New York, US, June 07, 2022 (GLOBE NEWSWIRE) -- Palm Oil Market Overview:
Market Research Future (MRFR) 's report highlights "Palm Oil Market Information By Type, Application, And Region - Forecast till 2030", the market will touch USD 98.8 billion by 2030, a 5.2% CAGR in the forecast period ranging from 2022 to 2030.
Market Synopsis
Palm oil is made from the fruits of the palm tree, which are native to Western Africa. Palm fruits can also thrive in hot, humid regions. Crude palm oil, palm kernel oil, and other forms of palm oils exist. Crude palm oil is extracted from the fruit of the oil palm tree and is known as red palm oil because of its rich dark red hue when untreated. Palm kernel oil, on the other hand, is extracted from the palm fruit's kernel or seed. This oil has a long shelf life due to its great oxidation resistance. Palm oil is used to make greases, lubricants, and candles, contributing to the market's growth.
The biofuel business has seen an increase in demand for the product. Palm oil is used to make biofuel, which is then utilized as a sustainable option for crude oil in various applications, including motor oil. For the time being, the biofuel business is a fledgling industry with limited uses. Small and medium-sized growers rely on conventional oil palm fields to supplement their income because synthetic chemicals can help them enhance production. In low-income countries with large people, the traditional nature component is more popular.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 98.8 billion |
| CAGR | 5.2% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies 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 outstanding contenders in the palm oil market are:
- Golden Agri Resources Limited (Singapore)
- Kulim Bhd (Malaysia)
- Cargill Inc., (U.S)
- Wilmar International Limited (Singapore)
- Sime Darby (Malaysia)
- IOI Corp. (Malaysia)
- Godrej Agrovet Limited (India)
- London Sumatra (Indonesia)
Market USP Covered:
Market Drivers:
Due to rising disposable income and per capita spending on consumer goods, the market is expanding. Palm oil is in high demand worldwide due to its numerous applications. Cooking oil, cosmetics, lubricants, biodiesel, and other applications are among the causes driving the palm oil market's growth. It is also used in the biofuels industry as a feedstock in biodiesel manufacturing and as a substitute for mineral oils in power plants, boosting the market growth.
Palm oil fatty acid derivatives are utilized to produce medicines, cosmetics, bactericides, and water treatment products, among other things. Palm oil's market share could expand faster as people become more aware of the medical benefits of the oil.
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Market Segmentation
Market Restraints:
The elimination of incentives for palm oil production results in forest devastation. As a result, the market expansion is hampered by growing concerns over deforestation and the loss of plant diversity. Palm oil plantation countries, such as Indonesia and Malaysia, increasingly focus on sustainable and organic products. Organic products are becoming more popular as people become more aware of the negative effects of agrochemicals used in agricultural agriculture on human health. Palm oil negatively influences the environment, which is the palm oil industry's biggest concern. The other key concern is price fluctuation.
COVID 19 Analysis
The COVID-19 pandemic has wreaked havoc on practically every industry on the planet. The government's ongoing lockdowns to prevent the virus from spreading, supply chain disruptions, manufacturing industry shutdowns, transportation delays, food, and beverage sector closures, labor shortages, and other factors have significantly impacted the palm oil market.
Palm oil is commonly found in frying, roadside snacks, hot chips, and cosmetics cuisines. Due to the lockdowns, restaurants and roadside meals have ceased operations, reducing demand for palm oil. The removal of rewards from the palm tree for palm oil extraction has been halted due to a lack of labor, which has hampered the market's expansion. However, palm oil in medications is increasing slowly and is unaffected by the epidemic. To increase market growth, effective key players must make reasonable efforts, such as raising awareness about the benefits of palm oil.
By Application
During the projection period, the cosmetics segment is projected to drive growth.
By Type
Palm kernel oil will see significant market development due to its sole use as a source for animal feed and biomass and its high amount of medium-chain fatty acids.
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Regional Insights
The Asia-Pacific region led the global and is predicted to develop significantly during the evaluation period due to increased palm oil demand in different sectors. As key producers and exporters of palm fruit, Indonesia and Malaysia have made significant contributions to the region's palm oil market expansion. Indonesia is the world's top producer and exporter of palm oil. The product is exported all over the world by the country. The government also aids Palm oil plant growers. Many medium and small producers in the region rely on it as a primary source of revenue. The sector is largely important for creating and advancing the region's cultivators.
Because of their increasing biodiesel penetration, Europe and North America are likely to rise moderately during the forecast period. In addition, demand for organic palm oil in the foodservice and personal care & cosmetics end-use categories is strong. Due to the region's distinct demography, changes in mass eating habits, and increased demand from the food business for diverse delicacies, the North American region is expected to experience exponential expansion shortly. The North American market now has much potential for the future, which is one of the reasons for the product's quick expansion in the region. Over the forecast period, Latin America and the MEA region are likely to be the fastest-growing regions in the palm oil market.
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