The palm oil market is projected to grow at an average CAGR of 4.48% from 2023 to 2033. By 2033, the market is expected to reach a valuation of USD 109.97 billion, up from USD 70.95 billion in 2023.
- Both refined and unrefined grades of palm oil have diverse applications across various industries, boosting global demand for the product.
- The resurgence of industries such as food, bakery, and packaged snacks is driving the palm oil market, as it is used in 50% of food products, including fried, baked, and frozen items.
- The growing use of palm oil as a secondary fuel or biofuel is gaining momentum. Additionally, Southeast Asian economies are shifting from traditional energy sources to sustainable ones, further driving global palm oil sales.
- Palm oil’s attributes, including its lack of trans fats and affordability, make it a favored choice for local food outlets and eateries. Its applications in palm products and fertilizers also contribute to its rising demand across various sectors.
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
Key players are concentrating on introducing various grades of palm oil tailored for different industries and sectors. The increasing demand for naturally processed palm oil is driving vendors to invest in machinery that yields a higher percentage of pure oil. Additionally, clean label packaging is helping vendors attract a diverse range of end-users.
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.
Key Players
- 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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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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