USD 63.99 billion
Report ID: SQSG30C2007 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 93 | Figures: 76
Palm Oil Market size was valued at USD 63.99 billion in 2021 and is poised to grow from USD 67.3 billion in 2022 to USD 101.6 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).
Palm oil is obtained from a tropical tree that has been producing palm fruits for more than three decades, generating a significant amount of employment for agricultural groups in the region, which includes Malaysia and Indonesia. The oil is distinctly profitable, as palm trees yield more oil per hectare than any other crop. The oil contains Low to zero trans-fats and the competitive pricing raised the demand. It is one of the most used vegetable oil, commonly used in biscuits, margarine, bread, instant noodles, cereals, lipsticks, candles, chocolates, shampoos, ice cream, and detergents. Its applications include pretty diverse, which aids the demand worldwide. All these factors led to an increase in the production of palm oil globally.
US Palm Oil Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 63.99 billion
Palm kernel oil
Palm kernel oil
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The global palm oil market is segmented based on Origin, Product, End User, and Region. Based on origin palm oil market is categorized into: Organic, Conventional. Based on Product palm oil market is categorized into: Crude palm oil, RBD palm oil, palm kernel oil, and others. Based on End-user palm oil market is categorized into: personal care & cosmetics, food and beverages, biofuel and energy, industrial, and pharmaceuticals. Based on region palm oil market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Palm Oil Market Analysis by Origin
The government around the palm oil plantation nations i.e. Indonesia and Malaysia target sustainable and organic production of oil. Growing customer consciousness regarding the harmful effects of agrochemicals such as pesticides and insecticides used for the cultivation of traditional crops. Also, the negative effect on the environment and human health has created a demand for organic products.
Organically grown plant negates the use of any type of chemicals or agrochemicals from the point of cultivation to the processing and packaging of the product. Therefore, the demand for the organic segment of products is predicted to grow at a rewarding rate over the forecast period.
Palm Oil Market Analysis by Product
The presence of high-level saturated fat enables palm kernel oil (PKO) to offer superior oxidative stability after frying, which makes it an attractive choice for restaurants. Palm oil is also grabbing the attention of big commercial food producers as it retains its property of being solid at room temperature which makes it very easy to transport long distances and preserve for a long time. Growing consumer focus on health & fitness along with negative side-effect of partially hydrogenated cooking oils on the cholesterol level is forcing food and snack producers to move towards trans-fat-free, cost-effective options such as palm oil.
United States holds the largest regional market for PKO, accounting for 28.8% of all global sales in 2021. China registered the fastest compounded annual growth rate of 8.9% over the analysis period, to reach USD 2,800 million by the close of the analysis period.
Palm Oil Market Analysis by End-Users
Palm oil use in biofuel and energy accounts for a substantial revenue share of roughly 16.1% in 2021 and is expected to expand steadily throughout the forecast period. Palm oil is expected to be in high demand for biofuels all over the world.
Biodiesel has received extremely good recognition amongst consumers as a powerful alternative for diesel in the past years. Palm oil is emphasized as the conventional source for biodiesel manufacturing and is taken into consideration to be a cheap alternative to soybean. From the beginning of 2021, numerous guidelines and mandates which have been initiated in different countries are predicted to change the trend of the market in the longer run. For instance, from the first of Jan 2021, Indonesia accelerated crude palm oil and diesel mixture to 30% (B30). This possibly will increase palm oil consumption in the region. Similarly, France discontinued the biofuel tax, a move that might incline its economic system towards biofuels or biodiesel.
The food and beverage enterprise is another outstanding end-user, in which palm oil finds its main applications as a safe-to-eat cooking oil. It is taken into consideration as a cheap alternative to different cooking oils including those sourced from soybean and sunflower and has excessive popularity amongst food processors which is predicted to enhance segment growth.
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The Asia Pacific is dominant in the manufacturing of palm oil as countries like Indonesia and Malaysia are the major producers. These countries alone contribute to 80% of total palm oil production in the world. Other regions such as North America and Europe are enormously dependent on imports from the Asia Pacific countries.
The product demand is predicted to grow from the biofuel and energy usage in Europe and North America whereas the government mandates are increasing the penetration of biodiesel consumption in the nations. Further, the palm oil market in these countries is predicted to witness a better demand for organic palm oil from the food and beverage and personal care, and Cosmetics industries.
The Asia Pacific is predicted to witness substantial demand for the product in industrial use, wherein palm oil reveals applications in surfactants and lubricants. This is majorly pushed by the importance of commercial product manufacturing industries in China.
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Palm Oil Market Driver
Palm Oil Market Restraint
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The global palm oil market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of palm oil platforms.
Palm Oil Market Top Players Company Profiles
Palm Oil Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Asia Pacific countries such as Malaysia and Indonesia are the leading producers, contributing for more than 80% of global output. Palm oil is utilized in over half of all consumer products sold on a daily basis. Demand is being driven by increased disposable income and rising per capita expenditure on consumer goods across all geographies. Crude palm oil (CPO) emerged as the largest segment of the palm oil market in 2020, accounting for over 55% of total revenue, followed by palm kernel oil (PKO). Increased demand for oleo chemicals in the production of agrochemicals and cleaning products is likely to drive market growth over the forecast period.
According to our analysis, with increasing internet penetration, the Palm Oil market size from the e-commerce segment would expand in terms of distribution channels. Benefits such as ease of access have contributed to the rapid expansion of online purchase in India, China, and Germany. The expanding popularity of e-commerce and thriving retail businesses, which result in higher overall sales, will also fuel category growth.
|Market size value in 2021||USD 63.99 billion|
|Market size value in 2030||USD 67.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Palm Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Palm Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Palm Oil Market:
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