Palm Oil Market: Key Drivers, Trends, Growth, Outlook 2024-2033

Overview and Scope

Palm oil is an edible vegetable oil that is extracted from palm fruits that are used as a moisturizing solution and also for cooking healthy recipes. It is also utilized in detergents, cosmetics, biodiesel, and culinary goods.

Sizing and Forecast

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..

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the palm oil market in 2023. North America is expected to be the fastest-growing region in the palm oil market report during the forecast period. The regions covered in the palm oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the palm oil market are developing innovative products, such as bioengineered palm oils, to meet larger customer bases, more sales, and increase revenue. Bioengineered palm oil refers to palm oil derived from genetically modified (GM) or genetically engineered (GE) oil palm trees. For instance, in November 2022, C16 Biosciences, a US-based oil and fats-producing company, launched Palmless. Palmless, a unique bioengineered palm oil developed through fermentation, is poised to revolutionize numerous consumer industries by eliminating the need for environmentally detrimental agricultural sourcing in the global south. With this product, consumer goods companies can harness the advantages of palm oil without contributing to environmental devastation, as it is produced through a sustainable fermentation process, offering a responsible alternative. Through innovative fermentation techniques, C16 Biosciences can cultivate Palmless in their labs, providing a biodesigned alternative that not only meets the demand for palm oil but also surpasses the usage profile of naturally-derived palm oil.

The palm oil market report table of contents includes: