Press release
Increasing Demand From The Biofuel Industry Fuels The Palm Oil Market Growth : Strategic Insights Driving Palm Oil Market Momentum in 2025
Palm Oil
How Large Will the Palm Oil Market Size By 2025?
Over the past few years, the palm oil market has experienced consistent expansion. The industry's size is expected to increase from $66.99 billion in 2024 to $70.21 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%. The surge during the historical phase is ascribed to factors such as global population growth, the industrialization surge in food manufacturing, economic advancement in emerging markets, application flexibility, the consumers' increased demand for processed foods, and trade deregulation.
How Big Is the Palm Oil Market Size Expected to Grow by 2029?
Expectations are high for the palm oil market to experience significant growth in the coming years. The market is projected to increase to a value of $85.47 billion in 2029, with a compound annual growth rate (CAGR) of 5.0%. This expansion during the forecast period can be attributed to factors such as global biofuel policies, the demand for sustainable and certified palm oil, diverse applications in non-food sectors, regulatory measures against deforestation, and changes in culinary preferences. The forecast period is also likely to see notable trends including certification schemes, higher transparency and traceability, research & development on sustainable varieties, increased collaboration throughout the supply chain, and the introduction of technological advances in plantation practices.
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Which Key Market Drivers Powering Palm Oil Market Expansion and Growth?
The expanding need from the biofuel sector is anticipated to spur the development of the palm oil market in the future. Biofuel is equivalent to any other fuel derived from biomass, also referred to as organic matter. It can be made from palm oil through a procedure known as transesterification, where the oil gets changed into biodiesel. Palm oil is a favored ingredient for biodiesel production due to its high yield and accessibility, enhancing air quality. For instance, in November 2023, the Department for Transport, a government entity based in the UK, conveyed that the percentage of road traffic incidents involving personal injury was 6.8% in 2022. This showcases an escalation from the previous reported period, which presented a rate of 5.4% in 2021. Consequently, the escalating demand from the biofuel sector is fueling the expansion of the palm oil market.
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Which Fast-Growing Trends Are Poised to Disrupt the Palm Oil Market?
Technological evolution is emerging as a trend in the palm oil market. To maintain their market positions, large corporations in the palm oil sector have begun to incorporate new technology for the efficient distribution of palm oil. For example, Unilever PLC, a consumer goods company from the UK with a focus on sustainable palm oil, initiated a project in March 2022 that uses SAP blockchain to authenticate the origin of its palm oil products. This initiative has the potential to completely transform the transparency, traceability, and sustainability of the palm oil industry. Furthermore, this endeavor encourages participation from small-scale producers in the origin countries, contributing to a more sustainable supply chain.
What Are the Emerging Segments in the Palm Oil Market?
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
Subsegments:
1) By Crude Palm Oil (CPO): Refined Crude Palm Oil, Raw Crude Palm Oil
2) By RBD Palm Oil: RBD Palm Olein, RBD Palm Stearin
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Who Are the Global Leaders in the Palm Oil Market?
Major companies operating in the palm oil market include 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
Which are the Top Profitable Regional Markets for the Palm Oil Industry?
Asia-Pacific was the largest region in the palm oil market in 2024. North America is expected to be the fastest-growing region in the palm oil market report during the forecast period. The regions covered in the palm oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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