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Palm Oil - Global Strategic Business Report

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    Report

  • 563 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1206716

Global Palm Oil Market to Reach $117.9 Billion by 2030

The global market for Palm Oil estimated at US$74.9 Billion in the year 2022, is projected to reach a revised size of US$117.9 Billion by 2030, growing at a CAGR of 5.8% over the analysis period 2022-2030. Crude Palm Oil, one of the segments analyzed in the report, is projected to record 5.1% CAGR and reach US$63.8 Billion by the end of the analysis period. Growth in the Palm Kernel Oil segment is estimated at 7.1% CAGR for the next 8-year period.

The U.S. Market is Estimated at $3 Billion, While China is Forecast to Grow at 6.7% CAGR

The Palm Oil market in the U.S. is estimated at US$3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$13.9 Billion by the year 2030 trailing a CAGR of 6.7% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 3.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.

Select Competitors (Total 124 Featured)

  • AAA Oils & Fats Pte Ltd. , A subsidiary of Apical Group
  • Archer Daniels Midland Company
  • AAK AB
  • Agropalma Group
  • 3F Industries Ltd.
  • Alami Vegetable Oil Products Sdn. Bhd.
  • Alnor Oil Company
  • Anglo-Eastern Plantations PLC
  • Asian Agri
  • BLD Plantation Bhd.
  • Agroindustrial Palmasa S/A
  • ANJ
  • Andira Agro
  • AgriSmart
  • Boto Farms Limited

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Palm Oil Market

What is the estimated value of the Palm Oil Market?

The Palm Oil Market was estimated to be valued at $74.9 Billion in 2022.

What is the growth rate of the Palm Oil Market?

The growth rate of the Palm Oil Market is 5.8%, with an estimated value of $117.9 Billion by 2030.

What is the forecasted size of the Palm Oil Market?

The Palm Oil Market is estimated to be worth $117.9 Billion by 2030.

Who are the key companies in the Palm Oil Market?

Key companies in the Palm Oil Market include AAA Oils & Fats Pte Ltd. , A subsidiary of Apical Group, Archer Daniels Midland Company, AAK AB, Agropalma Group, 3F Industries Ltd., Alami Vegetable Oil Products Sdn. Bhd., Alnor Oil Company, Anglo, Eastern Plantations PLC and Asian Agri.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and the Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Amidst the COVID-19 Pandemic, Vegetable Oils Industry Maintains Positive Trajectory in 2020
  • Palm Oil Registers Price Spike Amidst the Pandemic
  • Palm Oil - Global Key Competitors Percentage Market Share in 2023 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
  • An Introduction to Palm Oil
  • Chemical Composition & Features
  • Development & Growth
  • A Note on Oil Palm Cultivation
  • Global Market Prospects & Outlook
  • Food Industry: Largest End-Use Market
  • Developing Regions Constitute Primary Palm Oil Markets
  • Global Palm Oil Production and Trade Scenario
  • Global Palm Oil Production (in Thousand Metric Tons) for 2017/18 to 2021/22
  • Global Palm Oil Imports (in Thousand Metric Tons) by Country for 2017/18 through 2021/22
  • Global Palm Oil Exports (in Thousand Metric Tons) by Country for 2017/18 through 2021/22
  • Competition
  • Ranking of Leading Producers of Sustainable Palm Oil
  • Leading Palm Oil Traders with Zero Deforestation Commitment: Ranked in Order of Number of Zero Deforestation Policies Implemented
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Food Industry: Most Important Application Market for Palm Oil
  • Key Applications of Edible Palm Oil
  • Growing Awareness about Saturated Fatty Acids & Omega-6 in Vegetable Oils Augurs Well Palm Oil Market
  • Fatty Acid Profiles of Major Cooking Oils - Butter, Olive, Coconut, Palm, Safflower, Corn, Soybean, and Canola
  • Market Benefits from the Rising Health Consciousness and Increasing Awareness about Nutritional Benefits of Palm Oil
  • Population Growth and Surging Popularity of Convenience Foods Bodes Well for Palm Oil Market
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Edible Palm Oil to Benefit from the Growing Aversion to GMO-based Oils
  • Rise of the Vegetarianism & Customization to Local Tastes
  • Expanding Industrial Applications Elevate Demand for Palm Oil
  • Biodiesel: The New Growth Avenue for Palm oil
  • Global Biodiesel Production (in Billion Liters and YoY % Growth) for the Years 2019-2022
  • Global Biodiesel Production Breakdown by Country/Region for 2020
  • Average Biofuel Yields of First Generation Feedstock
  • Palm Oil Emerges as a Popular Feedstock for Biodiesel Production
  • World Biodiesel & HVO Production Mix by Feedstock: 2020
  • Favorable Blend Mandates Set to Enhance Palm Oil Demand in Biofuel Sector
  • COVID-19 Impact on the Biodiesel Market & Implications for Palm Oil
  • Growing Prominence of Sustainable Palm oil to Accelerate Market Demand
  • Certified Production Area by RSPO for the Years 2017-2022
  • RPSO-Certified Palm Oil by Source Country
  • Initiatives Supporting the Development of a Sustainable Palm oil Industry
  • RSPO’s Novel Initiatives Aim to Resolve Biodiversity & Sustainability Issues Prevalent in Palm Oil Industry
  • Leading Producers of Palm Oil Worldwide: Approximate Percentage Share of Production of RSPO
  • High Crop Yield: A Major Factor Promoting Market Expansion
  • Global Oil Yield (Tons per Hectare) for Major Oilseed Crops
  • Advanced Equipment & Approaches Come to the Fore to Boost Palm Oil Production & Processing
  • Remote Sensing Technologies to Potentially Revolutionize Oil Palm Industry
  • Using Drones for in Oil Palm Farming
  • Electrical Cutters in Place of Bulky Mechanical Equipment
  • Novel DNA-based Method for Early Identification of High Yielding Palm Trees
  • Research Highlights Need for Improving Ergonomics for Palm Harvesters
  • List of Common Ailments Associated with MSDs and Risk Factors in Terms of Tasks and Movements
  • Impact of Recent Palm Oil Price Surge on Deforestation
  • Major Issues & Challenges Confronting the Palm oil Market
  • Environmental Concerns Remain Major Impediment
  • Various Strategies to Address Environmental Issues
  • Protectionist Methods Adopted by Developed Nations
  • Scarcity of Cultivable Land: A Major Challenge
  • Global Availability of Arable Land in Hectares Per Person & as a % of Total Land Area for the Years 1990, 2000, 2018 and 2020
  • Stiff Competition from Soybean & Other Vegetable Oils
  • Palm Oil and Cholesterol Controversy
  • Insect Cooking Oil as an Alternative to Palm Oil
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Palm Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Palm Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 3: World 16-Year Perspective for Palm Oil by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
  • TABLE 4: World Recent Past, Current & Future Analysis for Crude Palm Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 5: World Historic Review for Crude Palm Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 6: World 16-Year Perspective for Crude Palm Oil by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 7: World Recent Past, Current & Future Analysis for Palm Kernel Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 8: World Historic Review for Palm Kernel Oil by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 9: World 16-Year Perspective for Palm Kernel Oil by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for Other Products by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 11: World Historic Review for Other Products by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 12: World 16-Year Perspective for Other Products by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 13: World Recent Past, Current & Future Analysis for Food by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 14: World Historic Review for Food by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 15: World 16-Year Perspective for Food by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Biodiesel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 17: World Historic Review for Biodiesel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 18: World 16-Year Perspective for Biodiesel by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 19: World Recent Past, Current & Future Analysis for Surfactants by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 20: World Historic Review for Surfactants by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 21: World 16-Year Perspective for Surfactants by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 22: World Recent Past, Current & Future Analysis for Cosmetics by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 23: World Historic Review for Cosmetics by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 24: World 16-Year Perspective for Cosmetics by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 25: World Recent Past, Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 26: World Historic Review for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Consumption in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 27: World 16-Year Perspective for Other Applications by Geographic Region - Percentage Breakdown of Value Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 28: World Palm Oil Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
III. MARKET ANALYSIS
  • UNITED STATES
  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Focus on Sustainable Production to Drive Demand for Palm Oil
  • Natural, GMO-Free & Trans-fat Free Attributes Drive Wider Adoption of Palm Oil
  • Edible Palm Oil to Benefit from Increasing Shift of Soybean Oil to Biodiesel Applications
  • CANADA
  • JAPAN
  • Growing Interest in Sustainable Palm Oil Benefits Market Prospects
  • CHINA
  • Increasing Demand and Focus on Greener Palm Oil Benefit Consumption in China
  • EUROPE
  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Sustainability Concerns Drive Demand for Certified Palm Oil
  • Imported Deforestation Concerns Reduce Use of Palm Oil in Biodiesel
  • FRANCE
  • GERMANY
  • Palm Oil Usage in Bio-Energy Generation Sustain Market Growth
  • Impacts of Substituting Palm Oil with Other Plant-based Oils
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Asia-Pacific: Burgeoning Demand Drive Strong Growth in the World’s Largest Market
  • Rising Investments in Palm Oil-based Biodiesel Production Further Accelerates Market Expansion
  • INDIA
  • Palm Oil as an Essential Edible Oil Makes India a Major Consumer and Largest Importer
  • Pandemic Upsets Demand for Cooking Oils in India
  • Regional Preferences Influence Consumption of Vegetable Oils
  • Regional Edible Oil Consumption Pattern in India by Oil Type: Percentage Share Breakdown of Consumption for North India, South India, West India and East India
  • Efforts to Boost Domestic Production of Palm Oil Augurs Well for the Market
  • India Holds Immense Potential to Augment Sustainability Efforts in Global Palm Oil Sourcing
  • Competitive Landscape
  • Indian Palm Oil Market by Leading Players (in %) for 2021
  • Challenges Faced by Indian Palm Oil Companies
  • INDONESIA
  • Indonesia: Largest Producer and Leading Exporter of Palm Oil
  • Indonesian Palm Oil Production (in Thousand Metric Tons): 2017/18-2021/22
  • Ownership of Palm Oil Plantations
  • Indonesia Steps Up Efforts to Address Environmental Concerns
  • MALAYSIA
  • Malaysia: Suitable Tropical Climate and Evenly Distributed Rainfall Drive Palm Oil Production
  • Malaysian Palm Oil Production (in Thousand Metric Tons): 2017/18-2021/22
  • Malaysia Continues to Remain at the Forefront of Palm Oil Innovation
  • Increasing Yield of Crop Only Option Left for Increasing Productivity amidst Shrinking Cultivable Land
  • Malaysian Palm Oil Council Strives towards More Viable and Sustainable Palm Oil
  • Malaysia Retains Competitiveness in Palm Oil Production
  • PAKISTAN
  • REST OF ASIA-PACIFIC
  • South Korea: Palm Oil Continues to Maintain Lead in Edible Oils Market
  • LATIN AMERICA
  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
  • BRAZIL
  • COLOMBIA
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
  • Africa: The Next Major Destination for Palm Oil Production and Consumption
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AAA Oils & Fats Pte Ltd. , A subsidiary of Apical Group
  • Archer Daniels Midland Company
  • AAK AB
  • Agropalma Group
  • 3F Industries Ltd.
  • Alami Vegetable Oil Products Sdn. Bhd.
  • Alnor Oil Company
  • Anglo-Eastern Plantations PLC
  • Asian Agri
  • BLD Plantation Bhd.
  • Agroindustrial Palmasa S/A
  • ANJ
  • Andira Agro
  • AgriSmart
  • Boto Farms Limited