News

The global Palm Oil market size is expected to be worth around US$ 78.0 billion by 2027, according to a new report by Vision Research Reports.

The global Palm Oil market size was valued at US$ 74.5 million in 2019 and is anticipated to grow at a CAGR of 2.2% during forecast period 2020 to 2027.

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Palm Oil Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 – 2027 – Breakdown Data by Regions, Type, Manufacturers and Applications

Growth Factors

Significant growth in demand for the product from end-use industries coupled with rising consumer awareness regarding positive health benefits of palm oil is expected to be the prime driver of market growth.

Asia Pacific countries such as Malaysia and Indonesia are the top producers, accounting for more than 80% of the global production. Palm Oil Investigations states that palm oil is used in nearly 50% of all consumer products sold on a daily basis.  Increasing disposable income and rising per capita expenditure on consumer products across the geographies is driving the demand.

Factors such as increasing utilization of palm oil in food application coupled with the ascending consumption of the product as a feedstock in biodiesel are expected to be the prime market growth drivers.

The market is expected to witness an increase in the consumption of the product owing to high demand from biodiesel and lubricants sectors of the Asia Pacific region. However, declining socio-economic conditions and hazardous effect on environment associated with palm plantation expansion is expected to restrain industry growth over the forecast period.

Report Highlights

• Rising demand for crude palm oil as it is a rich source of tocotrienols with high vitamin E and antioxidant content, is likely to boost overall segment growth
• The organic segment is expected to witness growth at a lucrative rate owing to the growing inclination of consumers towards organically produced and chemical free product
• Rising demand for the product from the personal care and cosmetics segment on account of rise in discretionary spending power is likely to continue being a macro driver for the palm oil industry
• Industrial end-use segment is expected to grow at a significant rate owing to the ascending demand for bio-based or plant-based ingredients from the manufacturers trying to reduce their carbon footprint
• Manufacturers are focusing on mergers and acquisition in order to increase the client base and to increase their market presence.

Key Players

Wilmar; Sime Darby; IOI Corporation; Kuala Lumpur Kepong; and United Plantations Berhad.

Market Segmentation