Palm Oil Market 2024-2033: Growth Trends, Analysis & Market Outlook

The palm oil market size has grown steadily in recent years. It will grow from $63.92 billion in 2023 to $66.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to rise in global population, industrialization in food processing, economic development in emerging markets, versatility in applications, consumer demand for processed foods, trade liberalization..

The palm oil market size is expected to see steady growth in the next few years. It will grow to $81.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global biofuel policies, sustainable and certified palm oil demand, alternative uses in non-food industries, regulatory measures on deforestation, shifts in culinary preferences.. Major trends in the forecast period include certification programs, transparency and traceability, r&d for sustainable varietie, collaboration across the supply chain, technological innovations in plantation practices..

Market Overview -
Palm oil is an edible vegetable oil that is extracted from palm fruits that are used as a moisturizing solution and also for cooking healthy recipes. It is also utilized in detergents, cosmetics, biodiesel, and culinary goods.

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Increasing Demand From The Biofuel Industry Fuels The Palm Oil Market Growth
Increasing demand from the biofuel industry is expected to propel the growth of the palm oil market going forward. Biofuel is the same as any type of fuel that is produced from biomass, also known as organic matter. Biofuel can be produced from palm oil through a process called transesterification, in which the oil is converted into biodiesel, palm oil is a popular feedstock for biodiesel production due to its high yield and availability, which improves air quality. For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global demand for biofuels is expected to grow by 41 billion litres, or 28%, over 2021-2026. Therefore, increasing demand from the biofuel industry is driving the growth of the palm oil market.

Competitive Landscape -
Major companies operating in the palm oil market report are Wilmar International Ltd, Sime Darby Plantation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad,, United Plantations Berhad, Kulim Berhad, PP London Sumatra Indonesia, The Archer-Daniels-Midland Company, Asian Agri, Cargill Inc., Godrej Agrovet Limited, Golden Agri Resources Limited, IJM Corporation Berhad, Boustead Plantations, Asiatic Development Berhad, PT Sampoerna Agro Tbk, Univanich Palm Oil Public Company Ltd., PT. Bakrie Sumatera Plantations tbk, Musim Mas Group, Astra Agro Lestari Tbk, Genting Plantations Berhad, Felda Global Ventures Holdings Berhad, First Resources Limited, PT Astra Agro Lestari Tbk, Darmex Agro Group, Salim Ivomas Pratama Tbk, Sipef, Bumitama Agri Ltd., PT Dharma Satya Nusantara Tbk, Fuji Oil Holdings .

Technological Advancements Shaping The Future Of The Palm Oil Market
Technological advancements are the key trend gaining popularity in the palm oil market. Major companies operating in the palm oil market are introducing new technologies for the efficient supply of palm oil products and sustain their position in the market. For instance, in March 2022, Unilever plc, a UK-based consumer goods company with a focus on sustainable palm oil, has launched a pilot project that utilizes SAP blockchain technology to verify the origin of its palm oil. The implementation of this initiative has the potential to revolutionize the transparency, traceability, and sustainability of palm oil production. Furthermore, this project enables the involvement of small-scale producers from the countries of origin, enhancing the sustainability of the supply chain.

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Key Segments -
The palm oil market covered in this report is segmented -
1) By Product: Crude Palm Oil, RBD Palm Oil
2) By Nature: Organic, Conventional
3) By End Use: Food And Beverage, Personal Care And Cosmetics, Biofuel And Energy, Pharmaceutical, Industrial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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