Market Overview
Palm Oil Market Size was valued at USD 65.89 billion in 2021. The Palm Oil market industry is projected to grow from USD 69.31 billion in 2022 to USD 98.84 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2022 - 2030).Palm oil is edible oil, functional in providing cooking benefits. Many developing countries use Palm oil market for other benefits such as Animal feeding, pharmaceutical, industrial purpose, personal care, products, etc. The oil is produced from palm fruits and leaves a more significant impact than other vegetable oils. Countries like the U.S use the oil ingredient in their diet to boost their energy level. Over the years, the Palm oil Market outlook has witnessed a massive growth in its market share, size, and structure, following its increased demand in different sectors.
Although Palm oil is the highest-yielding crop, it provides multiple benefits to its consumers. It includes easy digestion, improved cholesterol balance, Vitamin A-rich ingredients, and so on. The oil has several other types like palm kernel oil, crude oil, etc. On the one hand, Crude palm oil constructs from red-colored palm tree fruits. The other side, palm kernel oil constructs from palm fruits seeds. Both the oils sustain for a more extended period and high-oxidation simultaneously.
Following the benefits, the demand in the Palm oil market insights rises every day. Although, it affects the disposable income of the ingredients, which in turn drives the growth of the overall market structure. As discussed, the oil and its ingredients are applicable in various elements like detergents, cosmetics, and food products; it leads to a rise in demand at the same time. It pushes the manufacturers to extend the production quantity, resulting in an upsurge in the industry. Therefore, these are the key drivers contributing to the elevation process side by side.
However, as the CoVid-19 outbreak hit the globe, it negatively impacted every industry involved in the supply chain. Following the forced shutdowns, the supplies of products were interrupted, which turned the growth cycle for almost two years. Moreover, it escorted to labor shortage, funds, and a decrease in demand for Palm oil severely. Once again, the post-lockdown has stood as a ray of hope for industries, and the Palm oil Market will soon head the competition.
Market Segmentation
The market segmentation of Palm oil classifies based on three elements, i.e., type, application, and region. The market segment of Palm oil types divides kernel oil, crude palm oil, etc. Among all, crude oil is the major dominator of in Palm oil market’s growth. The crude oil contains less saturated characteristics because the general public shifts more to crude oil than kernel oil.
The application of Palm oil divides between lubricant products, bio-diesel, cooking, etc. Out of these, cooking oil dominates the market growth significantly.
Regional Classification
The regional classification of the Palm oil market divides into Europe, Latin America, Asia Pacific, North America, and other corners of the world. Out of these, Asia Pacific contributes maximum to Palm oil industrial development. Countries like Malaysia and Indonesia are the primary producers of the ingredient, thus expecting to drive the market to new heights in the review period.
Industry news
There is news that palm oil price may hit a new record by USD 1938 a ton in the upcoming period. Also, it may decline the supply chain and export following the ongoing war between Russia and Ukraine. However, if everything goes well, the Palm oil Market can see an improved 7.6% CGAR in the forecast period.
Key Palm Oil market players include :-
Cargill Inc. (U.S)
Wilmar International Limited (Singapore)
Sime Darby (Malaysia)
IOI Corp. (Malaysia)
Golden Agri Resources Limited (Singapore)
Kulim BHD (Malaysia)
Godrej Agrovet Limited (India)
London Sumatra (Indonesia)
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