The global palm oil market reached a volume of more than 77 Million Tons in 2018, registering a CAGR of 6.8% during 2011-2018. Originating from West-Africa, palm oil is an edible vegetable oil produced from the mesocarp of the fruit of oil palms. It is the world’s highest yielding oil crop, with output 5-10 times higher per hectare than other leading vegetable oil crops. It offers numerous nutritional benefits since it is cholesterol-free, easy to digest and rich in carotenoids, as well as Vitamin A. It also has a longer shelf-life and is cheaper than other vegetable oils available in the market.
Palm oil offers several health benefits that help in enhancing energy levels, preventing premature aging, improving eye vision, boosting the immune system, and reducing the risk of cancer and heart diseases. The increasing awareness regarding these health benefits among consumers is one of the primary factors contributing to the market growth. Furthermore, the thriving food industry is driving the product demand as it is extensively utilized for frying and as a key ingredient in the preparation of healthy food recipes. Apart from this, palm oil is readily replacing petroleum-based products as an effective alternative in the transportation and energy industries. It is also employed as a substitute for mineral oil in power stations for energy production. Moreover, initiatives undertaken by governments of various countries, such as Denmark and other western European nations, along with awareness campaigns by the World Health Organization to curb trans-fat consumption, are envisaged to boost the market growth. Looking forward, IMARC Group expects the market to reach a volume of 107.6 Million Tons by 2024, expanding at a CAGR of 5.7% during 2019-2024.
Breakup by Application:
Food and beverages currently represent the largest application segment as palm oil is resistant to oxidation, which helps in increasing the shelf life of the final products.
Region-wise, India exhibits a clear dominance in the market owing to the several initiatives undertaken by the Government of India, such as cutting down the import duty on palm oil.
The competitive landscape of the market is characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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