Palm Oil Market
Palm Oil Market - Global Industry Assessment & Forecast
- 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 Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 63.86 Billion|
|Revenue 2030:||USD 80.90 Billion|
|Revenue CAGR (2023 - 2030):||3.00%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Global Palm Oil Market is valued at USD 63.86 Billion in 2022 and is projected to reach a value of USD 80.90 Billion by 2030 at a CAGR of 3.00% 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, 2022 To 2030 (USD Billion)
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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.
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:
Regions & Countries Covered
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
Palm Oil Market is Tabulated as Follows:
Frequently Asked Question
What is the global demand for Palm Oil in terms of revenue?
The global Palm Oil valued at USD 63.86 Billion in 2022 and is expected to reach USD 80.90 Billion in 2030 growing at a CAGR of 3.00%.
Which are the prominent players in the market?
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..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 3.00% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Palm Oil include
- Significant growth in demand for the product from end-use industries
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Palm Oil in 2022.