As per our research report, the global palm oil market size is estimated to be growing at a CAGR of 5.1% from 2023 to 2030. The pandemic has hurt the industry. Labour force, logistics, weather, politics, priorities, and costs took a toll and led to impending growth. This inconsistency caused lesser production. Secondly, negligence towards the environment and sustainability affected the cultivation. Furthermore, a vast majority of the population was inclined towards a healthy lifestyle. Palm oil is a highly saturated fat that causes a favourable condition for heart disease and bad cholesterol. But currently, there is a steady positive growth in the market mainly due to employment opportunities, foreign trade currency, and an alternative for diesel.
The increasing demand for biofuels is a major factor boosting the growth of the Global Palm Oil industry. Palm oil meets the European Standards of biofuels. It acts as an excellent raw material mainly because of the fewer carbon residues produced causing less carbon build up. Through a process known as transesterification, it is used to produce methyl ester and hydrodeoxygenated biodiesel. It has been put to use in biofuel production as an environment-friendly alternative to crude oil for a variety of uses such as motor oil. Secondly, it favours trade relations between different countries thereby helping to create a steady economy. The second factor driving the market growth is the employment opportunities which have caused a positive impact on the industry. Employment opportunities are created in the farming sector. Millions of farmers depend on palm oil production as their income source. A lot of schemes are developed by various Governmental agencies to assist with growing techniques and technology. Furthermore, a lot of companies can generate revenue due to this market. Secondly, it is extensively used in the food industry. Palm oils are popular among food makers because they are simpler to stabilise and preserve flavour and consistency in processed meals. Thirdly, it is widely used in personal care and cleaning goods, and it serves as the foaming component in almost every soap, shampoo, and detergent. Palm oil is used in over 70% of personal care items, including soap, shampoo, cosmetics, and lotion. However, a lot of environmental issues like deforestation, rainforest loss, carbon dioxide emission, forest fires, and global warming is associated with the cultivation causing a lot of problem for the plant and animal species as well. Additionally, human rights are violated due to poor working conditions, land issues, social conflicts, etc. Moreover, constant inflation has hampered production and has affected the supply chain.
Fractionated palm oil holds the highest share mainly because it is affordable, accessible and economical. This becomes a suitable option for developing countries. Crude palm oil is predicted to be the fastest-growing segment in the global palm oil industry because of its wide range of applications in the food, beverage, cosmetics and pharmaceutical sectors.
Based on region, Asia Pacific dominates the global palm oil market and holds the highest share of revenue. This success is linked to the availability of raw materials, awareness, industries, innovations, and participants. Technologies, schemes and Government initiatives also play a key role. Indonesia and Malaysia are the leading countries in the manufacturing and exporting sectors. Furthermore, the variety of food and cuisines in India and China has boosted the growth. North America is the fastest-growing sector in the global palm oil market. This is due to a shift in the food industry covering a range of exquisite foods. Increased production of biofuels is also expected to create a positive impact.
Companies playing a leading role in the global palm oil market profiled in this report are IOI Group Berhad, Wilmar International Limited, Sime Darby Plantation Berhad, Kuala Lumpur Kepong Berhad, Golden Agri-Resources Ltd, Archer Daniels Midland, United Plantations Berhad, IJM Corporation Berhad, Boustead Holdings Berhad and Fuji Vegetable Oil, Inc.
Organic
Conventional
Sustainable
CPO
RBD palm oil
Palm kernel oil
Fractionated palm oil
Food and Beverage Industry
Personal Care and Cosmetics
Pharmaceuticals
Biofuels and Energy Sector
Others
North America
Europe
Asia-Pacific
South America
Middle East & Africa
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