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Palm Oil Market

Palm Oil Market

Palm Oil Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Mar - 2022



Report Code:


Segments Covered
  • By Origin Outlook Organic, Conventional
  • By Product Outlook Crude Palm Oil, RBD Palm Oil, Palm Kernel Oil, Fractionated Palm Oil
  • By End-use Outlook Food & Beverage, Personal Care & Cosmetics, Biofuel & Energy, Pharmaceutical, Industrial (Surfactants, Lubricants, etc.)
  • By Regions North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 62.30 Billion
Revenue 2028Revenue 2028: USD 75.69 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 3.3%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Palm Oil Market Share

Market Synopsis:

Global Palm Oil Market is valued at USD 62.30 Billion in 2021 and is projected to reach a value of USD 75.69 Billion by 2028 at a CAGR of 3.3% over the forecast period.

Governments in prominent Palm Oil-growing countries such as Indonesia and Malaysia are focused on sustainable and organic production. Growing consumer awareness about the harmful effects of agrochemicals used to grow conventional crops on the environment and human health has created demand for organic products. Organically grown crops do not use chemicals or agrochemicals of any kind, from the point of growing to processing and final product packaging. Hence, the demand for the organic palm oil is expected to grow at a lucrative growth rate during the forecast period. The market is consolidated as some of the prominent players hold a major share of the market in terms of revenue. Most companies have their own land to harvest oil kernels to facilitate access to raw materials and are therefore backward integrated. But few companies outsource their products.

Manufacturers have partnered with farmers to grow palm groves for production and provide training and support to produce quality products. Manufacturers are working to create advanced product portfolios by investing heavily in R&D activities. Numerous companies in the industry continue to invest in research activities to improve their Palm Oil product portfolio by providing a broader end-use application base and market affordability. Technological innovations, along with substantial foreign funding in the industry are expected to present significant opportunities for industry members worldwide.

Palm Oil Market Size, 2021 To 2028 (USD Billion)

Market Segmentation:

Below tree is interactive. You can click the nodes to get more information.

Based on Origin, the Organic Segment is Anticipated to Grow at a Rapid Rate in the Palm Oil Market

Organic segment is projected to grow at a significant rate than conventional products in the target market over the forecast period. For instance, Ecuador’s Alcopalma is increasing the amount added-value Palm Oil with RSPO certifications to strengthen its diversified portfolio by organic and sustainable oil.

Based on Product, the Crude Palm Oil Segment is Accounted as a Major Contributor in the Palm Oil Market

Crude Palm Oil (CPO) held a significant share of the Palm Oil Market in 2021 in terms of revenue, followed by Palm Kernel Oil (PKO). Increasing production and consumption of oleochemicals in agrochemicals and cleaning products is expected to drive market growth over the forecast period.

Biofuel & Energy Segment is Projected to Witness Growth at a Rapid Pace

The biofuel & energy segment accounted for a significant revenue share in 2021 and is expected to witness a lucrative growth throughout the forecast period. This is expected to be the result of growing global demand for biofuels. Biodiesel has gained popularity among consumers as an effective alternative to diesel over the past few years. In terms of feedstocks, Palm Oil is highlighted as a traditional feedstock for biodiesel production and is considered an economical alternative to soybeans.

Based on Regional Analysis, the Asia Pacific Palm Oil Market Holds Significant Revenue Share

Asia Pacific is projected to be dominant in terms of production as countries like Indonesia and Malaysia are the prominent producers. The upper hand owes to high dependency of other regions such as North America and Europe on imports from the Asia Pacific countries. Product demand is expected to grow from the biofuels & energy segment in Europe and North America, where changing government requirements are increasing the penetration of biodiesel across countries. Furthermore, these markets are expected to witness greater demand for organic Palm Oil in the food & beverages, personal care & cosmetics industries.

Competitive Landscape:

Some of the major key players in the Palm Oil Market are Wilmar International Limited, Sime Darby Berhad, IOI Corporation Berhad, Astra Agro Lestari, Kuala Lumpur Kepong Berhad, Golden Agri-Resources Ltd.. The key players in the Palm Oil Market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of global and local players to enhance product portfolio and strengthen their global footprint.

Palm Oil Market is Segmented as Follows:

Parameter Details
Segments Covered
  • Origin Outlook (Organic, Conventional)
  • Product Outlook (Crude Palm Oil, RBD Palm Oil, Palm Kernel Oil, Fractionated Palm Oil)
  • End-use Outlook (Food & Beverage, Personal Care & Cosmetics, Biofuel & Energy, Pharmaceutical, Industrial (Surfactants, Lubricants, etc.))
  • Regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Wilmar International Limited
  • Sime Darby Berhad
  • IOI Corporation Berhad
  • Astra Agro Lestari
  • Kuala Lumpur Kepong Berhad
  • Golden Agri-Resources Ltd.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Palm Oil Market is Tabulated as Follows:

Frequently Asked Question
  • The global Palm Oil valued at USD 62.30 Billion in 2020 and is expected to reach USD 75.69 Billion in 2028 growing at a CAGR of 3.3%.

  • The prominent players in the market are Wilmar International Limited, Sime Darby Berhad, IOI Corporation Berhad, Astra Agro Lestari, Kuala Lumpur Kepong Berhad, Golden Agri-Resources Ltd..

  • The market is project to grow at a CAGR of 3.3% between 2021 and 2028.

  • The driving factors of the Palm Oil include

    • Significant growth in demand for the product from end-use industries

  • Asia Pacific was the leading regional segment of the Palm Oil in 2020.