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Report Overview
The global palm oil market size reached a volume of approximately 78.76 MMT in 2023. The market is further expected to grow at a CAGR of 2.80% between 2024 and 2032 to reach a volume of around 100.98 MMT by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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
Palm Oil Market Regional Analysis
*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 2023, the global palm oil market attained a volume of almost 78.76 MMT.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 2.80%.
By 2032, the market is estimated to reach a volume of 100.98 MMT.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124