Global Palm Oil Market Analysis
Palm Oil Market is predicted to reach US$ 84.98 billion in 2032, up from US$ 58.73 billion in 2023, with a compound annual growth rate of 4.19% from 2024 to 2032.
Global Palm Oil Market Outlook
Palm oil is extracted from the fruit pulp of the oil palm tree, which is native to West Africa, Malaysia, and Indonesia. The oil is rich in carotenoids and can be separated into different fractions with unique properties. Palm kernel oil is derived from the fruit's seed, and the refining process purifies the crude palm oil, making it a highly versatile oil with critical functional properties. In recent decades, the food industry has adopted palm oil in its refined form because of its functional benefits, versatility, and widespread availability.Palm oil is not just a cooking oil. It's a versatile ingredient that plays a crucial role in many everyday products. Palm oil is everywhere, from bread, biscuits, and margarine spread to cereals, instant noodles, and even candles. It's also common in personal care items like shampoos and favorite treats like chocolates and ice cream. The global demand for palm oil has surged in recent years, reflecting its extensive use in our daily lives.
Palm Oil Production
Worldwide palm oil production has steadily increased over the past five decades. Between 1995 and 2015, annual production rose from 15.2 million tons to 62.6 million tons, expected to reach 240 million tons by 2050. Palm oil plantations cover 10% of permanent global cropland, and 3 billion people in 150 countries use products containing palm oil. Indonesia is the largest producer and exporter of palm oil and has experienced significant environmental and social impacts due to the rapid expansion of palm oil plantations. While the government supports palm oil cultivators, the industry's expansion has led to deforestation, loss of biodiversity, and social issues, highlighting the complex nature of the industry's impact.Palm Oil Consumption
Palm oil consumption has steadily increased worldwide, driven by its versatile properties and widespread availability. Due to its functional benefits and versatility, it is used in many everyday products, such as food, detergents, and cosmetics. Palm oil contains high saturated and unsaturated fats, vitamin E, and beta-carotene. These components offer various health advantages, such as increased energy, prevention of premature aging, improved eye vision, immune system stimulation, and a lower chance of heart disease and cancer. The rising customer perception of these health benefits and the flourishing food sector drive market expansion. The United States consumes approximately 1.7 million metric tons of palm oil annually.Increase the use of Palm Oil in personal care and cosmetic products:
Consumer demand for cosmetic products and personal care using palm oil is increasing globally, representing about 10% of the global and 7% of the European markets. Palm oil is used for its nourishing, emollient, and protective properties and its ability to add texture and moisturize in various cosmetic products, including makeup, body oils, hair products, and face and body creams. The INCI for palm oil is Elaeis Guineensis fruit oil on cosmetic product labels, while palm kernel oil's INCI is listed as Elaeis Guineensis kernel oil.Indonesia Palm Oil Market
Indonesia is increasing the use of palm oil in biofuel production to reduce greenhouse gas emissions and support renewable energy goals. Advanced biofuel production from palm residues offers a sustainable alternative, contributing to Indonesia's renewable energy and biodiesel blending targets. However, this expansion poses risks to biodiversity and deforestation. Sustainable practices and policies are crucial to mitigate these impacts, emphasizing the responsible utilization of palm residues for biofuel production to support emission reduction goals and environmental sustainability. In October 2023, Indonesia launched its crude palm oil futures exchange to improve price transparency domestically and challenge the two widely used global price benchmarks over the long term.Palm Oil Market Company Overview
Archer-Daniels-Midland Company, Boustead Holdings Berhad, IJM Corporation Berhad, IOI Corporation Berhad, Kulim Malaysia Berhad (Johor Corporation), Sime Darby Plantation Berhad, United Plantations Berhad, Univanich Palm Oil Public Company Ltd., Wilmar International Ltd. are among the industry leaders in the Global Palm Oil Market.Global Palm Oil Market News
India's first integrated oil palm processing unit, 3F Oil Palm, began operating commercially in May 2024. The project includes:- A Palm Oil Processing and Refinery.
- A modern oil palm factory.
- A zero-discharge effluent plant.
- A palm waste-based power plant.
- Additional buildings and go-downs.
In May 2024, Dabeeo, a renowned AI technology company, initiated a new AI monitoring project for Indonesian palm oil plantations in partnership with Tunas Sawa Erma Group, one of Indonesia's largest palm oil producers.
In January 2024, M11 Industries and Karnataka-based MK Agrotech started an oil palm plantation program in Odisha under the National Mission on Edible Oils-Oil Palm. Odisha's corporation and government signed a memorandum of understanding (MoU).
Application - Global Palm Oil Market breakup in 6 viewpoints:
1. Household Cooking2. Food & Beverages
3. Oleo Chemicals
4. Personal Care
5. Animal Feed
6. Bio-fuel
Country - Global Palm Oil Market breakup in 25 viewpoints:
North America
1. United States2. Canada
Europe
1. France2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. the Netherlands
8. Turkey
Asia Pacific
1. China2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand
Latin America
1. Brazil2. Mexico
3. Argentina
Middle East & Africa
1. South Africa2. Saudi Arabia
3. United Arab Emirates
All the Key players have been covered from 3 Viewpoints:
1. Overview2. Recent Development & Strategies
3. Financial Insights
Company Analysis:
1. Archer-Daniels-Midland Company2. Boustead Holdings Berhad
3. IJM Corporation Berhad
4. IOI Corporation Berhad
5. Kulim Malaysia Berhad (Johor Corporation)
6. Sime Darby Plantation Berhad
7. United Plantations Berhad
8. Univanich Palm Oil Public Company Ltd.
9. Wilmar International Ltd.
Table of Contents
Companies Mentioned
- Archer-Daniels-Midland Company
- Boustead Holdings Berhad
- IJM Corporation Berhad
- IOI Corporation Berhad
- Kulim Malaysia Berhad (Johor Corporation)
- Sime Darby Plantation Berhad
- United Plantations Berhad
- Univanich Palm Oil Public Company Ltd.
- Wilmar International Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 330 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 58.73 Billion |
| Forecasted Market Value ( USD | $ 84.98 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
