Based on data from Future Market Insights, the global market for Sustainable palm oil is anticipated to increase at a compound annual growth rate (CAGR) of 6.0% over the forecast period. According to projections, the market value will rise from US$ 913.8 million in 2022 to US$ 1,636.5 million in 2032. The market for sustainable palm oil was estimated to be worth US$ 879.5 million at the end of 2021, and in 2022, a CAGR rise of 4% is projected.
Palm oil is an edible vegetable oil obtained from the mesocarp of oil palms. Sustainable palm oil is the palm oil made under the guidance and rule of RSPO, a body established to transform markets to make sustainable palm oil a norm.
The low cholesterol content contained in sustainable palm oil is the primary force fueling the growth of the sustainable palm oil market. There has been a significant rise in the number of cardiovascular disease patients globally, which has facilitated the surge in demand for sustainable palm oil.
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Consumers are conscious of the food item and ingredients consumed as reports show that what they eat has a significant impact on their health.
The application of palm oil in a variety of industries for the production of key products such as ice cream, soaps, lipstick, detergents, and others, is expected to propel the growth of sustainable palm oil market during the forecast period.
The growth sustainable palm oil market is anticipated to register a double-digit CAGR within the stipulated period. Consumers’ demand for organic or natural products is another force anticipated for create a surge in demand for palm oil in the global market which will fuel the growth of sustainable palm oil market in a few years.
Sustainable Palm Oil Market Growth Driver
Growing demand for palm oil in various industries such as cosmetic and personal care, food and beverage, restaurant, and even in the household is anticipated to foster the global sustainable palm oil market’s growth.
The bakery industry employs sustainable palm oil services in their products because of its smooth and creamy texture coupled with the absence of smell when used. Palm oil helps extend the shelf life of food items as it doesn’t rancid easily.
Cultivation of palm oil requires just a small portion of land, making it cheap and affordable for consumers. As a cash crop, palm oil is cultivated by various countries, especially those whose economy depends solely on agriculture.
Governments’ stringent regulations regarding deforestation are another factor fueling sustainable palm oil growth as RSPO has enacted laws that restrict producers from destroying the environment and wildlife.
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Sustainable Palm Oil Market: Region-wise Analysis
Geographically, the global sustainable palm oil market is segmented into seven regions; North America, Latin America, Africa, Western Europe, Eastern Europe, the Asia Pacific excluding Japan, and Japan.
The Asia Pacific is the largest market for palm oil as it serves as home to countries like Indonesia and Malaysia, where palm oil is produced in large quantities for commercial purposes.
Japan remains the growth driver of sustainable palm oil in the Asia Pacific due to the burgeoning demand for palm oil from the cosmetic industry.
Nigeria, Ecuador, Colombia, and Thailand are expected to foster the industry’s growth in Africa and Latin America, respectively, because of the rise in demand for palm oil in household and fertility of the land for palm oil to thrive.
Sustainable Palm Oil Market: Competitive Landscape
The major players operating in the global market are focusing on innovative products to woo consumers. Leading players in the industry include;
- New Britain palm oil limited
- Golden agri resources limited
- IOI corporation Berhad
- Wilmer international limited
- Cargill, SIPEF group Belgium
- Kulim berhad
- Sime Darby plantation sendirian Berhad
- Hap seng Plantation Holdings Berhad
- Kuala lampur kepong
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Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)z
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Global Sustainable Palm Oil Market Segment Analysis
The global sustainable palm oil market can be segmented on the following basis:
By Application
- Food
- Cosmetics
- Confectionery Products
- Bakery Products
- Soap and Detergents
- Margarine
- Ice Cream
- Pet Food
- Others
By Type
- Palm Kernel Oil
- Red Palm Oil
- White Palm Oil
- Fractional Palm Oil
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