Global Palm Oil Market is projected to display a CAGR of 4.04% during 2022-2032

The global palm oil market is anticipated to secure US$ 34.33 Billion in 2022. During the forecast period of 2022-2032, the market for palm oil is expected to display a CAGR of 4.04% while securing US$ 51 Billion.

The development of the market can be attributed to the expansion of the food processing sector and the rising population across developing markets. Increasing demand for packaged food, bakery, and convenience food is expected to drive the demand for palm oil during the forecast period.

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Cakes, snacks, and pastries are gaining significant traction among consumers across the globe owing to their delicious flavors. The application of palm oil is rising for the production of such packaged foods.

In addition, various initiatives to expand the application is expected to benefit the industry in the forecast period. For instance, in August 2021, Malaysian tech firm DiBiz launched the world's first online marketplace for sustainable palm oil to encourage sales of products certified as environmentally compliant as buyers have avoided the more expensive goods. The trading platform, known as Trust parent Marketplace, will link palm oil buyers and sellers across the supply chain.

Developing countries like India, China, and Japan are likely to make notable contributions. For instance, in August 2021, the Indian Prime Minister Shri Narendra Modi gave his approval to launch a new Mission on Oil palm to be known as the National Mission on Edible Oils - Oil Palm (NMEO-OP) as a new Centrally Sponsored Scheme with a special focus on the Northeast region and the Andaman and Nicobar Islands.

The scheme aims to benefit oil palm farmers, enhance capital investment, and create job opportunities. However, the growth of the palm oil market is projected to be hampered by high price volatility and the presence of various substitutes. Further, environmental concerns such as deforestation is another salient factor that is likely to hinder the market growth in the assessment period.

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Key Takeaways from the Market Study:
The global palm oil market is expected to have secured US$ 33 Billion in 2021.
The palm oil market in the Asia Pacific is anticipated to display a CAGR of 7% during the forecast period.
The palm oil market in North America is expected to have secured US$ 12 Billion, claiming 27% market share
By end user, the foodservice segment is poised to accrue over 3/5th of total market revenue in 2022
Global palm oil market is anticipated to experience 1.5x growth from 2022 to 2032

Competition Analysis
Key players in the global palm oil market include American Vegetable Oils, Cargill Foods Inc., Grief Inc., Fuji Oil Holdings, Bunge Limited., Associated British Foods, and Ruchi Soya Industries.

Recent Development in the Market:
In May 2022, Ruchi Soya announced the acquisition of Patanjali's food retail business. The initiative aims to acquire Patanjali's food retail business undertaking which comprises packaging, manufacturing, labeling, and retail trading of certain food products along with manufacturing plants located in various parts of India.

In January 2021, Cargill Inc. announced the acquisition of ProPortion Foods. With the initiative, Cargill gained two further-processed protein plants in Round Rock, Texas, and Vernon, California. The Round Rock and Vernon facilities will deliver a variety of quality, fully cooked protein products for Cargill's retail and food service channel customers.

Key Segments Covered in the Palm Oil Market Study
By Product Type:
Processed Palm Oil
Virgin Palm Oil

By End User:
Foodservices
Food Processors
Retail

By Distribution Channel:
Modern Trade Channels
Franchise Outlets
Specialty Stores
Online Channels

By Region:
North America
Latin America
Europe
Japan
APEJ
Middle East & Africa

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What differences can the palm oi report make on the revenue impacts and strategies of businesses?

Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the palm oi and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:

Attractiveness quotient of emerging product/technology types in various products in the palm oi
Micro-economics factors that may hamper the prospects of some of the key segments
Recent spate of research and development (R&D) funding on key palm ois
New business models paving way for disruptions in demand dynamic of key segments
Regional markets that will be future engine of growth and the industry trends that will support these markets
Challenges overcoming which may offer industry players competitive edge

Related Reports:
Argan Oil Market Outlook (2022-2032)
https://www.factmr.com/report/86/argan-oil-market

Bergamot Oil Market Outlook (2022-2027)
https://www.factmr.com/report/87/bergamot-oil-market

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This release was published on openPR.