Palm Oil Market Size

Palm Oil Market size was valued at USD 67.3 Billion in 2023 and is poised to grow from USD 70.73 Billion in 2024 to USD 106.78 Billion by 2032, growing at a CAGR of 5.1% during the forecast period (2025-2032).

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

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.