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Report Overview
The global palm oil market reached a volume of nearly 80.97 MMT in 2024. The market is assessed to grow at a CAGR of 2.80% during the forecast period of 2025-2034 to attain a volume of around 106.72 MMT by 2034. The market is being driven by the growing use of palm oil in the cosmetics and personal care industry, the rising adoption of efficient technologies for processing palm oil, the robust growth of the food and beverage sector, the surging emphasis on sustainability, and the growing demand for biofuels.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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Indonesia and Malaysia account for over 85% of global palm oil supply. Hence, Indonesian and Malaysian palm oil producers are increasingly focusing on diversifying their product portfolios to expand the use of palm oil for use in cosmetics, biodiesels, and oleochemicals. Moreover, these countries are attempting to improve palm oil yields and production efficiency by adopting better land management practices and developing efficient palm oil production technology to meet their growing demand in the global markets.
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Palm oil is known for its high yield as compared to other vegetable oils and boasts a high yield per hectare, making it economically attractive. It supplies 40% of the global vegetable oil demand on merely 6% of the land used to produce all vegetable oils. This makes palm oil particularly important for sectors such as food production, cosmetics, biofuels, and pharmaceuticals. In the forecast period, increasing population levels and rising income levels, especially in emerging economies, are expected to drive the palm oil market development in the coming years.
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Palm oil is one of the most versatile and affordable oils, used in food processing, cooking, and industrial applications, hence surging its demand in both developed and emerging economies like India. As per SEA, palm oil imports in India increased by 29.21% to 90.80 lakh tonnes in the first eleven months of the 2022-23 oil year. This surge in imports of palm oil is anticipated to boost its demand in industrial applications such as cosmetics, biofuels, and detergents in the forecast period.
Compound Annual Growth Rate
Value in MMT
2.8%
2025-2034
Palm Oil Market Outlook
*this image is indicative*
| Global Palm Oil Market Report Summary | Description | Value |
| Base Year | MMT | 2024 |
| Historical Period | MMT | 2018-2024 |
| Forecast Period | MMT | 2025-2034 |
| Market Size 2024 | MMT | 80.97 |
| Market Size 2034 | MMT | 106.72 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 2.80% |
| CAGR 2025-2034 - Market by Region | Asia Pacific | 3.2% |
| CAGR 2025-2034 - Market by Country | India | 3.3% |
| CAGR 2025-2034 - Market by Country | China | 3.1% |
| CAGR 2025-2034 - Market by Application | Energy | 3.4% |
| Market Share by Country 2024 | India | 14.3% |
Global Palm Oil Market Growth
There is 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. Palm oil is also used in the production of detergents, shampoos, and conditioners to enhance their foaming capabilities. Moreover, favourable government initiatives aimed at expanding the production of palm oil are aiding the market. For instance, the National Mission on Edible Oils - Oil Palm (NMEO-OP), launched by the Indian government in 2021, aims to bring 6.5 lakh hectares under oil palm plantations by 2025-26 and reduce reliance on imports.
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The palm oil market development is expected to be fuelled by the growing adoption of efficient technologies such as screw pressing for processing palm oil. Such methods ensure higher oil recovery while minimising damage to the oil's molecular structure, hence maintaining its nutritional value. Furthermore, the development of innovative refining methods, including membrane technology and supercritical fluid extraction, that offer superior separation capabilities to produce higher-quality refined palm oil is anticipated to aid the market in the coming years.
Key Trends and Recent Developments
Robust growth of the food and beverage sector; surging emphasis on sustainability; increasing demand for biofuels; and growing deployment of advanced technologies are favouring the palm oil market expansion.
Extensive Demand for Palm Oil in Food and Beverage Applications
Palm oil, extracted from the fruit of oil palm trees, is widely used in food and beverages due to its cost-effectiveness, neutral taste, ease of availability, flexibility in texture, and ability to enhance the shelf stability of products.
Growing Focus on Sustainability
Traditionally, palm oil production has resulted in habitat loss and deforestation, greenhouse gas emissions, soil and water pollution, and social issues like child labour and poor working conditions. Hence, key players are increasingly adopting sustainable practices such as improved land management and eco-friendly farming techniques to preserve biodiversity, improve transparency in the supply chain, and gain a competitive advantage.
Increasing Demand for Biofuels
Due to its high efficiency in oil production, high energy content, and chemical chain similar to that of fossil fuels in the C16 and C18 carbon chain, palm oil is one of the most important raw materials used in the production of biofuels and sustainable aviation fuels.
Deployment of Advanced Technologies
Advancements in oil production technology aimed at developing high-yielding palm oil varieties and improving palm oil extraction processes are driving the palm oil market development. Key players are also increasingly deploying digital technologies like the Internet of things (IoT) and drones to manage palm oil plantations and optimise irrigation application decisions through the analysis of real-time field data.
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Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Global Palm Oil Market Trends
Palm oil producers are leveraging technologies such as remote sensing via satellite and drone imagery to identify and georeferenced the planted palms, monitor the health of palm trees, and enable precise optimisation of fertiliser usage and other agricultural practices. The growing adoption of technologies such as artificial intelligence and machine learning to reduce costs and enhance the efficiency of palm oil production is further boosting the palm oil market value. In December 2024, Malaysia’s Minsawi Industries Kuala Kangsar invested around MYR 4-5 million to install the Artificial Intelligence Robotics Engineering Industries (Airei) technology at its mill in order to reduce its workload and improve its oil extraction efficiency.
With the growing focus on sustainability, there is a rising focus on enhancing the traceability of the palm oil value chain. In November 2023, the Roundtable on Sustainable Palm Oil (RSPO) announced that it was developing a new system to trace the origin and environmental credentials of palm oil.
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Global Palm Oil Industry Segmentation
The EMR’s report titled “Global Palm Oil Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Application:
- Food Products
- Consumer Products
- Energy
Market Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
| CAGR 2025-2034 - Market by | Country |
| India | 3.3% |
| China | 3.1% |
| Mexico | 3.0% |
| Canada | 2.9% |
| UK | 2.7% |
| USA | XX% |
| Germany | XX% |
| Italy | XX% |
| Japan | XX% |
| Australia | 2.5% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| France | 2.4% |
Global Palm Oil Market Share
As per the palm oil market analysis, the energy segment is assessed to grow at a CAGR of 3.4% during the forecast period of 2025-2034. Palm oil has established its position as one of the key feedstocks for biodiesel, a cleaner alternative for transportation and industrial energy use. Increasing research and development activities aimed at exploring the use of palm oil in green energy projects, such as biogas production and power generation, are expected to aid the market in the coming years.
Meanwhile, the growing global population and the expansion of the middle class in developing countries have increased the demand for processed and packaged foods, which often contain palm oil. Palm oil is an incredibly versatile ingredient used in a wide range of food products. Its ability to maintain stability at high temperatures and its semi-solid state at room temperature make it a preferred choice for many food manufacturers.
Due to its extended shelf stability, versatility, and cost-effectiveness, palm oil is used in various consumer goods such as household items (cleaning products) and cosmetics (shampoo, soap, and lotions).
Competitive Landscape
Key palm oil market players are adopting No Deforestation, No Peat, No Exploitation (NDPE) policies to ensure the sustainable production of palm oil. They are also investing in technologies such as satellite imagery, blockchain, and GPS tracking to improve the transparency and traceability of palm oil supply chains.
Wilmar International Ltd.
Wilmar International Ltd., headquartered in Singapore and established in 1991, is one of the largest agribusinesses in Asia. The company’s integrated agribusiness model encompasses the entire value chain of the agricultural commodity business. It boasts more than 1,000 manufacturing plants and an extensive network covering India, China, Indonesia, and 50 other countries and regions.
Bunge Limited
Bunge Limited, headquartered in Missouri, United States, and established in 1818, is a company that connects farmers to consumers to deliver sustainable and essential food, feed, and fuel. It has also established its position as a leader in oilseed processing and a prominent producer and supplier of speciality plant-based oils, protein, and fats.
Archer Daniels Midland Company
Archer Daniels Midland Company, based in Illinois, United States, is one of the largest nutrition companies. Founded in 1902, the company is also an agricultural supply chain manager and processor that provides food security by connecting local needs with global capabilities. It is also a leader in sustainability, scaling across entire value chains to decarbonise multiple sectors.
FGV Holdings Berhad
FGV Holdings Berhad, headquartered in Kuala Lumpur, Malaysia, is an agriculture business. Initially incorporated as a commercial arm of the Federal Land Development Authority (FELDA) in 2007, the company operates in seven countries across Asia, Europe and North America. It aims to produce and develop high-quality products sustainably that are good for the people and the environment.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the palm oil market include Cargill Incorporated, PT Astra Agro Lestari Tbk, Sime Darby Plantation Berhad., Kuala Lumpur Kepong Berhad, RGE Pte Ltd, Musim Mas Group, IOI Corporation Berhad, and Golden Agri-Resources Ltd, among others.
Palm 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
In 2024, the market reached an approximate volume of 80.97 MMT.
The market is assessed to grow at a CAGR of 2.80% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a volume of around 106.72 MMT by 2034.
The major drivers of the market growth include rising disposable incomes, increasing population, increasing demand from the food sector, rising health consciousness, and growing demand for biofuel.
The growing shift from trans-fat to healthier alternatives and the rising adoption of biofuels in countries across the globe are the key trends in the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The food sector accounts the largest market share of 71% among other application sectors.
The key players in the market include 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, and Golden Agri-Resources Ltd, among others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Region |
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