Palm Oil Market to Reach USD 129.83 Billion by 2035 at 5.87% CAGR Driven by Rising Edible Oil and Industrial Applications

The palm oil market is expanding worldwide as industries increasingly adopt palm oil for food, cosmetic, and biofuel applications due to its cost-effectiveness and versatile properties.

As per Market Research Future analysis, the Palm Oil Market Size was estimated at USD 69.31 Billion in 2024. The market is projected to grow from USD 73.38 Billion in 2025 to USD 129.83 Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 5.87% during the forecast period from 2025 to 2035. This steady growth highlights palm oil's continued relevance as a widely used and versatile vegetable oil in multiple industries.

Palm oil is a highly versatile edible oil derived from the fruit of oil palm trees. It is extensively used in cooking, bakery products, margarine, snacks, and confectionery due to its stability, neutral flavor, and cost-effectiveness. Beyond food, palm oil is a key ingredient in soaps, cosmetics, detergents, and biofuels, making it a critical commodity in global trade.

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The expansion of the global palm oil market is supported by rising consumer demand for edible oils, the growth of the packaged food industry, and the increasing adoption of sustainable vegetable oils. Palm oil's high yield per hectare and low production cost make it a preferred alternative to other vegetable oils, particularly in emerging economies.

Key factors supporting the 5.87% CAGR include:

Increasing global consumption of edible oils and processed foods

Growing demand for biofuels and renewable energy sources

Expansion of cosmetics and personal care industries using palm-based derivatives

Rising adoption in bakery, confectionery, and snack products

Cost-effectiveness and high productivity compared to alternative vegetable oils

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From an application perspective, the food industry accounts for the largest share of the palm oil market. Palm oil is extensively used in cooking oils, fried foods, bakery products, confectioneries, and ready-to-eat foods due to its thermal stability and long shelf life. The personal care and cosmetic segment is also witnessing robust growth, with palm oil derivatives used in soaps, shampoos, lotions, and creams. Additionally, the biofuel sector is contributing to market expansion as governments promote renewable and sustainable energy solutions.

Based on product type, refined, bleached, and deodorized (RBD) palm oil dominates the market due to its versatility and suitability for food processing and industrial applications. Crude palm oil and fractionated palm oils also maintain significant demand for specific industrial and culinary uses.

Regionally, Asia-Pacific is the largest consumer and producer of palm oil, particularly in countries like Indonesia and Malaysia. Europe and North America show steady growth driven by processed food demand and renewable energy policies. The Latin America and Africa regions are gradually expanding their palm oil markets due to growing population, urbanization, and increasing edible oil consumption.

Despite its widespread use, the market faces challenges such as environmental concerns related to deforestation, regulatory restrictions, and sustainability issues. However, adoption of sustainable palm oil certifications such as RSPO (Roundtable on Sustainable Palm Oil) and improved agricultural practices are mitigating these challenges and supporting long-term growth.

Overall, the palm oil industry is positioned for consistent expansion through 2035 as demand across food, industrial, and renewable energy sectors continues to rise. With its versatility, cost efficiency, and growing adoption in multiple applications, palm oil is expected to remain a core ingredient in global markets.

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