Palm Oil Market Overview
The Palm Oil Market will reach a strong valuation of USD 98.8 billion by 2030, at a 5.2% CAGR from 2022 to 2030.
The palm oil demand from industrial verticles such as the food, beverage, personal care, biofuel, energy, and cosmetics industries is chiefly driving the palm oil market. The top manufacturers of the Asia Pacific region are easily getting access to raw materials in the region. Moreover, the market in the present forecast is noticed as highly competitive and comprehensive due to the huge number of prominent players who are in the race to gain a competitive edge with a high production rate, high product quality, superior distribution networks, and competitive strategies.
The Asia-Pacific region dominates the global palm oil market, with countries like Indonesia and Malaysia being the largest producers. Palm oil is a staple ingredient in the region's cuisine and is also widely used in the food processing industry.
Indonesia is considered the largest palm oil producer and exporter. The government here supports palm oil plant cultivation. The palm oil industry has become a source of income for small and medium-scale producers. Therefore, it is responsible upliftment of the cultivators in the region. Palm oil has witnessed major demand from the biofuel industry for producing biofuel as a sustainable alternative to crude oil. The biofuel industry highly promotes the market’s growth.
Key players
The major palm oil key market player such as 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), London Sumatra (Indonesia).
Market Segments
The Palm Oil Market is segmented into major market segments such as type and application.
The type segment is categorized into palm kernel oil, crude palm oil, and others. Among these, crude palm oil takes the lead due to less saturated fat. Palm oil has tocotrienols which is a rich source of vitamin E and antioxidant. Palm kernel oil is also noticing significant market growth due to its usage as feedstock for animal feed and biomass.
The application segment of the Palm Oil Market is subdivided into cooking oil, lubricant, bio-diesel, cosmetics, and others. The cooking oil segment and the cosmetic segment is witnessing significant growth in the forecast period.
Industry News
In September 2022, 3F Oil Palm, a leading Hyderabad-based oil palm company, announced its investment in the northeast of the country by setting up an integrated oil palm factory in Arunachal Pradesh. The groundbreaking ceremony of the company is to take place on 30th September 2022 at Roing in Dibang Valley. The company has covered 120 acres of land for the project. Necessary statutory clearances and approvals related to the land were obtained
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