The palm oil market stands as a vital player in the global economy, commanding significant attention due to its diverse applications and widespread use. Extracted from the fruit of oil palm trees, palm oil has become a staple ingredient in countless consumer products, ranging from food items like cooking oils, snacks, and margarine to personal care products, cosmetics, and biodiesel.
The palm oil market is anticipated to expand its roots at an average CAGR of 4.48% between 2023 and 2033. The market is expected to have a market share of US$ 109.97 billion by 2033 while it is likely to be valued at US$ 70.95 billion in 2023
- Palm oil of refined and non-refined grades have their applications that are spread wide through the industries, flourishing the demand for palm oil across the globe.
- Restoration of industries like food, bakery, and packaged snack industry is booming the palm oil market as it is applied in 50% of the food products. These food products involve fried, baked, and frozen food items.
- The use of palm oil as a secondary fuel or biofuel source is also gaining traction in the market. Alongside this, Southeast Asian economies are transitioning from a conventional source of energy to a sustainable source. This also fuels the sales of palm oil across the globe.
- Some properties of palm oil such as no trans-fat and higher affordability make it a popular choice amongst local food outlets and eateries. Alongside this, its usage in palms and fertilizers is propelling its demand across the verticals.
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Key Points
- The United States market leads the palm oil market in terms of market share in North America. The North American region held a market share of 13.3% in 202 The growth in this region is attributed to the restoration of the food & beverage industry along with the changing eating lifestyle of people.
- The United Kingdom’s palm oil market is another significant market in the European region. Europe, with higher tourist footfall, has an active food industry that cooks all kinds of food items. The rising popularity of ready-to-eat snacks is also fueling the demand for palm oil.
- The Chinese palm oil market is anticipated to thrive at a healthy CAGR during the forecast period. Asia-pacific region held a major market share of 72% in 2022. The growth is attributed to increased population, lower per capita incomes, and energy transition programs.
- The conventional nature type segment is leading the segment as it held a market share of 98% in 2022. The growth is attributed to the easy accessibility and higher palm oil production
- Based on the product type, the fractionated segment leads as it held a major global share of 40% in 2022.
Competitive Landscape
The key vendors work on expanding their palm plantation along with the launch of different grades of palm oil. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel. The key players in the market are Archer Daniels Midland, Wilmar International Ltd., Sime Darby Plantation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, United Plantations Berhad, Kulim (Malaysia) Berhad, IJM Corporation Berhad, PT Sampoerna Agro, Tbk, Univanich Palm Oil Public Company Ltd., PT. Bakrie Sumatera Plantations Tbk, Asian Agri, Agropalma S.A., Boustead Holdings Berhad, Fuji Vegetable Oil, Inc., New Britain Palm Oil Limited
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Recent Market Developments
- Fuji oil group has introduced the “Responsible Plan Oil Procurement Polic” which sets out a commitment to zero forestation with no peatland available.
- Asian Agri has revisited its palm oil grades with enhanced formulation and expanded palm oil plantation.
Palm Oil Market: Segmentation
By Nature:
- Organic
- Conventional
By Product Type:
- CPO
- RBD Palm Oil
- Palm Kernel Oil
- Fractionated Palm Oil
By End User:
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Biofuel & Energy
- Others
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- Middle East Africa
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