The Elaeis guineensis (palm) fruit extract market is projected to witness significant growth, registering a compound annual growth rate (CAGR) of 6.1% during the forecast period. By 2032, the market is expected to reach a staggering USD 59.08 billion, up from USD 32.68 billion in 2022.
As consumer preferences shift towards plant-based food items, leading food and beverage companies are increasingly incorporating plant components into their flagship products. This trend is fueling the demand for Elaeis guineensis (palm) fruit extract, a key ingredient in various health and beauty applications.
Growth Drivers for the Elaeis Guineensis (Palm) Fruit Extract Market
- Increasing Health Awareness: Consumers are becoming more health-conscious, leading to a rising preference for natural and organic products. This shift is significantly impacting the demand for Elaeis guineensis (palm) fruit extract.
- Versatile Applications: The extract’s beneficial properties make it suitable for a wide range of applications, including skincare, haircare, and culinary uses, further boosting its popularity across various sectors.
- Rising Demand for Plant-Based Ingredients: As the global trend toward plant-based diets continues, food and beverage companies are incorporating plant-derived ingredients, including Elaeis guineensis (palm) fruit extract, into their products.
- Consumer Preference for Natural Products: With a growing focus on health and wellness, consumers are actively seeking out products that are perceived as safer and more beneficial, driving demand for natural extracts.
- Geographic Production Concentration: The Asia Pacific region, particularly Indonesia and Malaysia, has a high concentration of palm cultivation, providing a steady supply of Elaeis guineensis (palm) fruit extract and supporting market growth.
- Innovation in Product Development: Manufacturers are increasingly investing in research and development to create new products featuring Elaeis guineensis (palm) fruit extract, aligning with consumer trends toward natural ingredients.
Key Takeaways
- The Elaeis guineensis (palm) fruit extract market is projected to reach USD 59.08 billion by 2032, growing at a CAGR of 6.1%.
- Consumer preferences are shifting towards plant-based food items, driving demand for natural ingredients.
- The COVID-19 pandemic has heightened focus on health and safety, boosting interest in natural and organic products.
Key companies profiled
Samsung Electronics Co., Ltd.
Synaptics Incorporated
Himax Technologies, Inc.
Raydium Semiconductor Corporation
New Vision Display, Inc.
Varjo
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KEY SEGMENT
Based on the form:
- Oil
- Crude Palm Oil
- Palm Kernel Oil
- Bioactive Compounds
Based on the extraction method:
- Supercritical Carbon Dioxide
- Aqueous
- Solvent Extraction
- Cold Pressed
- Others
Based on nature:
- Organic
- Natural
Based on price:
- High Range
- Mid-Range
- Low Range
Based on end use:
- Cosmetics
- Food & Beverages
- Others
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