Palm Oil Market Size by Consumption Ratio of Key Players| Forecast 2030
Palm Oil Market Overview
The Palm Oil Market will reach a strong
valuation of USD 98.8 billion by 2030, at a 5.2% CAGR from 2022 to 2030.
The palm oil demand from industrial
verticles such as the food, beverage, personal care, biofuel, energy, and
cosmetics industries is chiefly driving the palm
oil market. The top manufacturers of the Asia Pacific region are easily
getting access to raw materials in the region. Moreover, the market in the
present forecast is noticed as highly competitive and comprehensive due to the
huge number of prominent players who are in the race to gain a competitive edge
with a high production rate, high product quality, superior distribution networks,
and competitive strategies.
Indonesia is considered the largest palm
oil producer and exporter. The government here supports palm oil plant
cultivation. The palm oil industry has become a source of income for small and
medium-scale producers. Therefore, it is responsible upliftment of the
cultivators in the region. Palm oil has witnessed major demand from the biofuel
industry for producing biofuel as a sustainable alternative to crude oil. The
biofuel industry highly promotes the market’s growth.
Key players
The major palm
oil key market player such as Cargill Inc. (U.S.), Wilmar International
Limited (Singapore), Sime Darby (Malaysia), IOI Corp. (Malaysia), Golden Agri
Resources Limited (Singapore), Kulim BHD (Malaysia), Godrej Agrovet Limited
(India), London Sumatra (Indonesia).
Market Segments
The Palm Oil Market is segmented into major
market segments such as type and application.
The type segment is categorized into palm
kernel oil, crude palm oil, and others. Among these, crude palm oil takes the
lead due to less saturated fat. Palm oil has tocotrienols which is a rich
source of vitamin E and antioxidant. Palm kernel oil is also noticing
significant market growth due to its usage as feedstock for animal feed and
biomass.
The application segment of the Palm Oil
Market is subdivided into cooking oil, lubricant, bio-diesel, cosmetics, and
others. The cooking oil segment and the cosmetic segment is witnessing
significant growth in the forecast period.
Regional Analysis
Based on the regional growth, the Palm Oil Market
is showing massive across Europe, North America, Asia-Pacific, Latin America,
and other regions.
Among the above geographical region, the
Asia Pacific is noticed as the supreme leader, which is projected to show
substantial growth in the forecast. The region is accelerating due to the
higher consumption rate of palm oil in industrial sectors. Indonesia and
Malaysia, the major exporters of palm fruit, are driving the global market.
North America and the European region will
show decent growth in the forecast period due to the higher penetration rate of
biodiesel. These regions are also noticing extensive demand for organic palm
oil in different end-use segments. As observed in the ongoing forecast, Latin
America and, the Middle East & Africa are the rapid-growing regions.
Industry News
In September 2022, 3F Oil Palm, a leading
Hyderabad-based oil palm company, announced its investment in the northeast of
the country by setting up an integrated oil palm factory in Arunachal Pradesh.
The groundbreaking ceremony of the company is to take place on 30th September
2022 at Roing in Dibang Valley. The company has covered 120 acres of land for
the project. Necessary statutory clearances and approvals related to the land
were obtained
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