Global Palm Oil Market Report and Forecast 2023-2028

Global Palm Oil Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global palm oil market reached a volume of approximately 76.61 MMT in 2022. Aided by the escalating demand for cost-effective edible oils and the versatile applications of palm oil in diverse sectors, the market is projected to further grow at a CAGR of 2.8% between 2023 and 2028 to reach a volume of 90.42 MMT by 2028.

Palm oil, extracted from the fruit of oil palms, is the most widely consumed vegetable oil globally. It boasts a higher yield per land area than other major oil seeds, making it a preferred choice for manufacturers. Beyond its primary use in cooking and frying, palm oil has seamlessly integrated into various products such as margarine, confectioneries, cosmetics, and even biodiesel.

The economical production and high yield rate have positioned palm oil as the frontrunner in the edible oil industry. Growing populations, urbanisation, and increasing disposable incomes have led to higher consumption of processed foods and, in turn, a surge in palm oil market growth. Its solid-at-room-temperature property makes it a favoured ingredient in various food products, adding to its global demand.

Additionally, the multifaceted applications of palm oil give it a competitive edge. In the cosmetics and personal care industry, its oxidative stability and creamy texture are exploited in the formulation of creams, lotions, and lipsticks. In the energy sector, the push towards renewable energy sources has spotlighted palm oil as a viable feedstock for biodiesel, further amplifying the global palm oil market demand.

Furthermore, the establishment of bodies such as the Roundtable on Sustainable Palm Oil (RSPO) signifies the market's shift towards sustainable and environmentally responsible palm oil production. With an increasing number of producers obtaining RSPO certification, sustainably produced palm oil is gaining traction, quelling environmental concerns to a significant extent.

Moreover, technological advancements and research and development initiatives are paving the way for higher yield extraction processes, reducing the need for extensive land use, thereby impacting the palm oil market outlook. Innovations in farming, like intercropping and agroforestry, further indicate a move towards sustainability.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• Food Products
• Consumer Products
• Energy

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global palm oil market. Some of the major players explored in the report by Expert Market Research are as follows:

• Wilmar International Ltd.
• Cargill, Incorporated
• Bunge Limited
• Archer Daniels Midland Company
• PT Astra Agro Lestari Tbk
• FGV Holdings Berhad
• Sime Darby Plantation Berhad.
• Kuala Lumpur Kepong Berhad
• RGE Pte Ltd
• Musim Mas Group
• IOI Corporation Berhad
• Golden Agri-Resources Ltd
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.