Palm Oil Market Share, Industry Size, Growth Analysis, Demand and Business Opportunities 2024-2032

The latest report by IMARC Group, titled "Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032," offers a comprehensive analysis of the palm oil market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

The global palm oil market size reached US$ 55.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 80.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.

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Palm Oil Market Trends:

The rising demand for palm oil in the food and beverage industry, due to its versatile application and cost-effectiveness, is driving the global market. Moreover, the increasing use of palm oil in biofuels as a sustainable alternative to fossil fuels enhances its market demand. The rapid growth of the personal care and cosmetics industry, utilizing palm oil as a key ingredient, further fuels market growth.

Additionally, the agricultural sector's push towards high-yield and resilient crop varieties propels palm oil production. Government policies and subsidies favoring palm oil cultivation and trade also contribute to market dynamics. Furthermore, continual technological advancements in oil extraction and processing techniques improve efficiency and output, driving the market forward. Besides, the rising awareness and consumer preference for plant-based and natural products elevate palm oil consumption. The expanding applications of palm oil derivatives in pharmaceuticals and industrial sectors create additional demand and market growth opportunities.

Palm Oil Market Scope and Growth Analysis:

As per the market analysis, the growing preference for organic and non-GMO palm oil products is expanding the market's reach, catering to health-conscious consumers. The robust growth of emerging economies, coupled with improving disposable incomes, accelerates palm oil demand in these regions. Technological advancements and innovations in processing methods are enhancing the quality and versatility of palm oil, making it suitable for a wider range of applications. Regulatory support and favorable trade policies in major producing countries bolster the market's expansion.

Additionally, the increasing adoption of palm oil in the pharmaceutical industry for its health benefits and functional properties extends its market scope. The evolving landscape of the renewable energy sector, with a focus on biofuels, presents new growth avenues for palm oil. The market is also witnessing a rise in demand for palm oil-based oleochemicals utilized in a variety of industrial applications, thereby expanding its market presence.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Archer-Daniels-Midland Company
• Asian Agri
• Boustead Holdings Berhad
• IJM Corporation Berhad
• IOI Corporation Berhad
• Kuala Lumpur Kepong Berhad
• Kulim Malaysia Berhad (Johor Corporation)
• PT Dharma Satya Nusantara Tbk
• PT PP LONDON SUMATRA INDONESIA TBK
• PT Sampoerna Agro Tbk
• PT. Bakrie Sumatera Plantations tbk
• Sime Darby Plantation Berhad
• United Plantations Berhad
• Univanich Palm Oil Public Company Ltd.
• Wilmar International 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
• Bio-fuel

Regional Insights:

• India
• Indonesia
• China
• European Union
• Malaysia
• Others

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.