Indonesia Palm Oil Market to Reach US$ 12.84 Billion by 2028, Stimulated by the Increasing International Demand

August 21, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Indonesia Palm Oil Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Indonesia palm oil market size reached US$ 10.12 Billion in 2022. Palm oil is a versatile vegetable oil derived from the fruit of the oil palm tree. It is widely used in the food industry in cooking, baking and as an ingredient in various processed foods such as snacks, margarine, and spreads. It is also utilized in non-food products like soaps, detergents, cosmetics, and biofuels due to its stability and versatility. Palm oil has high productivity, as it yields more oil per unit of land than other oil crops, making it an efficient source of vegetable oil. Palm oil is a rich source of saturated and unsaturated fat, vitamin E, phytosterols, and carotenoids, such as beta-carotene and lycopene. It contains a balanced composition of saturated and unsaturated fatty acids, making it suitable for culinary purposes.

Indonesia Palm Oil Market Trends:

The growing international demand for palm oil as a versatile and cost-effective vegetable oil utilized in various industries, including food, cosmetics, pharmaceuticals, and biofuels, is one of the major factors creating a positive outlook for the market. Additionally, the growing population and the increasing disposable income leading to greater consumption of processed foods is positively impacting the market growth. Moreover, the rising government policies promoting biofuels and renewable energy sources, domestically and internationally, are providing an impetus to the market growth. In addition to this, the widespread utilization of palm oil due to its natural composition, containing a balanced proportion of saturated and unsaturated fats, making it an attractive replacement for partially hydrogenated oils that contain harmful trans fats, is supporting the market growth. Furthermore, the increasing product utilization as an emollient and moisturizer in various cosmetics and personal care products, such as soaps, shampoos, lotions, body wash, lip balm, face cleansers, sunscreens, sanitizers, perfumes, lipsticks, mascara, and foundation is strengthening the market growth. Besides this, the rising government initiatives such as RSPO (Roundtable on Sustainable Palm Oil) to promote sustainably produced palm oil due to the increasing environmental and social concerns related to palm oil production are creating a positive outlook for the market growth. Apart from this, the the integration of the Internet of Things (IoT) technology enabling smart farming practices that ensure quality control and monitor soil moisture, temperature, and other environmental factors is providing remunerative growth opportunities. Looking forward, the market value is projected to reach US$ 12.84 Billion by 2028, expanding at a CAGR of 3.80% during 2023-2028.

Market Summary:

  • Based on the packaging type, the market has been segmented into pouches, jars, cans, and bottles. According to the report, bottles represent the largest segment.
  • On the basis of the application, the market has been divided into metal, plastic, paper, and others. Among these, plastic holds the highest market share.
  • Based on the pack size, the market has been categorized into less than 1 liter, 1 liter – 5 liters, 5 liters – 10 liters, and 10 liters and above.
  • On the basis of application, the market has been divided into household cooking, HoReCa, food processing industry, oleo chemicals, personal care products, animal feed, biofuels, and others.
  • Based on the distribution channel, the market has been segmented into direct/institutional sales, supermarkets and hypermarkets, convenience stores, online, and others. According to the report, direct/institutional sales account for the highest market share.
  • Region-wise, the market has been segmented into Java, Sumatra, Kalimantan, Sulawesi, and others.
  • The competitive landscape of the market has also been examined, with some of the key players being Asian Agri, Astra Agro Lestari (Astra International), Bumitama Agri Ltd., Permata Group, PT Dharma Satya Nusantara Tbk, PT Salim Ivomas Pratama Tbk, PT. Bakrie Sumatera Plantations Tbk (Bakrie Group), PT. Mahkota Group Tbk, etc.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Packaging Types Covered Pouches, Jars, Cans, Bottles
Packaging Materials Covered Metal, Plastic, Paper, Others
 Pack Sizes Covered Less Than 1 Liters, 1 Liters, 1 Liters – 5 Liters, 5 Liters – 10 Liters, 10 Liters and Above
Applications Covered Household Cooking, Horeca, Food Processing Industry, Oleo Chemicals, Personal Care Products, Animal Feed, Biofuels, Others
Distribution Channels Covered Direct/institutional Sales, Supermarkets and Hypermarkets, Convenience Stores, Online, Others
Regions Covered Java, Sumatra, Kalimantan, Sulawesi, Others
Companies Covered Asian Agri, Astra Agro Lestari (Astra International), Bumitama Agri Ltd., Permata Group, PT Dharma Satya Nusantara Tbk, PT Salim Ivomas Pratama Tbk, PT. Bakrie Sumatera Plantations Tbk (Bakrie Group), PT. Mahkota Group Tbk, etc.
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Indonesia Palm Oil Market to Reach US$ 12.84 Billion by 2028, Stimulated by the Increasing International Demand
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