Global Palm Oil Market to Grow USD 105 billion by the end of 2028 | Key Players, Size, Share, Demands

The Global Palm Oil Market is expected to generate USD 105 billion by the end of 2028, up from USD 67 billion in 2021. Through an immense growth in demand for consumer goods, the emerging middle-class nations like China and India significantly increased worldwide demand for palm oil. Some of the primary drivers boosting demand for palm oil globally are the expanding processed food business, the personal care and cleaning goods industries, the biofuel industry, and the market accessibility of palm oil as cooking oil due to its balanced saturated fats and free of trans fats.

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The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include IOI Corporation Berhad, Sime Darby Plantation Berhad, Wilmar International Limited, Kuala Lumpur Kepong Berhad, Golden-Agri Resources, United Plantations Berhad, Kulim (Malaysia) Berhad, Univanich Palm Oil.

Palm oil is a type of vegetable oil that is derived from the fruit of the oil palm tree. It is widely used in a variety of products, including food, cosmetics, and biofuels. The global palm oil market is a large and complex industry, with a wide range of stakeholders involved in its production, processing, and distribution.

The Asia-Pacific region is the largest consumer and producer of palm oil, accounting for more than 85% of the global palm oil market. Indonesia and Malaysia are the two largest producers of palm oil, followed by Thailand, Colombia, and Nigeria. The market is highly concentrated, with a few large companies dominating the industry.

The sustainability of the palm oil industry has been a significant concern in recent years, with environmental and social issues related to its production and processing. Efforts have been made to promote sustainable palm oil production and certification programs, such as the Roundtable on Sustainable Palm Oil (RSPO), which aims to promote sustainable practices and increase transparency in the industry.

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Overall, the global palm oil market is expected to continue growing, driven by the increasing demand for palm oil in various industries. However, sustainability concerns and regulations could potentially affect the growth and development of the industry in the coming years.

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This release was published on openPR.