The global palm oil market reached a production volume of more than 77 Million Tons in 2018, registering a CAGR of 6.8% during 2011-2018. The market volume is further projected to reach 107.6 Million Tons by 2024, expanding at a CAGR of 5.7% during 2019-2024. Originated from West-Africa, palm oil refers to an edible vegetable oil produced from the mesocarp of the fruit of oil palm. It is the world’s highest yielding oil crop, with an output 5–10 times greater per hectare than other leading vegetable oil crops. Due to its unique chemical composition, palm oil has longer shelf-life, low price and offers a numbers of nutritional benefits. It is cholesterol-free, easy to digest, and rich in carotenoids as well as Vitamin A. Thus, palm oil has the ability to enhance energy levels, prevent premature ageing, improve eye vision, boost immune system, and reduce the risk of cancer and heart diseases.
Global Palm Oil Market Drivers:
Expanding applications of palm oil in both edible and non-edible sectors remain the major growth-inducing factor for the market. On account of various health benefits provided by palm oil, it is considered suitable for a number of applications in the food industry. It contains 20-22% solid fats due to which palm oil is utilised in shortening, margarines and other fat products. It can also be combined with harder fat fractions in order to give them the required consistency without resorting to hydrogenation. Some of the other common palm oil products include cooking and frying oils, vegetable ghee, and non-dairy creamers. Rising awareness about these health benefits among the consumers is boosting the demand for palm oil worldwide. Further, palm oil is readily replacing petroleum-based products as an effective alternative for fossil fuels in transportation and energy industries. Apart from this, it is also employed as a substitute to mineral oil in power stations for energy production. Moreover, initiatives undertaken by several governments across the world to curb trans-fat consumption is envisaged to boost the market growth.
Breakup by Application:
On the basis of application, currently food applications account for the majority of total global market and are followed by non-food application
On a geographical front, India represented the largest consumer in the global palm oil market. Initiatives taken by the Indian government, such as cutting down the import duty, resulted in the low price of palm oil, thereby making it affordable for the consumers in the region. India is followed by Indonesia, China, European Union, Malaysia and Others.
The palm oil industry is concentrated in nature as it involves a large number of established manufacturers across the globe, with strong business interests and fundamentals across the entire supply chain. Some of the leading players operating in the market are:
This report provides a deep insight into the global palm oil industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a palm oil manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the palm oil industry in any manner.
Key Questions Answered in This Report:
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