Palm Oil Market Analysis 2024 – Estimated Market Size And Key Drivers

The Palm Oil by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Palm Oil, The palm oil market size has grown steadily in recent years. It will grow from $63.92 billion in 2023 to $66.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%.  The growth in the historic period can be attributed to rise in global population, industrialization in food processing, economic development in emerging markets, versatility in applications, consumer demand for processed foods, trade liberalization.

The palm oil market size is expected to see steady growth in the next few years. It will grow to $81.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.  The growth in the forecast period can be attributed to global biofuel policies, sustainable and certified palm oil demand, alternative uses in non-food industries, regulatory measures on deforestation, shifts in culinary preferences. Major trends in the forecast period include certification programs, transparency and traceability, r&d for sustainable varietie, collaboration across the supply chain, technological innovations in plantation practices.

Increasing demand from the biofuel industry is expected to propel the growth of the palm oil market going forward. Biofuel is the same as any type of fuel that is produced from biomass, also known as organic matter. Biofuel can be produced from palm oil through a process called transesterification, in which the oil is converted into biodiesel, palm oil is a popular feedstock for biodiesel production due to its high yield and availability, which improves air quality. For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global demand for biofuels is expected to grow by 41 billion litres, or 28%, over 2021-2026. Therefore, increasing demand from the biofuel industry is driving the growth of the palm oil market.

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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

 Top Major Players:

• Wilmar International Ltd.
• Sime Darby Plantation Berhad
• IOI Corporation Berhad
• Kuala Lumpur Kepong Berhad
• United Plantations Berhad

Asia-Pacific was the largest region in the palm oil market in 2023. 

Technological advancements are the key trend gaining popularity in the palm oil market. Major companies operating in the palm oil market are introducing new technologies for the efficient supply of palm oil products and sustain their position in the market. For instance, in March 2022, Unilever plc, a UK-based consumer goods company with a focus on sustainable palm oil, has launched a pilot project that utilizes SAP blockchain technology to verify the origin of its palm oil. The implementation of this initiative has the potential to revolutionize the transparency, traceability, and sustainability of palm oil production. Furthermore, this project enables the involvement of small-scale producers from the countries of origin, enhancing the sustainability of the supply chain.

The palm oil market report table of contents includes:
1. Executive Summary
2. Palm Oil Market Characteristics
3. Global Palm Oil Market Trends And Strategies
4. Palm Oil Market – Macro Economic Scenario
5. Global Palm Oil Market Size and Growth
…….
26.  Palm Oil Market Competitive Benchmarking
27. Global Palm Oil Market Competitive Dashboard
28. Key Mergers and Acquisitions Palm Oil Market
29. Palm Oil Market Future Outlook and Potential Analysis
30. Appendix

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