(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Palm Oil Market Report by Application (Household Cooking, Food & Beverages, Oleo Chemicals, Personal Care, Animal Feed, Bio-fuel), and Region 2024-2032" report has been added to ResearchAndMarkets's offering.
The global palm oil market has reached an impressive valuation of US$ 55.8 billion in the year 2023 and is predicted to further ascend to US$ 80.7 billion by 2032, following a growth trajectory with a CAGR of 3.6% from 2023 to 2032. This notable growth is fueled by the oil's vast application spectrum, expanding worldwide population, and significant strides in economic development.
Key Market Trends
Palm oil's versatility as an ingredient in food production, alongside its pivotal role in the personal care and oleochemical industries, stands as a primary catalyst for its market demand. Additionally, emerging markets are witnessing an expansion in the middle class, thereby amplifying the consumption of processed foods and palm-based products. Affordable production costs and enhanced awareness of health benefits are also contributing to the palm oil market expansion.
The global demand pivot is steered by the extensive application of palm oil in household cooking - its largest segment - championed by its cost-effectiveness and broad accessibility. Moreover, the sustainable production and environmental advantages of using palm oil in biofuels add a significant impetus to the market growth profile.
Regional Insights
The Asian region, led by Indonesia, has emerged as a commanding force in the palm oil market. Indonesia's favorable agricultural environment and supportive government policies form a robust foundation for the nation's market predominance. Moreover, garnering substantial export potential especially to high-consumption countries like China and India, Indonesian palm oil is set to maintain its stronghold in global supply chains.
The shared commitment among major players toward sustainable and ethical sourcing of palm oil stands testament to the industry's response to environmental and social accountability. Transparency in supply chains and constructive dialogue with stakeholders across the globe underscore the industry's endeavors towards responsible palm oil procurement and production practices.
Competitive Developments
In the landscape of the palm oil market, notable collaborations and financial agreements have played a crucial role in reinforcing sustainable practices. Pioneering initiatives aimed at enhancing traceability and accountability are at the forefront of various corporate strategies. This commitment extends to fostering improved living standards for smallholder farmers and securing certified palm oil sourcing methods, thereby preparing the groundwork for a more conscientious market ecosystem.
The palm oil market report addresses the dynamic nature of the industry, dissecting application segments and offering a granular view into current regional market performances and predictive growth patterns.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 147 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $55.8 Billion |
| Forecasted Market Value (USD) by 2032 | $80.7 Billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
Companies Profiled
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 PT. Bakrie Sumatera Plantations tbk Sime Darby Plantation Berhad United Plantations Berhad Univanich Palm Oil Public Company Ltd. Wilmar International Ltd.
Report Segmentation
Breakup by Application:
Household Cooking Food & Beverages Oleo Chemicals Personal Care Animal Feed Bio-fuel
Breakup by Region:
India Indonesia China European Union Malaysia Others
For more information about this report visit
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