According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on palm oil market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global palm oil market size reached US$ 53.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
What is Palm Oil?
Palm oil is a versatile and widely used vegetable oil obtained from the fruit of the oil palm tree, primarily grown in tropical climates. It is a crucial ingredient in a multitude of products ranging from food items like cooking oil and margarine to non-food applications such as soaps, detergents, and biofuels. Due to its high saturation level and stability, palm oil is preferred in various industrial applications, including cosmetics and personal care items. It is noteworthy for its cost-effectiveness and high yield per hectare, making it more economically viable compared to other vegetable oils. The production process is divided into two categories: crude palm oil, derived from pressing the fruit, and palm kernel oil, obtained from the seed inside the fruit.
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What are the growth prospects and trends in the palm oil industry?
The global palm oil market is witnessing significant growth, propelled by various driving factors and emerging market trends. One of the major factors fueling this expansion is the rising global population and the subsequent increase in food demand. Palm oil, being a key ingredient in multiple food products, naturally sees an uptick in demand. The diversification of its utility across non-food sectors like cosmetics, cleaning agents, and biofuels is another pivotal factor contributing to market growth. On the sustainability front, the advent of certified sustainable palm oil (CSPO) aims to address environmental and labor concerns, giving a new direction to the market. Advances in agricultural technology and practices are also emerging as trends, aiming to make palm oil production more sustainable and efficient.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Archer-Daniels-Midland Company
- Asian Agri
- Boustead Holdings Berhad
- IJM Corporation Berhad
- IOI Corporation Berhad
- Kuala Lumpur Kepong Berhad
- Kulim Malaysia Berhad (Johor Corporation)
- PT Dharma Satya Nusantara Tbk
- PT PP LONDON SUMATRA INDONESIA TBK
- PT Sampoerna Agro Tbk
- Bakrie Sumatera Plantations tbk
- Sime Darby Plantation Berhad
- United Plantations Berhad
- Univanich Palm Oil Public Company Ltd.
- Wilmar International Ltd
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Palm Oil Market Segmentation:
Our report has categorized the market based on region and application.
Breakup by Application:
- Household Cooking
- Food & Beverages
- Oleo Chemicals
- Personal Care
- Animal Feed
- Bio-fuel
Regional Insights:
- India
- Indonesia
- China
- European Union
- Malaysia
- Others
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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