Global Palm Oil Market Expected to Reach USD 102,362 Million by 2030

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Palm Oil Market by Types, Forms, End-use, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2030”, the market was valued at USD 44,712 Million in 2019 and is expected to grow at a growth rate of 5.6% by the year 2030. The global palm oil market is anticipated to grow owing to the rise in the use of palm oil in pharmaceutical and cosmetic industries. The rise in awareness among the consumers for the health are also some of the factors, which has led to the rise in the demand for the palm oil. These are some of the factors, which contributes for the growth of the palm oil market.

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The derivatives of palm oil are used in the manufacturing and production of bactericides, pharmaceuticals, and are also used in the treatment of water. These are some of the factors, which contributes for the demand for the global palm oil. Increasing consumption of palm oil in the manufacturing process of soaps and detergents and in the production of greases, lubricants, and candles is further boosting the demand for the palm oil. Moreover, increasing usage of palm oil as a substitute for trans-fat in processed foods is adding fuel to the growth of palm oil. Rising disposable income has led to the rise in the adoption of palm oils, which is one of the factors, which boost the demand for the palm oil.

The global palm oil market is fragmented based on product types, forms, end-use and region. Based on product types, the palm oil market is segmented into organic and conventional. In terms of form, the palm oil market is segmented into crude palm oil, RBD palm oil, palm kernel oil, and fractionated palm oil. Based on end-use, the market is classified into food and beverage, personal care and cosmetics, biofuel and energy, pharmaceutical and industrial. Based on region, the global palm oil market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as the US, and Canada. Latin America region is further segmented into Colombia, Mexico, Brazil, and Rest of Latin America. Asia Pacific is further segmented into, Indonesia, India, China, Malaysia, Pakistan, Thailand, and Rest of Asia Pacific. The Europe region is further categorized into France, Germany, Italy, Spain, Belgium, Russia, and Rest of Europe, and the MEA region is further divided into Nigeria, Egypt, Kenya, Ghana, and Rest of Middle East and Africa.

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As per GMR industry analyst Rajat Verma, “The Global Palm Oil market is anticipated to witness significant growth during forecast period 2020-2030 driven by the rising demand for the palm oil in food and beverage industry, which is one of the factors, which contributes for the growth of the palm oil. The use of palm oil in the cosmetic industry are also some of the factors, which contributes for the growth of the palm oil market.

Key Takeaways from the Study:

• Asia Pacific accounts for a significant share of the market, followed by Middle East and Africa. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period.
• In terms of value, the conventional segment is projected to increase at a substantial CAGR during the forecast timeline. The Palm Oil are used in the food and beverage industry, thus, contributes to the segmental growth.

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Report Scope:

Target Audience:

• Supply-side: Palm Oil manufacturers, raw material suppliers, primary respondents, and distributors.
• Demand Side: Food and beverage companies, pharmaceutical companies, cosmetic companies, etc.
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
• Associations and Industry Bodies: Conservation International, Center for International Forestry Research (CIFOR), Center for Sustainable Palm Oil Studies, Food Standards Australia & New Zealand, The Roundtable on Sustainable Palm Oil, and Europe Palm Oil Alliance.

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