Palm Oil Derivatives Market Analysis, Industrial Forecast and Trends from 2017 to 2024
Global palm oil market generated over USD 60 billion in 2017. It is widely used vegetable oil and. a common ingredient in margarine, biscuits, instant noodles, cereals, breads, lipsticks, chocolates, candles, shampoos, detergents and ice-cream. Environmental concerns along with shift in customer preference towards bio-based lubricants, surfactants, and cosmetics may stimulate palm oil derivatives market size.
Strong application scope in food & beverage industry should drive palm oil derivatives market size. Global food and beverages market was valued at over USD 115 billion in 2016 and may surpass USD 320 billion by 2024. Growing health consciousness related to trans-fat consumption have moved consumer preferences towards healthy diet should drive industry growth. They are used in wide range of food products including cakes, confectionery, emulsifiers, snack foods, pastry, and margarine.
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Palm oil derivatives from fatty acid are used to manufacture pharmaceuticals, cosmetics, water-treatment products and bactericides. Global fatty acids market size was valued at over 25 million tons in 2016. Increase in personal care and cosmetics industry is likely to drive the fatty acid market size growth. Positive outlook in textile industry owing to emulsifying softeners, wetting agents, scouring agents, and dispersants properties should fuel product demand.
Palm oil derivatives are used in personal care products such as hair spray, shampoo and conditioners. Kernel meal is an important feed ingredient and is highly fibrous and is suitable for rabbit feeding. Global animal feed additives market may exceed USD 30 billion by 2024, with gains at 3.5%. Positive trends towards growth in livestock rearing such as poultry, swine, and cattle for protein rich diet consumption may fuel product demand.
Increasing usage of biodiesel in power and fuel generation application may propel biodiesel demand. Global biodiesel market is poised to surpass USD 45 billion by 2024. Increasing energy needs have shifted consumer preferences from gasoline to bio-based fuel. Strong governmental regulations have encouraged bio-based lubricants and surfactants consumption. Germany, France and Spain have the largest market share for biodiesel due to the stringent government regulations which may substantially drive the palm oil derivatives market size.
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Asia Pacific, driven by Japan, India, Malaysia, and China palm oil derivatives market size may witness significant gains owing to rise in animal feed and cosmetics and personal care industries. Malaysia is the largest exporter and India is the largest importer. Also, free trade agreement between Malaysia and other countries for export and import business will drive regional industry growth.
Europe palm oil derivatives market size, led by UK, France, and Germany, may witness significant gains over the forecast timeframe. Netherlands is the largest importer and about 93% of certified sustainable palm oil (CSPO) is imported to UK. Most of the European retailers and manufacturers are focusing towards usage of 100% CSPO over the forecast timeframe.
North America driven by the U.S. palm oil derivatives market may witness gains owing to increase in application scope in personal care industry. Companies are focusing towards product development along with technological advancement will drive regional growth.
Latin America and various African countries may witness growing manufacturing capabilities owing to availability of cultivable land and favorable climatic conditions which may attract more companies and stimulate palm oil derivatives market size.
Rapeseed or soybean prices are higher and biodiesel demand is rising due to mandatory blending rules in Asia Pacific and Europe. Volatility in raw material costs and high transportation cost may create demand supply imbalance and affect palm oil derivatives market price trend.
Global palm oil derivatives market share is fragmented. Key companies operating in the industry includes Croda, Kubota Corporation, Felda Holdings, Sarawak Energy,Veolia, The Clorox Company, Cargill, Alami Group, Wilmar International, and London Sumatra.
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