Palm Oil Market Size to Worth Around USD 106.3 Billion by 2032
The palm oil market size is expected to be worth around USD 106.3 billion by 2032 and it is expected that the growth of the market will accelerate at a CAGR of 5.3% during the forecast period.
Ottawa, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global *palm oil market* size was estimated at USD 67.91 billion in 2022. Palm oil is a form of nutritious vegetable oil obtained from palm oil plantations. It is the oldest continually oil crop plantation, with a yield of 5-10 times that of other major vegetable oil sources per hectare. It contains a variety of essential nutrients, cholesterol-free, easily digestible, and high in phytonutrients and Vitamin A. It has a longer shelf life and costs less than other vegetable oils on the market.Palm oil is used in a wide range of industries, including food and beverages, skincare, healthcare, biofuel and energy, and others. Palm oils are used by food makers because they are simpler to stabilize and maintain flavor and consistency in processed meals.
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Palm oil can be utilized as a crude oil as well as refined oil. Palm oil has a bright orange color in its crude form because it is produced from the orange pulp of the fruit of the oil palm tree. Only around a fourth of the world's palm oil and palm kernel oil are used as crude oil. Under normal temperatures, crude palm oil is frequently used in household cooking in Southeast Asia, Africa, and parts of Brazil as a liquid oil.
*Key **Insights**:*
· Asia-Pacific market has generated 72% revenue share in 2022.
· Based on nature, the conventional segment has held revenue share of over 98% in 2022.
· Based on product type, the fractionated palm oil segment has held 40% revenue share in 2022.
· Based on end user, food and beverages segment has captured 66% revenue share in 2022.
*Regional snapshots*
The biggest market share was held by the Asia-Pacific in the palm oil market during the forecast period. The market for palm oil in Asia-Pacific is predicted to rise rapidly because of the rising demand for food and beverages by individuals and the increasing sale of packaged foods.
Additionally, the innovation and R&D carried out for the production of a clean and organic product with the presence of significant palm oil companies in the region will create new growth potential. The popularity of palm oil will increase across Asia-Pacific due to an increase in the availability of the product at an economical price and a rise in awareness of the health benefit among parents, which is increasing sales and fueling the market growth.
*Report **H**ighlights*
· *On the basis of nature*, palm oil is segmented into organic and conventional. In 2022, the conventional segment had the biggest revenue share of the market. This is owing to the low cost and widespread availability of traditional palm oil on the market. Since synthetic pesticides increase yield, conventional oil palm farms are a significant source of cash for small and medium-sized farmers. Conventional palm oil is more widespread in low-income nations with a big populace.
· *On the basis of product type*, palm oil is segmented into CPO, RBD palm oil, palm kernel oil, and fractionated palm oil. In 2022, the fractionated palm oil category grabbed the largest revenue share of the market. This is because the product is easily accessible at a reasonable price. It is especially popular in low-income countries since it is readily accessible and affordably priced. The product's component nature permits it to be more cost-effective to create in large quantities.
· *On the basis of end user*, it is divided into food & beverages, personal care & cosmetics, pharmaceuticals, biofuel & energy, and others. Food and beverages will have the greatest revenue share in the industry in 2022. Its substantial share is attributed to the growing use of palm oil as a raw component for manufacturing different types of food and beverages. The rise in the worldwide population and growing sales of packaged and processed foods have also affected global product growth improving market growth in global territories.
*Recent developments *
· In June 2021, Cargill, Incorporated, a privately held American global food corporation based in Minnetonka, Minnesota, and incorporated in Wilmington, Delaware announced to development of a new palm oil refinery in Lampung Indonesia.
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*Scope of the Report*
*Report Attributes* *Details*
Market Size in 2032 USD 106.3 Billion
CAGR 4.58% from 2023 to 2032
Asia Pacific Revenue Share 72%
Food & Beverages Segment Share 66%
Conventional Segment Share 98%
Key Players Archer Daniels Midland, Sime Darby Plantation Berhad, IOI Corporation Berhad, Wilmar International Ltd., United Plantations Berhad, Kulim (Malaysia) Berhad, IJM Corporation Berhad, Kuala Lumpur Kepong Berhad, Tbk, Univanich Palm Oil Public Company Ltd., PT. Bakrie Sumatera Plantations tbk, PT Sampoerna Agro, Agropalma S.A., Boustead Holdings Berhad, Fuji Vegetable Oil, Inc., Asian Agri, New Britain Palm Oil Limited and Others
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*Market Dynamics*
*Drivers*
In the modern era, countries are developing, and consumers are adapting to their hectic and busy schedules. The adaptation of the schedules is changing the eating habits of consumers. The shift from homemade foods to the foods offered in bakeries and confectionery is increasing. A change in lifestyle, changing eating habits, and a rise in disposable income are encouraging consumers to opt for ready-made meals from bakeries, *confectionery*, and fast-food joints. Increasing sales and reducing preparation time are pushing bakeries to employ palm oil in food preparation.
On the other hand, consumers have realized the benefits offered by the use of palm oil in preparing food products. The realization in consumers is encouraging them to opt and use palm oil in their homes for preparing their favorite delicacy.
*Restraints*
Functional meals and beverages with functional nutrients complement many health advantages as well as the essential nutritional content of the product. *Amino acids*, vitamins, minerals, protein, fatty acids, and prebiotics are included in these nutrients. Due to the growing awareness of the area of consumer health, functional products have become more and more important in recent years. Increasing product development and innovation activities are attracting consumers to opt for functional foods and beverages. In recent years consumers have shifted from bakeries and confectionery to functional meals and drinks, affecting demand and sales of palm oil. The sales drop is preventing the palm oil market's expansion.
*Opportunities*
The introduction of clean label packaging of palm oil products is expected to entice the consumer’s interest and encourage them to go for palm oil products.
*Challenges*
The challenge in maintaining sustainability is expected as a major challenge for the palm oil market. The palm plantation requires fire to clean the plantation and also needs deforestation to clear the plantation, which have created a challenging situation for the palm oil market. Also, the negative effect on health after COVID-19 has reduced the demand for the palm oil market.
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*Market Segmentation*
*By Nature*
· Organic
· Conventional
*By Product Type*
· CPO
· RBD Palm Oil
· Palm Kernel Oil
· Fractionated Palm Oil
*By End User*
· Food & Beverages
· Personal Care & Cosmetics
· Pharmaceuticals
· Biofuel & Energy
· Others
*By Geography*
· North America
· Europe
· Asia-Pacific
· Latin America
· The Middle East and Africa
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