New York, U.S., June 07, 2022 (GLOBE NEWSWIRE) — Palm oil market overview:
Market Research Future (MRFR) report highlights “palm oil market Information by Type, Application and Region – Forecast to 2030“, the market will touch $98.8 billion by 2030, growing at a CAGR of 5.2% over the forecast period from 2022 to 2030.
Market summary
Palm oil is made from the fruits of the palm tree, native to West Africa. Palm fruits can also thrive in warm, humid regions. There are crude palm oil, palm kernel oil and other forms of palm oils. Crude palm oil is extracted from the fruit of the oil palm and is known as red palm oil due to its rich dark red hue when unprocessed. Palm kernel oil, on the other hand, is extracted from the kernel or seed of the palm fruit. This oil has a long life due to its high resistance to oxidation. Palm oil is used to make greases, lubricants and candles, helping the market grow.
The biofuel sector has seen an increase in demand for the product. Palm oil is used to make biofuel, which is then used as a sustainable option for crude oil in various applications, including motor oil. For now, the biofuels sector is a nascent industry with limited uses. Small and medium producers rely on conventional oil palm fields to supplement their income, as synthetic chemicals can help them improve their production. In low-income countries with large populations, the traditional nature component is more popular.
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Report Scope:
| Report attribute | Details |
| Market size 2030 | $98.8 billion |
| CAGR | 5.2% (2022-2030) |
| Year of reference | 2021 |
| Forecast period | 2022-2030 |
| Historical data | 2020 |
| Forecast units | Value (USD million) |
| Report cover | Revenue forecasts, competitive landscape, growth factors and trends |
| Segments Covered | By type, application and region |
| Geographical areas covered | North America, Europe, Asia-Pacific and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for palm oil in biofuel production |
Market Competitive Landscape:
The main competitors in the palm oil market are:
- Golden Agri Resources Limited (Singapore)
- Kulim Bhd (Malaysia)
- Cargill Inc., (USA)
- Wilmar International Limited (Singapore)
- Sime Darby (Malaysia)
- IOI Corp. (Malaysia)
- Godrej Agrovet Limited (India)
- London Sumatra (Indonesia)
Covered USP market:
Market factors:
Due to the increase in disposable income and per capita expenditure on consumer goods, the market is expanding. Palm oil is in great demand all over the world due to its many applications. Cooking oil, cosmetics, lubricants, biodiesel and other applications are some of the causes for the growth of the palm oil market. It is also used in the biofuel industry as a raw material in the manufacture of biodiesel and as a substitute for mineral oils in power plants, driving the growth of the market.
Palm oil fatty acid derivatives are used to produce medicines, cosmetics, bactericides and water treatment products, among others. The palm oil market share could grow faster as people become aware of the medical benefits of the oil.
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Market segmentation
Market constraints:
Removing incentives for palm oil production leads to devastation of forests. As a result, market expansion is hampered by growing concerns over deforestation and loss of plant diversity. Palm oil-growing countries, such as Indonesia and Malaysia, are increasingly focusing on sustainable and organic products. Organic products are becoming increasingly popular as people become aware of the negative effects of agrochemicals used in agricultural agriculture on human health. Palm oil has a negative impact on the environment, which is the main concern of the palm oil industry. The other major concern is price fluctuation.
COVID 19 analysis
The COVID-19 pandemic has wreaked havoc on virtually every industry on the planet. Ongoing government shutdowns to prevent the spread of the virus, supply chain disruptions, manufacturing industry shutdowns, transport delays, food and beverage sector shutdowns, shortages of labor and other factors have had a significant impact on the palm oil market.
Palm oil is commonly found in frying, roadside snacks, hot fries, and cosmetic cuisines. Due to the closures, restaurants and roadside dining have gone out of business, reducing the demand for palm oil. The removal of palm rewards for palm oil extraction has been halted due to a lack of manpower, which has hampered market expansion. However, palm oil in medicine is slowly increasing and not affected by the epidemic. To augment the growth of the market, the effective key players must make reasonable efforts, such as creating awareness about the benefits of palm oil.
By app
During the projection period, the cosmetics segment is expected to drive growth.
By type
Palm kernel oil will witness significant market development due to its sole use as a source of animal feed and biomass and its high content of medium-chain fatty acids.
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Regional outlook
The Asia-Pacific region leads the global ranking and is expected to grow significantly over the review period due to the increase in demand for palm oil from different sectors. As major producers and exporters of palm fruits, Indonesia and Malaysia have contributed significantly to the expansion of the palm oil market in the region. Indonesia is the world’s largest producer and exporter of palm oil. The product is exported worldwide by the country. The government also helps palm oil producers. Many small and medium producers in the region depend on it as their main source of income. The sector is hugely important in creating and advancing farmers in the region.
Due to their increasing penetration of biodiesel, Europe and North America are expected to increase moderately over the forecast period. In addition, demand for organic palm oil in the foodservice and personal care and cosmetic end-use categories is strong. Due to the region’s distinct demographics, changes in mass eating habits, and increased food industry demand for various specialties, the North American region is expected to experience exponential expansion shortly. The North American market now has a lot of potential for the future, which is one of the reasons for the rapid expansion of the product in the region. During the forecast period, Latin America and MEA region are likely to be the fastest growing regions in the palm oil market.
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