Colombia Palm Oil Market Report and Forecast 2024-2032

Colombia Palm Oil Market Outlook

The Colombia palm oil market size reached a volume of 1.81 MMT in 2023 and is expected to grow at a CAGR of 1.7% during  forecast period of 2024 and 2032.

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Favourable Frying Properties and Health Benefits of Palm Oil Aiding the Growth of Palm Oil Industry in Colombia

Colombia is the largest producer of palm oil in Latin America. As the cooking of traditional and cultural food in the region is based on frying, palm oil is extensively used as it has beneficial frying properties and can be reused than other edible oils. Moreover, various benefits are attributed to palm oil, the consumption of which can prevent vitamin A deficiency, high blood pressure, ageing, and cancer. The awareness regarding the benefits of palm oil is boosting the market growth. Additionally, palm oil is widely used in various industries, including the cosmetics and personal care industry, for foaming, moisturising, and texturising properties, which is further augmenting its market growth.

Palm oil is cost-effective, due to which it is increasingly preferred by the emerging middle class population in the region. It is consistent after refining and blends easily with other oils; therefore it is widely used in various packaged food and beverage, consequently fuelling the market growth. The surging use of biofuels as an environment-friendly alternative to fossil fuels is also aiding the market growth. While various biofuels, such as soybean, palm, rapeseed, and sunflower oil, perform with equal effectiveness, palm oil is widely preferred due to its cheap price, hence invigorating the market growth.

Palm Oil: Market Segmentation

Palm oil is referred to as edible vegetable oil that is extracted from the fruit of oil palm. Oil palm trees are mostly grown in the tropical region and are typically used for cooking, especially in developing countries. It is also used in various food products, cosmetics, and detergents.

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The major origins of palm oil are:

• Organic
• Conventional

The market can be broadly categorised on the basis of its products into:

• Crude Palm Oil
• RBD Palm Oil
• Palm Kernel Oil
• Fractionated Palm Oil
• Others

Based on the end use, the market is divided into:

• Food and Beverage
• Personal Care and Cosmetics
• Biofuel and Energy
• Pharmaceuticals
• Industrial
• Others

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Growing Demand for Sustainable Palm Oil to Bolster the Growth of the Palm Oil Industry in Colombia

The rising demand for palm oil in Colombia can be attributed to the growing popularity of sustainable palm oil, which does not add to carbon footprint. As Colombia is a trademark for sustainable palm oil production, it is extensively consumed domestically, hence aiding the market growth. The surging consumption of fats in the form of palm oil owing to inflating disposable income is also propelling the market growth. Moreover, the rapid penetration of fast-food restaurants, especially from the United States, including KFC, Dominos, Burger King, Papa John, and Krispy Kreme, among others, use palm oil extensively in their most popular food products. This is further accelerating the market growth.

The shift from animal-based ingredients in the personal care and cosmetics industry owing to rising safety concerns and surging demand for cruelty-free products is increasing the use of palm oil in various products, thus providing further impetus to the market growth. The USDA Foreign Agricultural Service (FAS) estimated that the palm oil sector is capable of generating 340MW of electric power. It also asserted that with innovations and development, the industry could generate more power resources to sell to local utilities. This is expected to further augment the market growth.

Key Industry Players in the Colombia Palm Oil Market

The report presents a detailed analysis of the following key players in the Colombia palm oil market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Cargill, Incorporated
• Guaicaramo SAS
• Bunge Limited
• Wilmar International Ltd.
• Louis Dreyfus Company
• Extractora Monterrey SA
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report