Over recent years, the edible oil industry has witnessed an increase in acceptance as well as utilization across the globe. This acceptance and growth is attributed to several health benefits such as the increasing energy, improving eye vision, decreasing premature ageing, boosting the immune system, and lowering the risk of cancer and heart disease. Therefore, the market is estimated to show lucrative growth due to the growing awareness of these health benefits amongst consumers.
Global Palm Oil Market was valued at USD 50.60 billion in 2021 and is expected to reach USD 70.32 billion by 2029, registering a CAGR of 4.20% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Request a Sample Copy of this report@ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-palm-oil-market
Palm oil is an edible vegetable oil made from the mesocarp of oil palm fruits that originated in West Africa. It is the highest-yielding oil crop on the planet, yielding 5-10 times more per hectare than other major vegetable oil crops. It is cholesterol-free, easy to digest, and high in carotenoids and Vitamin A, which provide several nutritional benefits.
Palm Oil Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increased Utilization as well as the Demand of Palm Oil
Growing consumption of palm oil in the manufacturing process and increased use of palm oil as a trans-fat alternative in processed foods, on the other hand, would provide enough chances to fuel the expansion of the palm oil market over the forecast period. Furthermore, rising demand for vegetable oil will propel the industry forward. Furthermore, because it is widely used for frying and as an essential element in producing nutritious food recipes, the growing food sector is increasing product demand. Palm oil is also quickly replacing petroleum-based products as a viable option in the transportation and energy industries. It is also used as a mineral oil alternative in power plants for energy production. As a result, the increased utilization of palm oil for various applications is estimated to boost the market growth.
Additionally, the growth in food and beverages sector will also drive market value growth. The palm oil basically has a longer shelf-life and is also cheaper than other vegetable oils, which is projected to bolster the growth of the market.
- Adoption of Technologies and Awareness
Furthermore, adoption of new technologies such as advanced satellite-based technology that helps monitor deforestation and significant initiatives undertaken by governments of various countries such as Denmark and other western European nations extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing consumer awareness concerning positive health benefits of palm oil will further expand the future growth of the palm oil market.
Some of the major players operating in the palm oil market are
- Fuji Oil USA (U.S.)
- Genting Plantations Berhad (Malaysia)
- Wilmar International Ltd., (Singapore)
- Godrej Agrovet Limited (India)
- Golden Agri-Resources Ltd (Singapore)
- PT Smart Tbk (Indonesia)
- Intercontinental Specialty Fats Sdn. Bhd. (Malaysia)
- IOI Corporation Berhad (Malaysia)
- Kuala Lumpur Kepong Berhad (Malaysia)
- PT Astra Agro Lestari (Indonesia)
- Musim Mas (Singapore)
- PT PP London Sumatra Indonesia Tbk (Indonesia)
- PT Dharma Satya Nusantara Tbk (Indonesia)
- PT Indofood Sukses Makmur Tbk (Indonesia)
- Siat Group (Belgium)
Check the report in detail: https://www.databridgemarketresearch.com/reports/global-palm-oil-market
Global Palm Oil Market Scope
The palm oil market is segmented on the basis of type, origin, usage and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Crude Palm Oil
- RBD Palm Oil
- Fractionated Palm Oil
- Palm Kernel Oil
- Edible Oil
- Household Cooking
- Food and Beverages
- Oleo Chemicals
- Personal Care
- Animal Feed
Palm Oil Market Regional Analysis/Insights
The palm oil market is analyzed and market size insights and trends are provided by country, type, origin, usage and application as referenced above.
The countries covered in the palm oil market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the palm oil market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing disposable income and nutritious and healthy foods in place of conventional meals. Moreover, the presence of key market players within the region also boosts the market growth.
On the other hand, North America is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rapidly increasing market applications of palm oil in various fields coupled with the increasing awareness about low priced oils among the population in the region. Moreover, the entry of new market players is also estimated to accelerate the market growth within the region.
About Data Bridge Market Research:
Data Bridge Market Research is a multinational management consulting firm with offices in India and Canada. As an innovative and neoteric market analysis and advisory company with unmatched durability levels and advanced approaches. We are committed to uncovering the best consumer prospects and fostering useful knowledge for your company to succeed in the market.
Data Bridge Market Research
US: +1 888 387 2818
UK: +44 208 089 1725
Hong Kong: +852 8192 7475
Email – [email protected]