Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global palm oil market size reached US$ 53.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
Originating from West-Africa, palm oil is an edible vegetable oil produced from the mesocarp of the fruit of oil palms. It is the world’s highest yielding oil crop, with output 5-10 times higher per hectare than other leading vegetable oil crops. It offers numerous nutritional benefits since it is cholesterol-free, easy to digest and rich in carotenoids, as well as Vitamin A. It also has a longer shelf-life and is cheaper than other vegetable oils available in the market.
Palm Oil Industry Trends:
Palm oil offers several health benefits that help in enhancing energy levels, preventing premature aging, improving eye vision, boosting the immune system, and reducing the risk of cancer and heart diseases. The increasing awareness regarding these health benefits among consumers is one of the primary factors contributing to the market growth. Furthermore, the thriving food industry is driving the product demand as it is extensively utilized for frying and as a key ingredient in the preparation of healthy food recipes. Apart from this, palm oil is readily replacing petroleum-based products as an effective alternative in the transportation and energy industries. It is also employed as a substitute for mineral oil in power stations for energy production. Moreover, initiatives undertaken by governments of various countries, such as Denmark and other western European nations, along with awareness campaigns by the World Health Organization to curb trans-fat consumption, are envisaged to boost the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global palm oil market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on application.
Breakup by Application:
Household Cooking
Food & Beverages
Oleo Chemicals
Personal Care
Animal Feed
Bio-fuel
Household cooking represents the largest application segment for palm oil, since it is one of the most cost effective edible oils avaliable in the market.
Regional Insights:
India
Indonesia
China
European Union
Malaysia
Others
Region-wise, Indonesia exhibits a clear dominance in the market, owing to government support for the promotion of palm oil-based biodiesel.
Competitive Landscape:
The competitive landscape of the market is characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
Wilmar International Limited
Sime Darby Berhad
IOI Corporation Berhad
PT Astra Agro Lestari Tbk
Kuala Lumpur Kepong Berhad
Golden Agri-Resources Ltd.
Key Questions Answered in This Report
1. What was the size of the global palm oil market in 2022?
2. What is the expected growth rate of the global palm oil market during 2023-2028?
3. What are the key factors driving the global palm oil market?
4. What has been the impact of COVID-19 on the global palm oil market?
5. What is the breakup of the global palm oil market based on the application?
6. What are the key regions in the global palm oil market?
7. Who are the key players/companies in the global palm oil market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Edible Oil Industry
- 5.1 Market Overview
- 5.2 Market Performance
- 5.2.1 Production Volume Trends
- 5.2.2 Consumption Volume Trends
- 5.3 Market Breakup by Type
- 5.4 Market Forecast
- 6 Global Palm Oil Industry
- 6.1 Market Overview
- 6.2 Market Performance
- 6.2.1 Volume Trends
- 6.2.2 Value Trends
- 6.3 Impact of COVID-19
- 6.4 Price Analysis
- 6.4.1 Key Price Indicators
- 6.4.2 Price Structure
- 6.4.3 Price Trends
- 6.5 Market Breakup by Region
- 6.6 Market Breakup by Application
- 6.7 Market Forecast
- 6.8 SWOT Analysis
- 6.8.1 Overview
- 6.8.2 Strengths
- 6.8.3 Weaknesses
- 6.8.4 Opportunities
- 6.8.5 Threats
- 6.9 Value Chain Analysis
- 6.9.1 Raw Material Suppliers
- 6.9.2 Processors
- 6.9.3 Distributors
- 6.9.4 Exporters
- 6.9.5 Retailers
- 6.9.6 End-Consumers
- 6.10 Porter’s Five Forces Analysis
- 6.10.1 Overview
- 6.10.2 Bargaining Power of Buyers
- 6.10.3 Bargaining Power of Suppliers
- 6.10.4 Degree of Competition
- 6.10.5 Threat of New Entrants
- 6.10.6 Threat of Substitutes
- 6.11 Key Market Drivers and Success Factors
- 7 Performance of Key Regions
- 7.1 India
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Indonesia
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 China
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 European Union
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Malaysia
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Others
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
- 8 Market Breakup by Application
- 8.1 Household Cooking
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Food & Beverages
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Oleo Chemicals
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Personal Care
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Animal Feed
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Bio-fuel
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
- 9 Competitive Landscape
- 9.1 Market Structure
- 9.2 Key Players
- 10 Palm Oil Manufacturing Process
- 10.1 Product Overview
- 10.2 Detailed Process Flow
- 10.3 Various Types of Unit Operations Involved
- 10.4 Mass Balance and Raw Material Requirements
- 11 Project Details, Requirements and Costs Involved
- 11.1 Land Requirements and Expenditures
- 11.2 Construction Requirements and Expenditures
- 11.3 Plant Machinery
- 11.4 Major Machinery Pictures
- 11.5 Raw Material Requirements and Expenditures
- 11.6 Raw Material and Final Product Picture
- 11.7 Packaging Requirements and Expenditures
- 11.8 Transportation Requirements and Expenditures
- 11.9 Utility Requirements and Expenditures
- 11.10 Manpower Requirements and Expenditures
- 11.11 Other Capital Investments
- 12 Loans and Financial Assistance
- 13 Project Economics
- 13.1 Capital Cost of the Project
- 13.2 Techno-Economic Parameters
- 13.3 Product Pricing and Margins Across Various Levels of the Supply Chain
- 13.4 Taxation and Depreciation
- 13.5 Income Projections
- 13.6 Expenditure Projections
- 13.7 Financial Analysis
- 13.8 Profit Analysis
- 14 Key Player Profiles
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