Palm Kernel Oil Market Expected to Hit USD 69.46 Billion by 2030

The Palm Kernel Oil Market is expected to grow significantly over the coming years due to rising demand in multiple sectors, changing consumer preferences, and product development strategies by leading players in the market. The report provides an in-depth view of the market estimates, growth opportunities, current trends in US market, leading market segment, competitive landscape, region-wise demand overview - USA, UK, Germany, France, Japan, China and provides a 10-year growth outlook.

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Market Valuation, Opportunities, and Growth Drivers

The Palm Kernel Oil Market is approximately valued at USD 50.03 Billion in 2023. The market is projected to reach USD 69.46 Billion by 2030, with a CAGR of 4.8% from 2024 to 2030.

This growth is being driven by a number of different factors.

High Demand for Personal Care Products: Palm kernel oil is used in the production of personal care products like soaps, lotions, creams, and many others and is the major factor driving the market growth. There is a growing trend among consumers towards natural formulation, which is driving the growth of palm kernel oil in personal care and cosmetics industry.

Biofuel: The growing focus on renewable energy has created big demand for palm kernel oil to be used in biofuel production. All of this is further increasing demand for palm kernel oil as countries implement various initiatives to support biofuels.

Processed Food Sector: The robust growth of the food and beverage industry, in addition to the increased income availability at the consumer level, has considerably increased the consumption of processed food that uses palm kernel oil as one of the essential ingredients.

Trends and Investments in the U.S. Market (2024)

Growing Interest in Sustainable and Natural Products: A consumer preference for natural and organic personal care products gained momentum. As a result, manufacturers started using something that is natural like palm kernel oil in their formulation.

ECONOMIC REACFC: Investment in Biofuel U.S. government and private sector made major investments in biofuel research and production. This led to imports of palm kernel oil for biodiesel, as it became a feedstock option.

Emerging Technologies: Organisations invested in advanced processing technologies for efficient palm kernel oil extraction and refining which ultimately provides superior quality and sustainability.

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Market Segmentation and By Segments Dominating

According to product type and application, the palm kernel oil market is segmented. Market share of each segment of greater scope includes:

Product Type:

Primary Palm Kernel Oil: This segment is a major contributor to market share owing to high consumption across food processing and personal care and cosmetics industries.

Application:

Edible Oil: Palm kernel oil is mostly used for cooking and food manufacturing as it could withstand at high temperatures.

Cosmetics: Because of its hydrating properties, it is commonly used in skincare and haircare products.

Palm Kernel Oil For Biodiesel: The call for a renewable energy source boosted the utilization of palm kernel oil in the production of biodiesel.

Competitive Analysis

Asia-Pacific dominates the palm kernel oil market due to the presence of key players in the region. Five companies with the highest market shares:

Wilmar International Limited

Name: One of the top agribusiness groups in Singapore, with business presence in more than 50 nations.

Latest Update: Wilmar has invested capacity in placing sustainable palm oil plantations in 2024 as well as an upgraded refiner that can comply with the evolution of quality and environmental requirement.

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Sime Darby Plantation Berhad

Summary: Among the largest producers of certified sustainable palm oil with its headquarters in Malaysia.

IOI Corporation Berhad

Brief: A major Malaysian conglomerate with interests in palm oil plantations and resource-based manufacturing.

Latest Update: KLK have made an investment to develop and invest in renewable energy projects and implement sustainable land-use practices to demonstrate their commitment with environmental movement.

Regional Analysis

USA:

Market Share: Palm kernel oil is widely imported to the U.S., primarily for use in the food processing and personal care and cosmetics industries.

Government Policies: Campaigns in favour of renewable energy and sustainable agriculture have indirectly benefitted the palm kernel oil market.

Drivers: Rising usage of biofuel and natural personal care products has propelled the market growth.

UK:

Market Share: In the UK market, palm kernel oil has been sustained used in food products and cosmetics whilst continously expanding.

Regulatory policies: strict regulation for trans-fats is forcing manufacturers to search for replacement, in this regard palm kernel oil is used as an alternative.

Drivers: The increasing consumer awareness about sustainability and ethical sourcing have driven the demand.

Germany:

Germany is also a major consumer in Europe, especially in the biodiesel market.

Government Policies Encouraging Biodiesel Production from Palm Kernel Oil; Government policies favoring renewable energy have been an input for biodiesel from Palm Kernel Oil;

Market Dynamics: One of the major drivers for the growth of the automotive industry to biofuels

France:

Market Share: The market of France is increasing as applications in the food sector and biofuels are growing.

Government Policies: The increasing biodiesel mandates mainly derive from the call for reduction of greenhouse gases emission.

Palm Kernel Oil Market: Drivers and Restraints Growth Factors: Palm kernel oil is mainly consumed internally by our region because our culinary industry prefers stable cooking oils.

Japan:

Market Share: Japan uses palm kernel oil mainly on food processing and cosmetics.

Government Initiatives: Attractiveness launched by the federal government plans that aid sustainable energy sources have invited the clients of palm kernel oil in biofuels.

Driving Factors: Technological developments in oil processing creating better oil quality to satisfy consumer demand.

China:

Demand: Many end-use industries tend to be in large volume due to their widespread consumption in food products and industrial applications, and China acts as one of the leading importers.

Government Policies: Supportive government policies promoting renewable energy and sustainable practices have contributed positively to the market.

Drivers: There are two main drivers for this growth, rapid industrialization and urbanization.

Conclusion

The palm kernel oil market is likely to witness a healthy growth since the palm kernel oil is used in various industry verticals such as food and beverage, personal care, and biofuels. Positioning of major firms, consumer inclination towards natural products, government support for renewable energy will continue to drive this growth path. Expansion of sustainable practices and investment in R&D for high/yield varieties offer avenues for growth.

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