Global Palm Oil Market Size, Share, Growth, Industry Trends, Competitive Analysis and Forecast to 2030

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The global palm oil market size is anticipated to register a considerable CAGR of around 5% during the forecast period from 2021 to 2027. The increasing demand for the product from various industries and the increasing awareness regarding health benefits are some major factors to drive the market growth. The total oil and fat production is estimated to be 235.4 million tonnes in 2020 which is a decline of more than 2% due to the COVID-19 pandemic. Asia is accounted as a major consumer of oil and fats and holds a major market share of around 50% globally. Palm oil is accounted to hold a major market share of around 30% of global oil and fats and expected to grow over 4% annually.

The increasing demand for palm oil in the food industry is a primary factor to drive the market growth over the forecast period. Furthermore, the health benefits associated with palm oil such as improving eye vision, reducing the risk of heart disease and cancer, and immune system boosters are expected to increase the demand for palm oil around the globe. Moreover, the change in consumption habits of consumers towards nutritional food items and the rising demand for edible oils is expected to fuel the market over the forecast period.

Market Drivers:

Versatility and Wide Range of Applications: Palm oil is a highly versatile vegetable oil with a wide range of applications in various industries. It is used in food products, such as cooking oil, margarine, confectionery, and bakery items. Additionally, it finds applications in non-food industries, including cosmetics, personal care products, soaps, detergents, and biofuels. The versatility of palm oil makes it a sought-after ingredient, driving its market demand.

Cost Efficiency: Palm oil is one of the most cost-effective vegetable oils available, making it an attractive choice for manufacturers and consumers. The low cost of palm oil compared to other vegetable oils, such as soybean oil or sunflower oil, contributes to its widespread use in various industries, particularly in food manufacturing and the production of consumer goods.

High Yield and Productivity: Palm oil is derived from the oil palm tree, which is known for its high oil yield per unit of cultivated land. Oil palm plantations have significantly higher oil production per hectare compared to other oilseed crops, making palm oil a highly productive and efficient source of vegetable oil. The high yield of palm oil helps meet the growing global demand and ensures a stable supply in the market.

Global Food Consumption Patterns: The increasing global population, changing dietary habits, and rising per capita income in emerging economies have led to a growing demand for food products, including processed and convenience foods. Palm oil is extensively used in the food industry due to its stability at high temperatures, long shelf life, and versatility in various food applications. The changing food consumption patterns and preferences contribute to the demand for palm oil.

Economic Development and Industrialization: Palm oil-producing countries, particularly those in Southeast Asia, have witnessed rapid economic development and industrialization. As these countries continue to develop, the demand for palm oil as a raw material for various industries, including food processing, oleochemicals, and biofuels, increases. The industrialization and economic growth of palm oil-producing countries drive the market demand.

Biofuel Policies and Renewable Energy Initiatives: The increasing focus on renewable energy and sustainable fuel sources has boosted the demand for palm oil as a feedstock for biofuels, particularly biodiesel. Governments and organizations worldwide have implemented policies and initiatives to promote the use of biofuels, leading to an increased demand for palm oil as an alternative to fossil fuels.

Functional Properties and Health Benefits: Palm oil possesses functional properties that are beneficial for food applications. It provides texture, stability, and a desirable mouthfeel in food products. Additionally, palm oil contains a balanced composition of saturated and unsaturated fatty acids, making it suitable for use in food formulations. The perceived health benefits of palm oil, such as its vitamin E content and potential antioxidant properties, contribute to its market demand.

Global Trading and Supply Chain Networks: The palm oil market operates within a well-established global trading system, with extensive supply chain networks that connect palm oil-producing regions to consumer markets worldwide. The efficient logistics and distribution networks facilitate the trade and availability of palm oil in different regions, contributing to its market growth.

Sustainable Production Initiatives: The palm oil industry has faced significant criticism in the past regarding deforestation, habitat destruction, and social issues. In response, there has been a growing focus on sustainable palm oil production practices, including certification schemes such as the Roundtable on Sustainable Palm Oil (RSPO). The increasing demand for certified sustainable palm oil, driven by consumer awareness and corporate sustainability commitments, influences market dynamics and drives the adoption of sustainable practices.

Market Outlook:

Benchmark Year 2022
Market Size lock
Market Growth (CAGR) ~ 5% (2023 to 2030)
Largest Market Share Asia Pacific
Analysis Period 2020-2030
Market Players Wilmar, IOI Corporation, Sime Darby, United Plantations Berhad, and Kuala Lumpur Kepong

Market Insights:

The global palm oil market is bifurcated into type, product, end-use, and geography. On the basis of product, the market is further segmented into crude palm oil, RBD palm oil, palm kernel oil, and fractionated palm oil. The crude palm oil segment dominated the global market and accounted to hold the largest revenue share of over half of the global market. The palm kernel oil segment is expected to grow at a significant growth rate and estimated to hold a significant market share of around one-fourth percent of the market in 2020.

On the basis of end-use, the market is segmented into food & beverage, personal care & cosmetics, biofuel & energy, pharmaceutical, and industrial. The food and beverage segment dominated the global palm oil market in 2020 and expected to maintain its dominance over the forecast period. The increasing demand for edible cooking oil around the world is a primary factor to drive the segment growth. The biofuel and energy segment is accounted to grow at a significant growth rate and accounted to hold a considerable market share over around 16% in 2020.

Palm Oil Market Forecast

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The palm oil comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The palm oil market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

  • 2018-19 – Historical Year
  • 2020 – Base Year
  • 2021-2027 – Forecast Period

Market Segmentation:

By Type:

  • Organic
  • Conventional

By Product:

  • Crude Palm Oil
  • RBD Palm Oil
  • Palm Kernel Oil
  • Fractionated Palm Oil

By End-Use:

  • Food & Beverage
  • Personal Care & Cosmetics
  • Biofuel & Energy
  • Pharmaceutical
  • Industrial (Surfactants, Lubricants, etc.)

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Geographic Coverage:

Geographically, the Asia Pacific dominated the global palm oil market in 2020 and is estimated to hold the largest revenue share of over half of the market in terms of revenue. The increasing demand for edible oil coupled with the health benefits associated with palm oil is a major factor to drive the market growth in the region. The APAC is accounted as the largest consumer as well producer of palm oil globally. The increasing demand for high nutritional value food and rising awareness regarding health is further anticipated to uplift the market over the forecast period.

Competition Assessment:

Some of the prominent market players operating in the global palm oil market are Wilmar, IOI Corporation, Sime Darby, United Plantations Berhad, and Kuala Lumpur Kepong. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

  • Wilmar
  • IOI Corporation
  • Sime Darby
  • United Plantations Berhad
  • Kuala Lumpur Kepong
  • Asiatic Development
  • Boustead
  • London Sumatra
  • Kulim Bhd
  • IJM Plantations

Key Questions Answered by Palm Oil Market Report

  • Global palm oil market forecasts from 2021-2027
  • Regional palm oil market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
  • Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
  • Palm oil submarket forecasts from 2021-2027 covering the market by type, by product, by end-use, and geography
  • Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the palm oil market
  • Analysis of the key factors driving and restraining the growth of the global, regional and country-level palm oil markets from 2021-2027
  • Competitive Landscape and market positioning of top 10 players operating in the palm oil market
Table of Content:

1. Preface


1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions

 

2. Executive Summary


2.1. Global Palm Oil Market Portraiture
2.2. Global Palm Oil Market, by Type, 2020 (USD Mn)
2.3. Global Palm Oil Market, by Product, 2020 (USD Mn)
2.4. Global Palm Oil Market, by End-Use, 2020 (USD Mn)
2.5. Global Palm Oil Market, by Geography, 2020 (USD Mn)

 

3. Global Palm Oil Market Analysis


3.1. Palm Oil Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. COVID-19 Impact Analysis

 

4. Global Palm Oil Market By Type, 2018 – 2027 (USD Mn)


4.1. Overview
4.2. Organic
4.3. Conventional

 

5. Global Palm Oil Market By Product, 2018 – 2027 (USD Mn)


5.1. Overview
5.2. Crude Palm Oil
5.3. RBD Palm Oil
5.4. Palm Kernel Oil
5.5. Fractionated Palm Oil

 

6. Global Palm Oil Market By End-Use, 2018 – 2027 (USD Mn)


6.1. Overview
6.2. Food & Beverage
6.3. Personal Care & Cosmetics
6.4. Biofuel & Energy
6.5. Pharmaceutical
6.6. Industrial (Surfactants, Lubricants, etc.)

 

7. North America Palm Oil Market Analysis and Forecast, 2018 – 2027 (USD Mn)


7.1.1. Overview
7.1.2. North America Palm Oil Market by Type (2018-2027 USD Mn)
7.1.3. North America Palm Oil Market by Product (2018-2027 USD Mn)
7.1.4. North America Palm Oil Market by End-Use (2018-2027 USD Mn)
7.1.5. North America Palm Oil Market by Country (2018-2027 USD Mn)
7.1.5.1. U.S.
7.1.5.1.1. U.S. Palm Oil Market by Type (2018-2027 USD Mn)
7.1.5.1.2. U.S. Palm Oil Market by Product (2018-2027 USD Mn)
7.1.5.1.3. U.S. Palm Oil Market by End-Use (2018-2027 USD Mn)
7.1.5.2. Canada
7.1.5.2.1. Canada Palm Oil Market by Type (2018-2027 USD Mn)
7.1.5.2.2. Canada Palm Oil Market by Product (2018-2027 USD Mn)
7.1.5.2.3. Canada Palm Oil Market by End-Use (2018-2027 USD Mn)

 

8. Europe Palm Oil Market Analysis and Forecast, 2018 – 2027 (USD Mn)


8.1.1. Overview
8.1.2. Europe Palm Oil Market by Type (2018-2027 USD Mn)
8.1.3. Europe Palm Oil Market by Product (2018-2027 USD Mn)
8.1.4. Europe Palm Oil Market by End-Use (2018-2027 USD Mn)
8.1.5. Europe Palm Oil Market by Country (2018-2027 USD Mn)
8.1.5.1. Germany
8.1.5.1.1. Germany Palm Oil Market by Type (2018-2027 USD Mn)
8.1.5.1.2. Germany Palm Oil Market by Product (2018-2027 USD Mn)
8.1.5.1.3. Germany Palm Oil Market by End-Use (2018-2027 USD Mn)
8.1.5.2. U.K.
8.1.5.2.1. U.K. Palm Oil Market by Type (2018-2027 USD Mn)
8.1.5.2.2. U.K. Palm Oil Market by Product (2018-2027 USD Mn)
8.1.5.2.3. U.K. Palm Oil Market by End-Use (2018-2027 USD Mn)
8.1.5.3. France
8.1.5.3.1. France Palm Oil Market by Type (2018-2027 USD Mn)
8.1.5.3.2. France Palm Oil Market by Product (2018-2027 USD Mn)
8.1.5.3.3. France Palm Oil Market by End-Use (2018-2027 USD Mn)
8.1.5.4. Italy
8.1.5.4.1. Italy Palm Oil Market by Type (2018-2027 USD Mn)
8.1.5.4.2. Italy Palm Oil Market by Product (2018-2027 USD Mn)
8.1.5.4.3. Italy Palm Oil Market by End-Use (2018-2027 USD Mn)
8.1.5.5. Rest of Europe
8.1.5.5.1. Rest of Europe Palm Oil Market by Type (2018-2027 USD Mn)
8.1.5.5.2. Rest of Europe Palm Oil Market by Product (2018-2027 USD Mn)
8.1.5.5.3. Rest of Europe Palm Oil Market by End-Use (2018-2027 USD Mn)

 

9. Asia Pacific Palm Oil Market Analysis and Forecast, 2018 – 2027 (USD Mn)


9.1.1. Overview
9.1.2. Asia Pacific Palm Oil Market by Type (2018-2027 USD Mn)
9.1.3. Asia Pacific Palm Oil Market by Product (2018-2027 USD Mn)
9.1.4. Asia Pacific Palm Oil Market by End-Use (2018-2027 USD Mn)
9.1.5. Asia Pacific Palm Oil Market by Country (2018-2027 USD Mn)
9.1.5.1. China
9.1.5.1.1. China Palm Oil Market by Type (2018-2027 USD Mn)
9.1.5.1.2. China Palm Oil Market by Product (2018-2027 USD Mn)
9.1.5.1.3. China Palm Oil Market by End-Use (2018-2027 USD Mn)
9.1.5.2. Japan
9.1.5.2.1. Japan Palm Oil Market by Type (2018-2027 USD Mn)
9.1.5.2.2. Japan Palm Oil Market by Product (2018-2027 USD Mn)
9.1.5.2.3. Japan Palm Oil Market by End-Use (2018-2027 USD Mn)
9.1.5.3. Rest of Asia Pacific
9.1.5.3.1. Rest of Asia Pacific Palm Oil Market by Type (2018-2027 USD Mn)
9.1.5.3.2. Rest of Asia Pacific Palm Oil Market by Product (2018-2027 USD Mn)
9.1.5.3.3. Rest of Asia Pacific Palm Oil Market by End-Use (2018-2027 USD Mn)

 

10. Latin America (LATAM) Palm Oil Market Analysis and Forecast, 2018 – 2027 (USD Mn)


10.1.1. Overview
10.1.2. Latin America Palm Oil Market by Type (2018-2027 USD Mn)
10.1.3. Latin America Palm Oil Market by Product (2018-2027 USD Mn)
10.1.4. Latin America Palm Oil Market by End-Use (2018-2027 USD Mn)
10.1.5. Latin America Palm Oil Market by Country (2018-2027 USD Mn)
10.1.5.1. Brazil
10.1.5.1.1. Brazil Palm Oil Market by Type (2018-2027 USD Mn)
10.1.5.1.2. Brazil Palm Oil Market by Product (2018-2027 USD Mn)
10.1.5.1.3. Brazil Palm Oil Market by End-Use (2018-2027 USD Mn)
10.1.5.2. Mexico
10.1.5.2.1. Mexico Palm Oil Market by Type (2018-2027 USD Mn)
10.1.5.2.2. Mexico Palm Oil Market by Product (2018-2027 USD Mn)
10.1.5.2.3. Mexico Palm Oil Market by End-Use (2018-2027 USD Mn)
10.1.5.3. Rest of Latin America
10.1.5.3.1. Rest of Latin America Palm Oil Market by Type (2018-2027 USD Mn)
10.1.5.3.2. Rest of Latin America Palm Oil Market by Product (2018-2027 USD Mn)
10.1.5.3.3. Rest of Latin America Palm Oil Market by End-Use (2018-2027 USD Mn)

 

11. Middle East and Africa Palm Oil Market Analysis and Forecast, 2018 – 2027 (USD Mn)


11.1.1. Overview
11.1.2. MEA Palm Oil Market by Type (2018-2027 USD Mn)
11.1.3. MEA Palm Oil Market by Product (2018-2027 USD Mn)
11.1.4. MEA Palm Oil Market by End-Use (2018-2027 USD Mn)
11.1.5. Middle East and Africa Palm Oil Market, by Country (2018-2027 USD Mn)
11.1.5.1. GCC
11.1.5.1.1. GCC Palm Oil Market by Type (2018-2027 USD Mn)
11.1.5.1.2. GCC Palm Oil Market by Product (2018-2027 USD Mn)
11.1.5.1.3. GCC Palm Oil Market by End-Use (2018-2027 USD Mn)
11.1.5.2. South Africa
11.1.5.2.1. South Africa Palm Oil Market by Type (2018-2027 USD Mn)
11.1.5.2.2. South Africa Palm Oil Market by Product (2018-2027 USD Mn)
11.1.5.2.3. South Africa Palm Oil Market by End-Use (2018-2027 USD Mn)
11.1.5.3. Rest of MEA
11.1.5.3.1. Rest of MEA Palm Oil Market by Type (2018-2027 USD Mn)
11.1.5.3.2. Rest of MEA Palm Oil Market by Product (2018-2027 USD Mn)
11.1.5.3.3. Rest of MEA Palm Oil Market by End-Use (2018-2027 USD Mn)

 

12. Company Profiles


12.1. Wilmar
12.1.1. Business Description
12.1.2. Financial Health and Budget Allocation
12.1.3. Product Positions/Portfolio
12.1.4. Recent Development
12.1.5. SWOT Analysis
12.2. IOI Corporation
12.2.1. Business Description
12.2.2. Financial Health and Budget Allocation
12.2.3. Product Positions/Portfolio
12.2.4. Recent Development
12.2.5. SWOT Analysis
12.3. Sime Darby
12.3.1. Business Description
12.3.2. Financial Health and Budget Allocation
12.3.3. Product Positions/Portfolio
12.3.4. Recent Development
12.3.5. SWOT Analysis
12.4. United Plantations Berhad
12.4.1. Business Description
12.4.2. Financial Health and Budget Allocation
12.4.3. Product Positions/Portfolio
12.4.4. Recent Development
12.4.5. SWOT Analysis
12.5. Kuala Lumpur Kepong
12.5.1. Business Description
12.5.2. Financial Health and Budget Allocation
12.5.3. Product Positions/Portfolio
12.5.4. Recent Development
12.5.5. SWOT Analysis
12.6. Asiatic Development
12.6.1. Business Description
12.6.2. Financial Health and Budget Allocation
12.6.3. Product Positions/Portfolio
12.6.4. Recent Development
12.6.5. SWOT Analysis
12.7. Boustead
12.7.1. Business Description
12.7.2. Financial Health and Budget Allocation
12.7.3. Product Positions/Portfolio
12.7.4. Recent Development
12.7.5. SWOT Analysis
12.8. London Sumatra
12.8.1. Business Description
12.8.2. Financial Health and Budget Allocation
12.8.3. Product Positions/Portfolio
12.8.4. Recent Development
12.8.5. SWOT Analysis
12.9. Kulim Bhd
12.9.1. Business Description
12.9.2. Financial Health and Budget Allocation
12.9.3. Product Positions/Portfolio
12.9.4. Recent Development
12.9.5. SWOT Analysis
12.10. IJM Plantations
12.10.1. Business Description
12.10.2. Financial Health and Budget Allocation
12.10.3. Product Positions/Portfolio
12.10.4. Recent Development
12.10.5. SWOT Analysis
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