Press release
Global Palm Oil Market: Promising Prospects with a Projected $85.47 Billion Valuation by 2029
Palm Oil Market
What Is The Projected Market Size Of The Global Palm Oil Market And Its Growth Rate?
The palm oil market has exhibited concerted growth over the years, and its trajectory indicates continued expansion. Below are the key statistics:
• The market size stands at $66.99 billion in 2024.
• It will grow to $70.21 billion in 2025, marking a compound annual growth rate (CAGR) of 4.8%.
• The projected market size for 2029 is a hefty $85.47 billion, anticipating a CAGR of 5.0%.
What Is Driving The Growth In The Palm Oil Market?
The growth of the palm oil market is significantly driven by the increasing demand from the biofuel industry. Biofuels are produced from biomass or organic matter, and palm oil is a popular feedstock due to its high yield and availability. Biodiesel production from palm oil is rising through a process known as transesterification. It switches the oil into biodiesel, improving air quality in the process. As of November 2023, the Department for Transport, a UK-based government agency, highlights the role of biodiesel in reducing road traffic incidents involving personal injury by 6.8%.
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Who Are The Key Players Driving Palm Oil Market Growth?
Several companies are influencing the growth of the palm oil market, including:
• 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
• PT Sampoerna Agro Tbk
What Are The Key Trends In The Palm Oil Market?
Key emerging trends in the forecast period consist of:
• Certification programs
• Transparency and traceability
• Research and development for sustainable varieties
• Collaboration across the supply chain
• Technological innovations in plantation practices
What Are The Segments Of The Global Palm Oil Market?
The global palm oil market is categorised by:
• By Product: Crude Palm Oil, RBD Palm Oil
• By Nature: Organic, Conventional
• By End Use: Food And Beverage, Personal Care And Cosmetics, Biofuel And Energy, Pharmaceutical, Industrial
Which Region Leads The Palm Oil Market?
In 2024, the dominant region in the palm oil market was Asia-Pacific. It is expected that North America will witness swift growth during the forecast period. Other regions covered in this report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Palm Oil Market Global Market Report?
- Market Size Analysis
- Market Segmentation Analysis
- Key Player Focus
- Growth Trends Analysis
- Market Contribution
- Growth Drivers
- Industry Challenges
- Competitive Developments
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