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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Extensive Application of Palm Kernel Oil in End Use Industries to Boost the Market Growth
The United States market for palm kernel oil is expected to witness healthy growth in the forecast period. This could be attributed to the increased consumption of processed food and beverage goods, which has bolstered the food industry in the country. North America is a major contributor to the market growth due to rising demand for the product as a cooking oil in food production. Meanwhile, Asia Pacific is projected to expand at a healthy pace during the forecast period. This could be ascribed to the expanding cosmetics and personal care industry in the region. In addition to this, the rising disposable incomes and enhancing living standards of the population in emerging economies like India are contributing to the market growth of the cosmetic industry in the region. This is further enhancing the overall palm kernel oil industry. Moreover, Europe is a world leader in automotive manufacturing and is home to many of the industry's key players. Increased biodiesel demand in Germany, Spain, and other European countries is expected to boost the market for palm kernel oil.
Palm Kernel Oil Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is expected to grow at a CAGR of 4.3% between 2024 and 2032.
The major drivers of the market include the increasing biodiesel use in vehicles, surging consumption of processed food and beverage goods, and the rising demand for the product as a cooking oil.
The increasing customer demand for naturally formulated personal care and beauty products and rising health consciousness are the key trends propelling the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major applications of palm kernel oil are edible oil, cosmetics, bio-diesel, lubricants, and surfactants, among others.
The major players in the market are Cargill Inc., Wilmar International Limited, Sime Darby, Golden Agri Resources Limited, and Godrej Agrovet Limited, among others.
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