The global market for palm oil alternative ingredients is projected to grow at a CAGR of 33.57% from 2024 to 2032, with an expected value of $12.4 billion by 2032.Palm oil is a versatile, affordable, and efficient raw material used in a wide range of products across industries like food, cosmetics, biofuel, and more. However, its high demand contributes to significant deforestation, especially in Southeast Asia, exacerbating climate change and threatening endangered species.
Several effective alternatives to palm oil have gained traction in the market, signalling the start of a broader shift away from its use. Governments and NGOs are pressuring industries to adopt sustainable alternatives, though the transition is still in its early phases. While RSPO-certified palm oil is still used, ongoing research and alternatives like canola, coconut, soy, olive, and algae oils are becoming more popular.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook