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Palm Oil - Global Market Trajectory & Analytics

  • ID: 1206716
  • Report
  • March 2022
  • Region: Global
  • 563 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Agropalma S.A.
  • Cargill, Incorporated
  • First Resources Limited
  • IOI Corporation Berhad
  • Nv Siat sa
  • PT Smart Tbk

Global Palm Oil Market to Reach US$92.3 Billion by the Year 2026


Global demand for palm oil has more than doubled over the last two decades owing to continuous expansion of the food processing sector and growing population across emerging markets. Palm oil, also called dendê oil in Portuguese, is a vegetable oil extracted from the reddish pulp or mesocarp of fruits of oil palm trees. While food applications contributed immensely to growth and progress of the market, steady increase in palm oil uptake in industrial applications also contributed to market expansion. Palm oil represents a key ingredient in almost 50% of all food and non-food items in a grocery store or supermarket due to its technical superiority as well as economic benefits. Customer interest in palm oil is on the rise due to the lack of GMO, dairy, and gluten in the oil. The market is also gaining from the increasing demand for convenience foods, packaged meals, bakery, and confectionary products which generally use palm oil. Further, the advent of innovative trade channels is improving the footprint of palm oil producers in developing regions. The rising use of palm oil in cooking, particularly in Asia is driving gains in the market. The affordability and the lesser levels of trans-fats in palm oil are fueling its use.

Amid the COVID-19 crisis, 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$92.3 Billion by 2026, growing at a CAGR of 6% over the analysis period. Crude Palm Oil, one of the segments analyzed in the report, is projected to grow at a 5.3% CAGR to reach US$53.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Palm Kernel Oil segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 24.3% share of the global Palm Oil market.



The U.S. Market is Estimated at $3 Billion in 2022, While China is Forecast to Reach $10.5 Billion by 2026


The Palm Oil market in the U.S. is estimated at US$3 Billion in the year 2022. The country currently accounts for a 4.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$10.5 Billion in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the end of the analysis period. Palm oil is emerging as a popular economic option for cooking among consumers in Africa and Asia, with China, India, Indonesia, Malaysia and Pakistan consuming over 50% of global production of palm oil. Following mandatory labeling of various food products containing partially hydrogenated oils, import of palm oil products in the US has increased four-times over the last two decades. Asia-Pacific represents the largest market worldwide. Major factors driving market growth in the region include ballooning population and the corresponding growth in demand for food commodities, improved retailing network, changing dietary habits, rapid urbanization, steadily growing economies, improving living standards, increasing crop yields and oil production, changing facets of consumer health concerns, and rising demand from oleochemicals. Production in the region increased significantly in recent years driven by the increase in cumulative land area of palm oil plantations, rising oil palm yield, and investments in technology and R&D related activities.

Palm Kernel Oil Segment to Reach $24.1 Billion by 2026


Due to high level of saturated fat, palm kernel oil offers superior oxidative stability after frying, making it an attractive option for restaurants. The oil is also gaining attention from commercial food providers as it remains solid at the room temperature that makes it easy to transport and store. Increasing consumer focus on health & wellness along with undesirable effect of partially hydrogenated oils on the cholesterol level is driving food and snack processors to switch towards trans-fat-free, cost-effective options such as palm oil. Global market for Palm Kernel Oil segment is estimated at US$18.8 Billion in 2022, and is projected to reach US$24.1 Billion by 2026 reflecting a compounded annual growth rate of 7.3% over the analysis period. Asia-Pacific constitutes the largest regional market for Palm Kernel Oil segment, accounting for 50.1% of the global sales. China is poised to register the fastest compounded annual growth rate of 9.3% over the analysis period, to reach US$2.6 Billion by 2026.

Select Competitors (Total 124 Featured) -

  • Agropalma S.A.
  • Archer Daniels Midland Company
  • Asian Agri
  • Boustead Holdings Berhad
  • Cargill, Incorporated
  • Carotino Sdn Bhd
  • FGV Holdings Berhad
  • First Resources Limited
  • Fuji Vegetable Oil, Inc.
  • Genting Plantations Berhad
  • Godrej Agrovet Limited
  • Golden Agri-Resources Ltd.
  • Intercontinental Specialty Fats Sdn. Bhd.
  • IOI Corporation Berhad
  • Kuala Lumpur Kepong Berhad
  • Musim Mas Group
  • New Britain Palm Oil Ltd.
  • Nv Siat sa
  • PT Astra Agro Lestari Tbk
  • PT Darmex Agro
  • PT Dharma Satya Nusantara Tbk
  • PT Indofood Sukses Makmur Tbk
  • PT PP London Sumatra Indonesia Tbk
  • PT Salim Ivomas Pratama Tbk
  • PT Smart Tbk
  • Sime Darby Plantation Sdn Bhd
  • United Palm Oil Industry Public Company Limited
  • United Plantations Berhad
  • Wilmar International Ltd.

What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the publisher's digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Palm Oil

What is the estimated value of the Global Market for Palm Oil?

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

What is the growth rate of the Global Market for Palm Oil?

The growth rate of the Global Market for Palm Oil is 5.4%, with an estimated value of $92.3 Billion by 2026.

What is the forecasted size of the Global Market for Palm Oil?

The Global Market for Palm Oil is estimated to be worth $92.3 Billion by 2026.

Who are the key companies in the Global Market for Palm Oil?

Key companies in the Global Market for Palm Oil include Fuji Vegetable Oil Inc., Genting Plantations Berhad, Godrej Agrovet Limited, Golden Agri, Resources Ltd., PT Smart Tbk, Intercontinental Specialty Fats Sdn. Bhd., IOI Group Berhad and PT Astra Agro Lestari Tbk.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Agropalma S.A.
  • Cargill, Incorporated
  • First Resources Limited
  • IOI Corporation Berhad
  • Nv Siat sa
  • PT Smart Tbk

I. METHODOLOGY


II. 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?
  • EXHIBIT 1: 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
  • EXHIBIT 2: Palm Oil - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for 88 Players Worldwide in 2022 (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
  • EXHIBIT 3: Global Palm Oil Production (in Thousand Metric Tons) for 2017/18 to 2021/22
  • EXHIBIT 4: Global Palm Oil Imports (in Thousand Metric Tons) by Country for 2017/18 through 2021/22
  • EXHIBIT 5: 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
  • EXHIBIT 6: 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
  • EXHIBIT 7: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, and 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
  • EXHIBIT 8: Global Biodiesel Production (in Billion Liters and YoY % Growth) for the Years 2019-2022
  • EXHIBIT 9: Global Biodiesel Production Breakdown by Country/Region for 2020
  • EXHIBIT 10: Average Biofuel Yields of First Generation Feedstock
  • Palm Oil Emerges as a Popular Feedstock for Biodiesel Production
  • EXHIBIT 11: 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
  • EXHIBIT 12: Certified Production Area by RSPO for the Years 2017-2022
  • EXHIBIT 13: 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
  • EXHIBIT 14: Leading Producers of Palm Oil Worldwide: Approximate Percentage Share of Production of RSPO
  • High Crop Yield: A Major Factor Promoting Market Expansion
  • EXHIBIT 15: 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
  • EXHIBIT 16: 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


III. MARKET ANALYSIS

UNITED STATES

  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (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
  • Market Analytics

CANADA

JAPAN

  • Growing Interest in Sustainable Palm Oil Benefits Market Prospects
  • Market Analytics

CHINA

  • Increasing Demand and Focus on Greener Palm Oil Benefit Consumption in China
  • Market Analytics

EUROPE

  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • COVID-19 Impact on the Palm Oil Demand in the EU
  • Sustainability Concerns Drive Demand for Certified Palm Oil
  • Imported Deforestation Concerns Reduce Use of Palm Oil in Biodiesel
  • Market Analytics

FRANCE

GERMANY

  • Palm Oil Usage in Bio-Energy Generation Sustain Market Growth
  • Impacts of Substituting Palm Oil with Other Plant-based Oils
  • Market Analytics

ITALY


UNITED KINGDOM


SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (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
  • Market Analytics

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
  • EXHIBIT 17: 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
  • EXHIBIT 18: Indian Palm Oil Market by Leading Players (in %) for 2021
  • Challenges Faced by Indian Palm Oil Companies
  • Market Analytics

INDONESIA

  • Indonesia: Largest Producer and Leading Exporter of Palm Oil
  • EXHIBIT 19: 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
  • Market Analytics

MALAYSIA

  • Malaysia: Suitable Tropical Climate and Evenly Distributed Rainfall Drive Palm Oil Production
  • EXHIBIT 20: 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
  • Market Analytics

PAKISTAN

REST OF ASIA-PACIFIC

  • South Korea: Palm Oil Continues to Maintain Lead in Edible Oils Market
  • Market Analytics

LATIN AMERICA

  • Palm Oil Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
  • Market Analytics

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
  • Market Analytics

IV. COMPETITION

  • Total Companies Profiled: 124
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Agropalma S.A.
  • Archer Daniels Midland Company
  • Asian Agri
  • Boustead Holdings Berhad
  • Cargill, Incorporated
  • Carotino Sdn Bhd
  • FGV Holdings Berhad
  • First Resources Limited
  • Fuji Vegetable Oil, Inc.
  • Genting Plantations Berhad
  • Godrej Agrovet Limited
  • Golden Agri-Resources Ltd.
  • Intercontinental Specialty Fats Sdn. Bhd.
  • IOI Corporation Berhad
  • Kuala Lumpur Kepong Berhad
  • Musim Mas Group
  • New Britain Palm Oil Ltd.
  • Nv Siat sa
  • PT Astra Agro Lestari Tbk
  • PT Darmex Agro
  • PT Dharma Satya Nusantara Tbk
  • PT Indofood Sukses Makmur Tbk
  • PT PP London Sumatra Indonesia Tbk
  • PT Salim Ivomas Pratama Tbk
  • PT Smart Tbk
  • Sime Darby Plantation Sdn Bhd
  • United Palm Oil Industry Public Company Limited
  • United Plantations Berhad
  • Wilmar International Ltd.
Note: Product cover images may vary from those shown