Palm Oil Market To Reach USD 106.5 Billion By 2032 Driven By Growing Demand In Packaging, Electronics, And Sustainable Solutions | SNS Insider

Austin, Jan. 23, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The Palm Oil Market size was valued at USD 70.4 billion in 2023 and is expected to reach USD 106.5 billion by 2032 and grow at a CAGR of 4.7% over the forecast period of 2024-2032. ”

Shifting Dynamics of the Palm Oil Market: Demand Growth, Sustainability, and Technological Innovation at the Forefront

The palm oil market is influenced by shifting demand patterns, sustainability efforts, and geopolitical factors. Major players like Wilmar International, Sime Darby Plantation, IOI Corporation, and Golden Agri-Resources adapt to these changes, driven by rising global demand for palm oil in food, cosmetics, and biofuels. Sustainability concerns, including deforestation and biodiversity loss, have prompted companies to adopt eco-friendly practices and transparency in their supply chains, with certifications such as zero-deforestation policies. Latin American producers, particularly in Colombia, have seen increased exports, while technological innovations like satellite monitoring help improve productivity and environmental impact. A 2% growth in global palm oil output in 2024 highlights the market's resilience, but future growth will depend on balancing economic goals with sustainability practices.

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Key Companies:

• Bumitama Agri Ltd. (Crude Palm Oil, Palm Kernel Oil)
• Cargill Inc. (Refined Palm Oil, Palm Fat)
• Felda Global Ventures Holdings Berhad (Crude Palm Oil, Palm Oil Products)
• First Resources Ltd. (Crude Palm Oil, Refined Palm Oil)
• Golden Agri-Resources Ltd. (Crude Palm Oil, RBD Palm Oil)
• IOI Corporation Berhad (Refined Palm Oil, Palm Kernel Oil)
• Kuala Lumpur Kepong Berhad (KLK) (Crude Palm Oil, RBD Palm Oil)
• Musim Mas Holdings (Crude Palm Oil, Palm Kernel Oil)
• Sime Darby Plantation Berhad (Crude Palm Oil, RBD Palm Oil)
• Wilmar International Ltd. (RBD Palm Oil, Palm Oil Products)
• Austindo Nusantara Jaya Tbk (Crude Palm Oil, Palm Kernel Oil)
• BASF SE (Fatty Acid Derivatives, Palm Oil-based Surfactants)
• Coconut Holdings Inc. (Refined Coconut Oil, Palm Oil Products)
• Dharma Satya Nusantara Tbk (Crude Palm Oil, RBD Palm Oil)
• Green Palm (Sustainable Palm Oil Certificates, Green Palm Oil Products)
• Maritim Palm Oil Sdn Bhd (Crude Palm Oil, Palm Oil Products)
• PT. Astra Agro Lestari Tbk (Crude Palm Oil, RBD Palm Oil)
• PT. Perkebunan Nusantara III (Crude Palm Oil, Palm Oil Products)
• PT. Sinar Mas Agro Resources and Technology Tbk (Crude Palm Oil, RBD Palm Oil)
• PT. Tani Indo Sejahtera (Crude Palm Oil, Palm Kernel Oil)

Palm Oil Market Report Scope:

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By Product Type: Crude Palm Oil (CPO) dominated the market in 2023 due to its versatility, cost-effectiveness, and widespread use in food and biodiesel production.

In 2023, Crude Palm Oil (CPO) dominated the Palm Oil Market with a 48% share, driven by its versatility in food products and biodiesel production. CPO's high yield and lower cost make it a popular choice for manufacturers, especially from leading producers like Indonesia and Malaysia. It is refined into products like RBD Palm Oil and Palm Kernel Oil, but CPO remains the dominant segment due to its widespread use and cost-efficiency.

By End-use: The Food & Beverage sector led the Palm Oil Market in 2023, driven by palm oil's stability, shelf life, and cost advantages in processed foods.

The Food & Beverage sector dominated and accounted for 60% of the Palm Oil Market in 2023, driven by palm oil's stability, long shelf life, and cost-effectiveness. Major companies like Nestlé and Unilever rely on it for cooking oils and processed foods. The growing demand in emerging markets and increasing health consciousness further boosted its dominance, with a shift toward sustainable sourcing practices shaping the segment's future.

Regional Analysis

Asia-Pacific: Market Leader in Palm Oil Production and Consumption

In 2023, Asia-Pacific captured approximately 70% of the global palm oil market. This dominance is attributed to major producers such as Indonesia and Malaysia, which together account for over 85% of global palm oil production. The region benefits from favorable climatic conditions and extensive plantations. Palm oil contributes significantly to Indonesia's economy through exports and employment. The high population growth and urbanization in the region increase the demand for processed foods and cooking oils, further driving palm oil consumption. State policies, robust supply chains, and the demand for biofuels continue to support the region's leadership in the market.

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Africa: Fastest-Growing Region in Palm Oil Market

In 2023, Africa emerged as the fastest-growing region in the palm oil market, with a compound annual growth rate (CAGR) of 8%. This growth is driven by investments in palm oil plantations and processing facilities across countries like Nigeria and Ghana. Nigeria, with its significant potential, is focusing on revitalizing its palm oil industry, aiming to reduce imports and boost local production. The increasing recognition of palm oil's versatility across food, personal care, and biofuel applications is stimulating market interest. Ongoing improvements in agriculture and infrastructure are expected to further propel the growth of Africa's palm oil sector in the coming years.

The palm oil market is a dynamic and rapidly evolving sector, driven by global demand across various industries, including food, cosmetics, and biofuels. The market is characterized by significant production concentrated in Southeast Asia, particularly in Indonesia and Malaysia, which together dominate supply. As consumers increasingly prioritize sustainability, producers are implementing responsible sourcing and environmentally friendly practices to address concerns about deforestation and biodiversity loss. The growing awareness of palm oil's versatility and cost-effectiveness continues to fuel demand, especially in emerging markets. Additionally, advancements in agricultural technology and investment in infrastructure are enhancing productivity and efficiency, positioning the palm oil market for sustained growth in the coming years.

Table of Contents – Major Key Points

1. Introduction

• Market Definition
• Scope (Inclusion and Exclusions)
• Research Assumptions

2. Executive Summary

• Market Overview
• Regional Synopsis
• Competitive Summary

3. Research Methodology

• Top-Down Approach
• Bottom-up Approach
• Data Validation
• Primary Interviews

4. Market Dynamics Impact Analysis

• Market Driving Factors Analysis
• PESTLE Analysis
• Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

• Production Capacity and Utilization Analysis by Region
• Feedstock Prices Analysis by Region
• Regulatory Impact: Effects of regulations on production and usage.
• Environmental Metrics Analysis by Region
• Innovation and R&D

6. Competitive Landscape

• List of Major Companies, By Region
• Market Share Analysis, By Region
• By Product Benchmarking
• Strategic Initiatives
• Technological Advancements
• Market Positioning and Branding

7. Palm Oil Market Segmentation, by Nature

8. Palm Oil Market Segmentation, by Product Type

9. Palm Oil Market Segmentation, by End-use

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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