Global Palm Oil Market Overview

Palm oil is believed to be one of the most nutritious edible oils. This oil is derived from the palm fruit, found originally in Western Africa. However, this plant can flourish in any place with abundant heat and rainfall. There are various categories of palm oil. One such category is crude palm oil which is made from the fruit of the oil palm tree and called “red palm oil” due to its rich dark red color and because it is unprocessed. Alternatively, the palm kernel oil is derived from the seed or the kernel of the palm fruit. The global palm oil market size, as per the latest analysis by Market Research Future (MRFR), is anticipated to expand at a 5.2% CAGR during the forecast period of 2022-2030.

Globally the palm oil market is witnessing high demand growth over the forecast period. Palm oil can be used for cooking, biodiesel, for lubrication, and in cosmetics. Such wide scope of application of the palm oil is attributable to the ascension of the global palm oil market over the assessment period. Further, in the biofuels industry, palm oil is utilized as feedstock for producing biodiesel and as an alternative to mineral oils for various applications in power stations, which is promoting sizeable growth to the palm oil market.

Fatty acid derivatives in palm oil are used in the production of cosmetics, bactericides, water-treatment products, and pharmaceuticals. With rising consumption of palm oil in the manufacturing process of soaps and detergents, the global palm oil market is anticipated to upscale at a high rate. Moreover, higher use of palm oil in the production of grease, lubricants, and candles is accredited to a surge in the palm oil market over the review period. Palm oil is also used as a substitute for trans-fat in processed foods, promoting higher growth of the palm oil market.

Market Segmentation

The palm oil market is segmented by MRFR by type, application, and region. Based on type, the global palm oil market is segmented into crude palm oil and kernel palm oil. Among these, the crude palm oil segment is anticipated to lead the palm oil market. The crude palm oil has lower saturated fat as compared to kernel palm oil, leading to higher adoption of the same. Additionally, crude palm oil has a higher level of tocotrienols, which makes it a rich source of vitamin E and an outstanding antioxidant, driving sizeable growth to the segment.

Based on application, the global palm oil market is segmented into cooking oil, bio-diesel, cosmetics, and lubricants. Among all these segments, the cooking oil segment is anticipated to dominate the global palm oil market through the assessment period. Alternatively, the cosmetics segment is expected to witness the highest growth during the forecast period of 2022-2030.

Detailed Regional Analysis

The global palm oil market is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacific is expected to spearhead the global palm oil market and is estimated to exhibit the highest CAGR through the forecast period. This can be owed to the increasing consumption of palm oil in different end-use industries. Countries like Indonesia and Malaysia are anticipated to be prime producers and distributors of palm oil in the region. North America and Europe are projected to expand at a moderate rate. Also, Latin America and the Middle East Africa are assessed to witness substantial growth in the palm oil market over the review period.

Key Players

The global palm oil market research is influenced by various activities undertaken by prominent players in the market. Some of these notable players include Cargill Inc. (U.S.), Wilmar International Limited (Singapore), Sime Darby (Malaysia), IOI Corp. (Malaysia), Golden Agri Resources Limited (Singapore), Kulim BHD (Malaysia), Godrej Agrovet Limited (India), and London Sumatra (Indonesia).

Industry Update

June 2021: Nigeria is planning on investing around USD 180 billion to upscale its palm oil production to 5 million tons per year, by 2030.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

Contact:

Market Research Future®

99 Hudson Street, 5Th Floor

New York, New York 10013

United States of America

Email: sales@marketresearchfuture.com