Palm Oil Market Report

Market Overview:

The global palm oil market size reached US$ 53.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028. The increasing utilization of palm oil in manufacturing cosmetics and skincare products, rising employment as an alternative to mineral oil in industrial power plants, and the growing awareness about the benefits of consuming palm oil represent some of the key factors driving the market.

Palm oil is an edible oil obtained from fruits and kernels of Elaeis guineensis trees. It comprises lycopene, beta-carotene, and lauric, palmitic, stearic, and myristic acids. It is a rich source of antioxidants, such as vitamins A and E, which are essential for boosting the immune system, reducing cellular oxidation, improving skin texture, and promoting better brain function. It also maintains vision and reduces the occurrences of retinal diseases. It is more nutritious compared to other alternatives due to the absence of trans fatty acid, which increases the risk of coronary heart disease in humans. Palm oil is utilized in the production of various food products, such as biscuits, cookies, bread, pizza, instant noodles, chocolate, ice creams, and chips. It is also added to butter and peanut butter for preventing natural oil separation, improving the texture and flavor, and retaining the quality over an extended period. As palm oil is affordable and easy to digest, the demand for palm oil is increasing worldwide.

Palm Oil Industry Trends:

At present, the rising demand for palm oil due to the increasing awareness about its health benefits represents one of the primary factors influencing the market positively. Besides this, the growing utilization of palm oil as an alternative to petroleum-based diesel to reduce the accumulation of carbon in diesel engines is offering a favorable market outlook. Additionally, there is an increase in the consumption of fried food items due to changing dietary patterns of consumers around the world. This, coupled with the rising number of hotels, restaurants, and fast-food chains, is propelling the growth of the market. Apart from this, the increasing adoption of palm oil as a substitute of mineral oil to produce energy in industrial power plants is strengthening the growth of the market. In addition, the rising consumption of plant-based oils instead of butter or animal fats due to the increasing adoption of veganism across the globe is contributing to market growth. Moreover, there is a rise in the incorporation of palm oil in perfumes and various skincare and makeup products, such as lipsticks, foundation, concealers, mascara, moisturizers, and body lotions, to enhance their texture and moisturizing capabilities. This, along with the increasing employment of palm oil in manufacturing detergents, shampoos, and conditioners to improve their foaming properties, is supporting the market growth. Furthermore, the rising number of online brands and distribution channels selling organic palm oil is bolstering the market growth.

Key Market Segmentation: 

IMARC Group provides an analysis of the key trends in each sub-segment of the global palm oil market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on application.

Application Insights: 

• Household Cooking
• Food & Beverages
• Oleo Chemicals
• Personal Care
• Animal Feed
• Bio-fuel
   

The report has provided a detailed breakup and analysis of the palm oil market based on the application. This includes household cooking, food and beverages, oleo chemicals, personal care, animal feed, and bio-fuel. According to the report, household cooking accounted for the largest market share. 

Regional Insights:

• India
• Indonesia
• China
• European Union
• Malaysia
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets that include India, Indonesia, China, European Union, Malaysia, and others. According to the report, Indonesia was the largest market for palm oils. Some of the factors driving the Indonesia palm oil market included the increasing number of palm oil plantations, rising utilization of palm oil for cooking purposes, the growing usage as biodiesel, etc.  

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global palm oil market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Archer-Daniels-Midland Company, Asian Agri, Boustead Holdings Berhad, IJM Corporation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, Kulim Malaysia Berhad (Johor Corporation), PT Dharma Satya Nusantara Tbk, PT PP LONDON SUMATRA INDONESIA TBK, PT Sampoerna Agro Tbk, PT. Bakrie Sumatera Plantations tbk, Sime Darby Plantation Berhad, United Plantations Berhad, Univanich Palm Oil Public Company Ltd., Wilmar International Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:  

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the palm oil market from 2017-2028.  
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global palm oil market.  
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region. 
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the palm oil industry and its attractiveness. 
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.