Palm Oil Market - Global Industry Growth 2024

Low to zero trans-fat content and the pocket-friendly pricing of palm oil is fuelling demand from the global palm oil market. Palm oil is one of the most widely used vegetable oils and a common ingredient in biscuits, margarine, breads, instant noodles, cereals, lipsticks, candles, chocolates, shampoos, ice-cream, and detergents. The applications of palm oil are therefore quite diverse, which aids the expansion of the global palm oil market.

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Palm oil is derived from a tropical tree, which, once planted, yields palm fruits for more than three decades, ascertaining much needed employment for the rural communities living in emerging nations such as Malaysia and Indonesia. The oil is highly lucrative, particularly because palm trees yield more oil per hectare than any other major oil seed crop.

The report provides a comprehensive overview of the global palm oil market, with focus on the factors driving the market and those restraining it. It covers the market from the ground up covering aspects such as the market definition, classification, and growth trajectory. Regionally, the global palm oil market is segmented into Asia Pacific, Europe, North America, and Rest of the World.

Overview of Global Palm Oil Market

Palm oil derived from palm fruit is an edible vegetable oil. In the last couple of years, the demand for palm oil has increased in response to the rising consumption of vegetable oils. Apart from its extensive applications in the food and beverage industry and the retail industry, palm oil is also used in biofuels.

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Palm oil is cost-effective and low in trans-fats, due to which its demand is high in the global market. However, the expansion of palm tree plantations is usually carried out at the expense of tropical forests, particularly in countries such as Malaysia. Rising environmental concerns thus pose a tough challenge in front of enterprises operating in the global palm oil market.

Large-scale deforestation for palm oil production has not only aggravated the already worrying issue of climate, but has also led to the extinction of many animal species. However, the market is expected to capitalize in the near future on opportunities created by sustainable palm oil production.

To present a 360-degree blueprint of the market, the report studies demand for diverse palm oils available in the market such as red palm oil, kernel oil, while palm oil, fractionated palm oil, and others. Factors leading to the rising application of palm oil in industries such as energy, health, food, and others are also evaluated in detail.

Malaysia is the leading producer of palm oil in the world. Over the forecast period, India and China are also expected to substantially contribute to the expansion of the palm oil market in Asia Pacific.

Companies mentioned in the research report

Some of the most prominent enterprises operating in the market are Alami Group (Malaysia), Musim Mas Group (Indonesia), ADM (US), the United Palm Oil Industry Public Company Limited (Thailand), and Boustead Group (Malaysia).

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