Asia Pacific Palm Oil Market Report and Forecast 2024-2032

Asia Pacific Palm Oil Market Size

The Asia Pacific palm oil market is projected to grow at a CAGR of 4.66% between 2024 and 2032.

Asia Pacific Palm Oil Market Outlook

• According to the Union Minister of Agriculture, India produced about 28,022 metric tons of palm oil in 2020-21.

• According to the IEA, Asia will see a growth of 10.8 billion litres per year in biofuel between 2021 and 2026.

• Data from State Council China revealed pharmaceutical industry business revenue is growing annually by 9.3% since its 14th five-year plan (2021-25).

Asia Pacific Palm Oil Market Growth

Crude palm oil is fueling the Asia Pacific palm oil market, propelled by increased consumption in emerging economies, government initiatives promoting sustainable fuels, and a growing demand for cosmetic products among young people.

Crude palm oil serves as raw material for many food processing, cosmetics, and biofuel productions. They are mostly used across developing countries for cooking due to their lower cost of production. Due to their cleansing property, they are used by many big brands to produce soap and detergent. Also, CPO plays a crucial role in environment conservation as it is used to produce biofuels.

In July 2023, India conducted a mega plantation drive to expand its oil palm cultivation under the National Mission for Edible Oils. Major palm oil companies like Patanjali Food Pvt. Ltd., Godrej Agrovet, and 3F collaborated with state governments to cover approximately 7750 hectares across different states of India, covering its southern and northeastern parts.

RBD palm oil undergoes a refining process to improve its flavour, colour and shelf life, making it suitable for food industries. It is used as a cooking oil in the food industry due to its neutral flavour and stable properties, mostly used across confectioneries and baking shops. Due to its low cost compared to other vegetable oils, they are widely used across consumer and industrial food products.

Asia Pacific Palm Oil Market Segmentation

Asia Pacific Palm Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Crude Palm Oil

• RBD Palm Oil

• Palm Kernel Oil

• Fractionated Palm Oil

Market Breakup by End Use

• Food and Beverage

• Personal Care and Cosmetics

• Biofuel and Energy

• Pharmaceuticals

• Others

Market Breakup by Distribution Channel

• Direct

• Indirect

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific Palm Oil Market Share

Palm oil serves as a renewable energy source that diminishes fossil fuel dependence and emissions, bolstering economic growth and rural development. In pharmaceuticals, its nutrients and bioactive compounds enhance drug absorption, and controlled release, and offer anti-inflammatory and antimicrobial advantages, all while being cost-effective and sustainably sourced.

Leading Companies in the Asia Pacific Palm Oil Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and the latest developments like mergers and acquisitions, investments, and capacity expansion.

• Wilmar International Ltd.

• IOI Corporation Berhad

• Golden Agri-Resources Ltd.

• United Plantations Berhad

• Sime Darby Plantation Berhad

• Kuala Lumpur Kepong Berhad

• PT Sampoerna Agro, Tbk

• Univanich Palm Oil Public Company Limited

• Asian Agri

• PT Bakrie Sumatera Plantations Tbk

• Others

The companies manage extensive palm oil plantations, emphasizing sustainable and efficient cultivation techniques to produce premium palm oil. It operates nurseries and conducts breeding programs to develop high-yield oil palm varieties. Furthermore, the companies carry out refining and fractionation to create refined palm oil products for industrial and consumer markets.

Key Highlights of the Report