According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on palm oil market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. 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.
Palm oil represents edible vegetable oil produced from the mesocarp of palm. It is available in jars, pouches, cans, bottles, etc. Palm oil variants are a rich source of vitamin A, vitamin E, carotenoids, etc. They help prevent premature aging, reduce the risk of cancer and heart diseases, boost the immunity system, etc. Palm oil products even have a longer shelf-life and are cheaper than other vegetable oils. Consequently, they are in extensive demand across numerous sectors, such as food and beverage (F&B), personal care and cosmetics, energy, etc.
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The rising awareness about health and wellness among consumers across countries and the shifting preferences toward vegetable oils that have low trans-fat are primarily driving the palm oil market. In addition to this, the growing food industry and the elevating product use to prepare bakery and confectionery items and processed foods are acting as significant growth-inducing factors. Apart from this, the increasing usage of the oil as an effective substitute for petroleum-based products in the transportation and energy segments and as an alternative for mineral oil in power stations for energy production is also positively influencing the market growth. In line with this, the escalating adoption of crude palm oil or CPO in producing biofuels that are highly favored, on account of the heightened environmental concerns and the inflating fuel prices, is further stimulating the market growth. Moreover, the expanding employment of oil to produce cosmetics and personal care items is expected to propel the palm oil market over the forecasted period.
The demand for palm oil has grown rapidly over the past few decades, driven primarily by its use in food products such as cooking oil, margarine, and baked goods. The growing global population and rising middle class in developing countries have also contributed to the increasing demand for palm oil.
As a result, many companies and consumers have started to demand sustainable palm oil that is produced in an environmentally responsible manner. Certification programs, such as the Roundtable on Sustainable Palm Oil (RSPO), have been established to promote sustainable palm oil production and protect the environment.
In addition, the use of child labor and exploitation of workers in the palm oil industry has been a concern. Many workers in palm oil plantations are paid low wages and work in hazardous conditions, which can lead to health problems and human rights violations.
Overall, the palm oil market is a complex industry that is affected by a variety of factors, including environmental concerns, human rights issues, and geopolitical factors. While efforts are being made to promote sustainable palm oil production, there is still much work to be done to ensure that the industry is environmentally responsible and socially just.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Wilmar International Limited
- Sime Darby Berhad
- IOI Corporation Berhad
- Astra Agro Lestari
- Kuala Lumpur Kepong Berhad
- Golden Agri-Resources Ltd
Palm Oil Market Segmentation:
Our report has categorized the market based on region and application.
Breakup by Application:
- Household Cooking
- Food & Beverages
- Oleo Chemicals
- Personal Care
- Animal Feed
- European Union
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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