Due to the large number of health advantages associated to palm oil consumption, the market is growing at an incremental pace globally. Increasing health awareness and rising demand for oils imparting healthy fats have prompted the high growth of palm oil market. Furthermore, rising demand for personal care products have also prompted the escalation of palm oil market on a global platform. The nutrient content of the oil is one of the major factors responsible for its high growth in the global market. Additionally, palm oil is also used to produce biofuel which is also influencing the high growth of this market.
Health factors like cholesterol level maintenance, blood pressure level management and blood sugar regulation can be effectively addressed with the incorporation of palm oil into daily diet. Increase in fitness and wellness sector awareness has enhanced the market growth trajectory of the sector to an elevated level. Fast pace of lifestyle, increase in awareness and diverse applications of palm oil have led to its escalating market. However, product adulteration and presence of counterfeit products is identified to possess high threat to the growth of this market.
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Latest Industry Updates:
Sep 2017 In order to suffice the rising demand for palm oil across the globe, Indonesia – which is considered a major producer of palm oil have announced that they will be increasing their production up to 42 million tons by 2020. Diverse application of palm oil is facilitating the high demand for the product on a global platform
Sep 2017 To support the sustainable production of palm oil owing to its increased demand, The United Nations Development Program (UNDP) launched a new program aiming an integrated approach to the sustainable production of palm oil and other agricultural commodities.
Sep 2017 Escalating demand for palm oil have attracted the attention of manufacturers to enter the palm oil market. Bunge Limited- a leading global agribusiness and food company announced to acquire a 70% ownership interest in IOI Loders Croklaan. Loders is one of the leading companies involved in the semi-specialty and specialty B2B oils market including palm oil.
Sep 2016 PT. Poliplant Sejahtera (PSA) oil palm plantation in West Kalimantan, owned by Cargill was awarded the Roundtable on Sustainable Palm Oil (RSPO) certification. It is further noted that PSA’s mill and estate operations are the first under Poliplant Group to be certified-RSPO.
With the entry of new industrial players in the palm oil segment, established players are continuously involved in product improvisations and constantly keep adding new products to their offerings. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing in terms of quality and creating product differentiation to gain consumers attention. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvisations to enhance their product capacity and oil curing techniques.
The key players profiled in palm oil market report are Cargill Inc. (U.S.), Wilmar International Limited (Singapore), Sime Darby (Malaysia), IOI Corp. (Malaysia), Golden Agri Resources Limited (Singapore), Kulim BHD (Malaysia), Godrej Agrovet Limited (India), and London Sumatra (Indonesia) among many others.
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The global palm oil market has been divided into type, application, and region.
On The Basis Of Type: Crude palm oil, Palm kernel oil, and Others
On The Basis Of Application: Cooking oil, Bio-fuel, Personal care products, and Others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
The global palm oil market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global palm oil is highly dominated by Asia Pacific due to high production and consumption by countries including China and India. North America is fastest growing region due to high demand for vegetable oil in the region. Furthermore, the consumption palm oil in developing countries is anticipated to grow at a high rate in the upcoming years.