Palm Oil Market Growth & Trends
The global palm oil market size is expected to reach USD 100.0 billion by 2030, expanding at 5.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. 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 the palm oil industry.
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 the 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 ones with a developed value chain. Globally, product growth relies on a resilient network of distributors, traders, and strong relationships with manufacturers. The overall product 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 emerged as the largest segment in the market accounting for the highest share in 2022. This segment remains 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 the fractionated palm oil. The segment is expected to expand over the forecast period owing to its extensive utilization by the people.
Request a free sample copy or view report summary: Palm Oil Market Report
Palm Oil Market Report Highlights
Asia Pacific region is expected to witness the fastest growth rate globally with a CAGR of 5.5% during the forecast period. This is attributable to the increasing palm oil demand from India and China, which are experiencing a rapid increase in population, and changing demographic trends
Biofuel and energy end-use segments are expected to grow rapidly with a CAGR of 5.3% from 2023 to 2030. This is owed to the increasing consumption of palm oil for the production of biofuel which is expanding its product portfolio through advancement in technology through research and development
The organic nature segment is anticipated to witness a growth rate with a CAGR of 11.6% over the forecast period. This is due to the increasing awareness about the benefits of using organic products and increasing health consciousness among people
The global palm oil industry is consolidated as well as competitive in nature with the existence of major players including ADM, Wilmar International Ltd., and a sizable portion of market share by small players
Key companies in the palm oil industry 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
Comments