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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 Period
2025-2034
Forecast Period
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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.
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.
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.
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