Palm Oil Market Size, Growth, Statistics, COVID-19 Impact, and Forecasts
Market
Insights
The global palm oil market size
is predicted to expand at 5.2% CAGR over the forecast period
(2022-2030) owing to its extensive demand in several applications such as
bio-diesel, cooking, lubricants, and more, asserts Market Research Future
(MRFR). One of the most nutritious edible
oil, palm oil is derived from palm fruit.
Palm fruit is originally from the Western African region but can easily flourish
where rainfall and heat are in abundance.
Future
Drivers and Constraints Impacting the
Market
Palm oil is witnessing a high demand in the
global market as it can be used as a
bio-diesel, cooking oil, cosmetics, lubricants, and others. Palm oil is highly used in vegetable oil for cooking which is a major factor affecting the market positively.
Palm oil is also used as feedstock for producing biodiesel in the biofuels
market and also as an alternative to mineral oils in power stations which is
further stimulating the market growth to a large extent. Additionally,
government initiatives concerning the blending of bio-based fuel with
conventional fuel along with growing use of products as a bio-based diesel are
set to gain traction in the global market over the assessment period. Consumers
are also aware of lubricants, bio-based cosmetics, and surfactants which is
propelling the market growth.
Government schemes such as POIG and RSPO are
also observed to have a positive impact on the market. High foreign investments
and technological improvisations for sustainable production are also expected to create opportunities for
industry participants worldwide.
On the flip side, strict government mandates
governing production is estimated to hamper
the market growth over the assessment period. Besides, higher production cost
due to the adoption of sustainable production method is also expected to inhibit
the market growth.
Global
Palm Oil: Segmental Analysis
Globally, the market for palm oil has been segmented on
the basis of application, type, and region.
By mode of type, the global palm oil
market size has been
segmented into palm kernel oil, crude palm oil, and others. The segment
for crude palm oil is expected to dominate the market closely followed by palm
kernel oil owing to its less saturated fat content compared to palm kernel oil.
Crude palm oil comprises a high level of tocotrienols
which makes it a powerful antioxidant and source of vitamin E. It is used as a substitute for expensive vegetable
oils like sunflower, groundnut, and
coconut oil. With the growing population, slow income rate, and declining of
arable land has stimulated its plantation to meet the need for regional food.
By mode of application, the global palm oil
market has been segmented into cosmetics,
cooking oil, lubricant, bio-diesel, and others. The cooking oil is predicted to
dominate the market over the assessment period. On the other hand, cosmetic
segment is also expected to showcase a high growth rate.
Regional Insights
Geographically, the palm oil market spans
across regions namely Europe, North America, Asia Pacific, and
Rest-of-the-World. Among all the regions, Asia Pacific is predicted to dominate
the market and is witnessed to showcase a substantial growth over the assessment
period owing to the growing consumption
of palm oil in several industries. Malaysia and Indonesia being the major
exporters and producers of palm fruit in this region.
Europe and North America are estimated to
showcase a moderate growth rate over the forecast period. On the other hand, the Middle East and Africa
and Latin America are estimated to be the
fastest growing regions during the forecast period.
What are the leading exporters of palm oil?
Leading exporters of palm oil are the
Netherlands, Indonesia, Papua New Guinea, Malaysia, and Guatemala.
Access Complete Report @ https://www.marketresearchfuture.com/reports/palm-oil-market-5235
Competitive
Analysis
Some of the prominent players operating the global palm oil market are Golden
Agri Resources Limited (Singapore), Godrej Agrovet Limited (India), IOI Corp.
(Malaysia), Sime Darby (Malaysia), Cargill Inc. (U.S.), Wilmar International
Limited (Singapore), Kulim BHD (Malaysia), London Sumatra (Indonesia), and
more.
Industry
News
More than 90 institutional investors
representing $6.7 trillion in assets under management have written to the
Roundtable on Sustainable Palm Oil (RSPO) calling on it to strengthen its green
certification standards for palm oil production. In a letter sent to the RSPO
and made publicly available, investors raised concerns over the relevance and
effectiveness of the multi-stakeholder certification body, which aims to boost
sustainability standards across the palm oil industry.
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 us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York,
New York 10013,
United States of America
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