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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
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.
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