Global Palm Oil Market Set to Reach $87.40 Billion by 2028, Driven by Growing Demand and Versatile Applications – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Palm Oil Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The global palm oil market is anticipated to grow to US$ 87.40 Billion by 2028, according to the publisher. Palm oil is a vegetable oil obtained from the fruit of oil palm trees, technically known as Elaeis guineensis. It is available in two forms: crude palm oil, acquired by pressing the fleshy section of the fruit, and palm kernel oil, produced by crushing the stone within the fruit.
Oil palm trees, native to Africa, were imported to Southeast Asia as an attractive tree crop. Palm oil has been used for cooking in Southeast Asia and tropical Africa for millennia. However, due to its functional advantages, adaptability, and broad availability, the food industry has embraced refined palm oil in recent decades.
Market Segmentation:
Form:
- Palm Kernel Oil
- Crude Palm Oil
- RBD Palm Oil (Refined, Bleached, and Deodorized Palm Oil)
- Others
End-Use:
- Food & Beverage
- Personal Care & Cosmetics
- Biofuel & Energy
- Pharmaceuticals
- Others
Production:
- Indonesia
- Malaysia
- Thailand
- Colombia
- Nigeria
- Others
Import:
- India
- China
- European Union
- Pakistan
- United States
- Bangladesh
- Malaysia
- Egypt
- Philippines
- Kenya
- Other countries
Export:
- Indonesia
- Malaysia
- Guatemala
- Colombia
- Papua New Guinea
- Other nations
Key Companies:
- Archer-Daniels
- Wilmar
- AAK (Aarhuskarlshamn)
- Bunge
- Cargill
- POSCO
- Sime Darby
- Unilever
Market Overview:
Oil palm plants outperform other vegetable crops such as soy, sunflower, and mustard, producing 4-10 times more per unit of land. This high productivity is critical to world food security and nutrition. Additionally, oil palm farms are becoming more and more important on a worldwide scale because of their productivity and affordability.
Consumers worldwide are increasingly drawn to palm oil, particularly due to its elimination of GMOs, gluten, and milk from edible fats, making it a popular choice in the global market. Palm Oil’s longer shelf life and lower price compared to other vegetable oils are expected to drive market expansion as more consumers become aware of these health advantages.
The governments of major palm oil producers, like Indonesia and Malaysia, prioritize sustainable and organic practices in response to rising public concerns about agrochemicals and the demand for organic products.
Crude Oil has dominated the global palm oil market since it has less saturated fat than the other types. A sizeable portion of the global palm oil market was accounted for by the end-use segment for biofuel and energy.
Palm oil production is continuously growing in Indonesia. The growing population and rising incomes have made China a major importer of palm oil globally. Due to Indonesia’s extensive landmass, hospitable climate, and well-established infrastructure, palm oil exports predominate there.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 330 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $74.32 Billion |
| Forecasted Market Value (USD) by 2028 | $87.4 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/3m6y2l
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