Global Palm Oil Market

Palm Oil Market Size, Share, Growth Analysis, By Origin(Organic, Conventional), By Product(Crude Palm Oil, RBD Palm Oil, Palm Kernel Oil), By End-User(Personal Care & Cosmetics, Food, Beverages, Biofuel), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30C2148 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 93 | Figures: 76

Palm Oil Market News

  • In April 2022, Palm oil prices surged by 10%, while rival soybean oil reached a new high as traders braced for the commencement of Indonesia's export halt. Malaysia, the world's second-largest producer, is expected to witness an increase in demand for its products after top grower Indonesia announced a restriction on RBD palm olein exports beginning April 28 to protect domestic supply. Shipments of crude palm oil can continue. The measure will be in effect until domestic cooking oil prices fall.
  • In December 2021, Godrej Agrovet Ltd (GAVL) announced its plans to expand significantly in the palm oil sector. In the next five to six years, the corporation plans to plant up to one lakh hectares (lh) of oil palm. Godrej currently works with farmers in Andhra Pradesh, Telangana, and Tamil Nadu, where it has around 65,000 hectares under oil palm cultivation.
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Palm Oil Market size was valued at USD 63.99 billion in 2019 and is poised to grow from USD 67.3 billion in 2023 to USD 101.6 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The 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. 'IOI Group Berhad', 'Wilmar International Limited', 'Sime Darby Plantation Berhad', 'Kuala Lumpur Kepong Berhad', 'Golden Agri-Resources Ltd.', 'Musim Mas Group', 'Cargill Inc.', 'Archer Daniels Midland Company', 'Bunge Limited', 'Louis Dreyfus Company', 'Astra Agro Lestari Tbk PT', 'United Plantations Berhad', 'PT Smart Tbk', 'IOI Loders Croklaan', 'Godrej Agrovet Limited', 'Asian Agri', 'Olam International Limited', 'IOI Oleochemical Industries Berhad', 'Felda Ventures Holdings Berhad', 'Genting Plantations Berhad.'

The use of palm oil in biodiesel is one of the most lucrative driving factors that will push the demand for palm oil. This will lead to multi-fold growth in the consumption of crude palm oil (CPO) through the analysis period. The rapid expansion of packaged and processed foods necessitates the use of vegetable oil in processing, PKO is the most cost-effective option for the manufacturing of processed foods. Because the processed food and beverage sector accounts for a sizable share of the market. As a result, an increase in demand in this sector will drive the demand for more items.

Raising crude oil prices is driving countries to switch to biofuels. Palm oil plays a major role in the production of biodiesel and this, in turn, is rapidly increasing the demand for palm oil around the globe.

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.

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Global Palm Oil Market

Product ID: SQMIG30C2148