Global Palm Oil Market Report and Forecast 2024-2032

Global Palm Oil Market Size

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 2.8% between 2024 and 2032 to reach a volume of around 100.98 MMT by 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.

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.

Palm Oil Market Report Snapshots

Palm Oil Market Size

Palm Oil Market Analysis

Palm Oil Market Regional Analysis

Palm Oil Companies