SAN FRANCISCO, May 19, 2022 /PRNewswire/ — The global palm oil market size is expected to reach USD 98.9 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.1% from 2022 to 2030. The growth is driven by increasing demand for food applications and eco-friendly, organic, and sustainable products. Personal care products and cosmetic industries are also major sectors accountable for the growth of product.
Key Insights & Findings from the report:
- Asia Pacific region witnessed the fastest growth rate globally with a CAGR of 5.3% in terms of revenue for the forecast period. This is attributable to increasing palm oil demand from India and China, experiencing a rapid increase in population, and changing demographic trends.
- The biofuel and energy end-use segment is expected to expand rapidly with a CAGR of 5.3% in terms of revenue from 2022 to 2030. This is owed to the increasing consumption of palm oil to produce biofuel which is expanding its product portfolio through advancement in technology by research and development.
- The organic nature segment is anticipated to have proliferated growth rate with a CAGR of 11.6% in terms of revenue during the forecast period. This is increasing awareness about the benefits of using organic products and increase in the health consciousness of the people.
- The market is consolidated as well as competitive in nature with the existence of major players including ADM, Wilmar International Ltd., as well as small players thriving for a significant piece of share.
- These companies use various competitive strategies like product diversification, capacity expansion, investing in research and developmental activities, mergers, and acquisitions to gain a competitive edge over the other players.
Request a free sample copy or view report summary, “Palm Oil Market Size, Share & Trends Analysis Report By Nature (Organic & Conventional), By Product (RBD Palm Oil), By End-use (Pharmaceuticals), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Palm Oil Market Growth & Trends
Palm oil is an edible oil that is derived from the mesocarp of the palm fruit. Indonesia and Malaysia are the largest producers as well as exporters of the product globally. It is extensively used in food, cosmetic, and personal care products industries among others. Asia-Pacific region is the largest consumer of palm oil owing to its key application for food preparation in the region.
The global product market is amalgamated as well as competitive in nature. It is one of the well-established with a developed value chain. Internationally the product market has a presence of a resilient network of distributors, traders, and strong relationships with manufacturers. The overall market is considered to have an extremely cohesive supply chain and increasing demand for the product for an expansive range of end-use applications comprising biodiesel, food & beverages, and personal care & cosmetics, among others.
Fractionated palm oil product segment appeared to be the largest segment in the international market accounting for the highest share in 2021 of the global revenue of the market. This segment is the most popular due to its easy economic availability worldwide and manufacturing ease owing to the 50% unsaturated and 50% fatty acid constituent nature of palm oil. The segment is expected to expand during the forecast period owing to its extensive utilization by the people.
Palm Oil Market Segmentation
For this report, Grand View Research has segmented the global palm oil market report based on basis of nature, product, end-use, and region:
Palm Oil Market – Nature Outlook (Revenue, USD Million; Volume, Kilotons, 2018 – 2030)
Palm Oil Market – Product Outlook (Revenue, USD Million; Volume, Kilotons, 2018 – 2030)
- Crude Palm Oil
- RBD Palm Oil
- Palm Kernel Oil
- Fractionated Palm Oil
Palm Oil Market – End-use Outlook (Revenue, USD Million; Volume, Kilotons, 2018 – 2030)
- Food & Beverage
- Personal Care & Cosmetics
- Biofuel & Energy
Palm Oil Market – Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players in the Palm Oil Market
- Wilmar International Ltd.
- Sime Darby Plantation Berhad
- IOI Corporation Berhad
- Kuala Lumpur Kepong Berhad
- United Plantations Berhad
- Kulim (Malaysia) Berhad
- IJM Corporation Berhad
- PT Sampoerna Agro, Tbk
- Univanich Palm Oil Public Company Ltd.
- PT. Bakrie Sumatera Plantations tbk
- Asian Agri
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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