According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global palm oil market size reached US$ 53.1 Billion in 2022. Palm oil is a reddish, edible vegetable oil produced from the mesocarp of oil palm fruits. As compared to other oils, it is a rich source of antioxidants, vitamin E, and carotene. Other than this, palm oil remains stable at high temperatures, which makes it ideal for deep frying applications. It is free from trans-fatty acids as it does not go through the hydrogenation process that generates high amounts of trans fats that can cause various health problems. Palm oil is used in the production of numerous food items and various consumer goods, such as soaps, cosmetics, candles and detergents.
Global Palm Oil Market Trends:
The growth of the global palm oil market can be attributed to the rising demand for healthy vegetable oils. Besides this, palm oil is used as a feedstock in the biofuels industry for producing biodiesel and a substitute for mineral oil in power plants. The rising environmental concerns, along with favorable government initiatives aimed to increase the adoption of biofuels, are boosting the market growth. Apart from this, fatty acids derivatives of palm oil are employed in the production of bactericides, cosmetics, pharmaceuticals, and water treatment materials, which is supporting the market growth further. The growing demand for consumer goods such as soaps, detergents, greases, lubricants, and candles is contributing to the expanding demand for palm oil across the globe. Looking forward, the global palm oil market is expected to grow at a CAGR of 4% during 2023-2028
- Based on the application, the market has been classified into household cooking, food and beverages, oleo chemicals, personal care, animal feed and bio-fuel. At present, household cooking dominate the market, holding the largest share.
- Region-wise, the market has been segregated into India, Indonesia, China, the European Union, Malaysia and Others. Amongst these, Indonesia accounts for the biggest market, holding for the majority of the global production and exports.
- The competitive landscape of the market has also been examined, with some of the key players being Wilmar International Ltd, Sime Darby Berhad, IOI Corporation Berhad, PT Astra Agro Lestari Tbk, Kuala Lumpur Kepong Berhad and Golden Agri-Resources Ltd.
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