Feb 26, 2023

English - UK

Pramod Pawar

Palm Oil Market to Cross to USD 101.79 Bn in 2033 | 5.1% CAGR

Market Overview

Palm oil is a widely used vegetable oil that is derived from the fruit of the oil palm tree. It is used in a variety of products, including food, cosmetics, and biofuels. The global palm oil market is driven by the growing demand for vegetable oils, as well as the low cost and high yield of palm oil production. Palm oil production has increased dramatically since the early 2000s due to increasing demand from food manufacturers and consumers around the world. This trend will continue into the foreseeable future as global population growth continues to drive up demand for edible oils and other related products.

The Global Palm Oil Market is expected to grow at a CAGR of roughly 5.1% over the next ten years and will reach USD 101.79 Bn in 2033, from USD 61.90 Bn in 2023.

Figure

The Global Palm Oil Market is a dynamic and rapidly changing industry that has experienced rapid growth over the past decade. Palm oil is a vegetable oil derived from the fruit of oil palms, which are native to West Africa and parts of Southeast Asia. It is an important source of edible oil, biofuel, cosmetics, and various other products. As such, this market has seen an expansive increase in production as well as usage across multiple applications. This article provides an overview of the global palm oil market with a focus on its overall size and growth prospects over the next five years.

The market demand for palm oil is driven by the increasing global population and rising incomes, which have led to higher demand for food and consumer goods. The trend toward sustainable and responsible production of palm oil is also driving demand, as consumers become more aware of the environmental and social impacts of palm oil production.

Key Takeaways

  • In 2022, 72% of revenue was generated by the Asia-Pacific market.
  • The conventional segment holds a 98% revenue share based on nature in 2022.
  • The fractionated palm oil segment held 40% of the 2022 revenue share based on product type.
  • According to the end user, the food and beverage segment has a 66% revenue share by 2022.
  • The largest market for palm oil is Asia-Pacific, where palm oil is widely used in food and consumer goods. The fastest-growing market is Africa, where palm oil production is increasing rapidly.

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Regional Snapshot

The Asia-Pacific held the largest market share in the palm oil industry during the forecast period. Due to the growing demand for food and drinks by consumers and increased sales of packaged foods, the market for palm oil is expected to grow rapidly in Asia-Pacific.

Innovation and R&D that were conducted to produce a clean, organic product in conjunction with significant palm oil companies within the region will provide new growth opportunities. Palm oil will become more popular in Asia-Pacific because of its affordability and the increased awareness among parents about its health benefits. This is driving market growth and increasing sales.

Market Dynamics

1. Drivers:

  • Growing demand for vegetable oils and consumer goods.
  • Low cost and high yield of palm oil production.
  • Increasing awareness of sustainable and responsible production practices.

2. Restraints:

  • Environmental and social concerns related to palm oil production.
  • Fluctuations in palm oil prices.

3. Opportunities:

  • Increasing demand for biofuels.
  • Growing popularity of palm oil alternatives, such as soybean oil and sunflower oil.

4. Challenges:

  • Environmental and social concerns related to palm oil production.
  • Competition from other vegetable oils.

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Recent Developments

  • In December 2021, the European Union announced plans to phase out the use of palm oil in biofuels by 2030, citing environmental concerns.
  • In October 2021, Malaysia, one of the world's largest producers of palm oil, announced plans to introduce a certification scheme for sustainable palm oil production.
  • Cargill, Incorporated, an American private food corporation, was incorporated in Wilmington, Delaware in June 2021. It announced the development of a palm oil refinery in Lampung Indonesia.
  • In August 2021, Nestle, the world's largest food and beverage company, announced plans to invest $100 million in a new sustainable palm oil program.

Market Segmentation

Type

  • Crude Palm Oil
  • Palm Olein

Application

  • Foods
  • Bio-Diesel
  • Surfactants
  • Cosmetics

Key Market Players included in the report:

  • Felda Global Ventures
  • IOI
  • Sime Darby Berhad
  • Musim Mas
  • Astra Agro Lestari
  • Bumitama Agri
  • Genting Group
  • KLK
  • WILMAR
  • RGE Pte
  • Indofood Agri Resources
  • Golden Agri Resources
  • First Resources
  • Sampoerna Agro

Interested to Procure the Data? Inquire here at https://market.us/report/palm-oil-market/#inquiry

Report Scope

Report AttributeDetails
The market size value in 2023USD 61.90 Bn
Revenue forecast by 2033USD 101.79 Bn
Growth RateCAGR of roughly 5.1%
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years2017-2022
Base Year2022
Estimated Year2023
Short-Term Projection Year2028
Long-Term Projected Year2032

Frequently Asked Questions

1. What is palm oil?

Palm oil is a vegetable oil that is derived from the fruit of the oil palm tree. It is widely used in a variety of products, including food, cosmetics, and biofuels.

2. What are the key drivers of the palm oil market?

The key drivers of the palm oil market are the growing demand for vegetable oils and consumer goods, the low cost and high yield of palm oil production, and the increasing awareness of sustainable and responsible production practices.

3. What are the major regions in the palm oil market?

The major regions in the palm oil market are Asia-Pacific, Europe, North America, and Rest of the World. Asia-Pacific is currently the largest market, followed by Europe and North America. Africa is expected to be the fastest-growing market during the forecast period.

4. What are the major challenges facing the palm oil market?

The major challenges facing the palm oil market are the environmental and social concerns related to palm oil production, such as deforestation, habitat destruction, and human rights abuses. Fluctuations in palm oil prices are also a challenge for the industry.

5. What are the opportunities in the palm oil market?

The opportunities in the palm oil market include the increasing demand for biofuels, the growing popularity of palm oil alternatives such as soybean oil and sunflower oil, and the potential for sustainable and responsible palm oil production to meet consumer demand.

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