Global Palm Oil Market Report and Forecast 2024-2032

Palm oil is the leading vegetable oil in the market and is chiefly grown in tropical countries. Originating in West Africa, it is a high-quality oil procured from oil palm trees. As per the palm oil analysis report, while these oils are primarily used in foods in developing economies, they have a wide range of versatile applications. They are found in products like detergents, soaps, skin-care products, lipsticks, and ice cream, among others. In the twenty-first century, biofuel is a robustly growing application sector.

The rising demand for palm oil as a result of people's increasing awareness of its health advantages is among the key palm oil market trends. Also, the increasing use of palm oil as a substitute for petroleum-based diesel to prevent the build-up of carbon in diesel engines is providing a positive outlook for the market.

There is also an increase in the use of palm oil to improve the texture and moisturising properties of perfumes as well as a variety of skincare and beauty products, including body lotions, concealers, mascara, foundation, lipstick, and foundation. This is assisting in increasing the market share, as is the growing use of palm oil in the production of detergents, shampoos, and conditioners to enhance their foaming capabilities. Since palm oil is a more affordable alternative to other vegetable oils and is more readily available on the market, the demand for it from individuals and households in underdeveloped nations has surged, supporting a positive palm oil demand forecast.

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The palm oil market growth is being driven by its ease of availability, diverse applications, and lower cost compared to other vegetable oils. According to the market report, India is a significant importer of palm oil, followed by the European Union and China. Over the years, the demand for palm oil has multiplied.

India has been a leading consumer of palm oil a majority of which is consumed in food followed by other industrial uses. The market in China, another major importer, is influenced by the rising demand from sectors like food, feed, and oleochemicals. In the European Union, palm oil is increasingly used as a feedstock in biodiesel production. Meanwhile, the North America palm oil market is being driven by the increasing use of palm oil in cooking and as a feedstock for the production of biodiesel.

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Palm Oil Market Segmentation

Palm Oil Market Analysis

Palm oil along with soybean oil is the major vegetable oil available in the market. Oil palm is the main oilseed crop in significant markets like Malaysia and Indonesia, which is supporting the market expansion.

The palm oil market demand is being driven by the rising population leading to an increase in the per capita consumption. With governments, globally, attempting to curb trans-fat consumption, the market has received a further upward push. Changing dietary preferences and rising demand from end-use sectors are also fuelling the market share. Their lower energy consumption during the production process and low land requirement while generating more oil per hectare make them more sustainable.

The food sector is the leading application sector for palm oil, followed by the energy sector, with extensive usage as edible oil in Southeast Asia. The biodiesel sector is witnessing growth in Southeast Asian countries, especially in crucial palm oil-producing countries like Indonesia and Malaysia, thus aiding the Malaysia market for palm oil. Palm oil is commonly used as biodiesel feedstock followed by soybean oil and rapeseed oil. It also finds uses in skin creams, soaps, and biodegradable laundry detergents.

The production of palm oil is expected to see an increase in the forecast period with the planned growth and replanting along with the utilisation of higher-yield hybrid varieties. The EU legislation requiring palm oil for biodiesel production has provided further impetus to the market.

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Regional Insights

The Asia Pacific region accounts for a substantial palm oil market share. The Asia Pacific region is home to the world's largest palm oil producers, notably Indonesia and Malaysia, which together account for the majority of global palm oil production. The availability and accessibility of palm oil in these countries significantly contribute to its high demand.

The region's rapidly growing population and economic development led to increased demand for edible oils, including palm oil. As economies grow, there is a rise in consumption levels and changes in dietary patterns, often leading to greater consumption of processed and packaged foods that commonly use palm oil.

Palm oil is widely used in the food sector as a cooking oil and an ingredient in a vast array of products, from snacks and baked goods to instant noodles and confectionery. Its versatility, cost-effectiveness, and functional properties, such as oxidative stability and texture, make it a preferred choice for food manufacturers.

Beyond the food sector, there is a growing demand for palm oil in industrial applications, including biofuels (particularly biodiesel), personal care products, and cosmetics. The biofuel sector, in particular, has seen significant growth in the Asia Pacific, driven by government mandates and policies supporting biofuel usage.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global palm oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Wilmar International Ltd.

• Cargill, Incorporated

• Bunge Limited

• Archer Daniels Midland Company

• PT Astra Agro Lestari Tbk

• FGV Holdings Berhad

• Sime Darby Plantation Berhad.

• Kuala Lumpur Kepong Berhad

• RGE Pte Ltd

• Musim Mas Group

• IOI Corporation Berhad

• Golden Agri-Resources Ltd

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Palm Oil Market Report Snapshots

Palm Oil Market Size

Palm Oil Market Analysis

Palm Oil Market Regional Analysis

Palm Oil Companies