel. The global shift towards renewable energy sources, driven by climate change concerns and the need for sustainable energy solutions, has led to the formulation of policies and targets by governments worldwide to increase the usage of biofuels. These policies often manifest in the form of mandates or incentives.
Technological Advancements in Agriculture and Processing:
Continual technological advancements in the agricultural sector significantly influence the palm oil industry. Improvements in plantation management, pest control, and yield efficiency directly impact the production capacity. Innovations in processing technology also play a crucial role in maximizing output and reducing waste. These advancements not only enhance the quantity but also the quality of palm oil, making it more appealing in the global market. Moreover, the adoption of sustainable and efficient practices, aided by technology, helps in addressing environmental concerns, thus potentially improving the market acceptance of palm oil.
Get a Sample Copy of this Report:
https://www.imarcgroup.com/palm-oil-processing-plant/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Archer-Daniels-Midland Company Asian Agri Boustead Holdings Berhad IJM Corporation Berhad IOI Corporation Berhad Kuala Lumpur Kepong Berhad Kulim Malaysia Berhad (Johor Corporation) PT Dharma Satya Nusantara Tbk PT PP LONDON SUMATRA INDONESIA TBK PT Sampoerna Agro Tbk Bakrie Sumatera Plantations tbk Sime Darby Plantation Berhad United Plantations Berhad Univanich Palm Oil Public Company Ltd. Wilmar International Ltd
Palm Oil Market Report Segmentation:
By Application:
Household Cooking Food & Beverages Oleo Chemicals Personal Care Animal Feed Bio-fuel
Household cooking represented the largest segment due to its widespread use as a cooking oil in various cuisines, appreciated for its versatility and economic value.
Regional Insights:
India Indonesia China European Union Malaysia Others
Indonesia was the largest market in the palm oil industry, primarily due to its extensive palm oil plantations and status as the world's leading producer of palm oil.
Palm Oil Market Trends:
Palm oil is not only used in food products but also in a wide range of non-food applications such as cosmetics, pharmaceuticals, and household products. This diversification into various industries broadens the market for palm oil thus expands the market reach. Additionally, emerging product innovation, driven by changing consumer preferences and regulatory requirements, has led to the development of more refined and specialized palm oil products. This trend towards high-value, specialized products can open new markets and increase profitability for producers, thus fueling further growth in the industry.
Key highlights of the report:
Market Performance (2018-2023) Market Outlook (2024-2032) Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
MENAFN06022024004122016232ID1107815425
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.