Market Overview

Palm oil is an edible vegetable oil derived from the fruit of Elaeis guineensis. This oil can witness massive demand owing to large stock and accumulation of the oil by producers globally. Two types of palm oil are produced, namely crude palm oil and palm kernel oil. Market Research Future (MRFR) has compiled a comprehensive report backed by extensive primary and secondary research with predictions aimed for the period of 2018 to 2023.

Market Scope

The global palm oil market size is expected to exhibit a stellar growth rate during the forecast period owing to its application in personal care products, convenience foods, and cosmetics. The massive demand for vegetable oil can fuel the market demand. Renewable power generation is likely to culminate in heavy dividends for palm oils. High need for sustainability and its use as a feedstock for biodiesel production and a fuel in power stations can encourage market growth.

The increase in disposable income levels of consumers and rise in per capita expenditure on consumer products can bode well for the market. Subsidies and sops provided to farmers in palm tree growing countries for encouraging continuous growth can culminate in a steady demand. Furthermore, demand for palm oil by countries in Europe and North America in light of various regulations will be fruitful in the coming years.

The market faces challenges from environmental agencies which can threaten its production. Standards by agencies such as Roundtable of Sustainable Palm Oil can curb unethical practices and keep price wars at an all-time low.

Competition Outlook

Godrej Agrovet Limited, Kulim BHD, Sime Darby, IOI Corp., London Sumatra, Wilmar International Limited, Cargill Inc., and Golden Agri Resources Limited are prominent players of the global palm oil market. Players are investing in synthetic production of palm oil in order to counter the effects of deforestation. Recently, C16 Biosciences has developed bio-based production processes relying on fermentation. It has attained funding from Breakthrough Energy Ventures, a private firm encouraging sustainable production

Segmentation

The global palm oil market analysis is segmented into type and application.

On the basis of type, the palm oil market is segmented into palm kernel oil, crude palm oil, and others. Among them, the crude palm oil segment is dominating the market followed by palm kernel oil. Crude palm oil contains low saturated fat content in comparison to palm kernel oil. Moreover, crude palm oil is used in production of agrochemicals and cleaning products which can boost segment growth during the forecast period. On the other hand, palm kernel oil can witness massive demand owing to its use as a feedstock in animal feed and biomass.

On the basis of the application, the hydrogenated palm oil market is segmented into cosmetics, cooking oil, bio-diesel, lubricant, and others. Amongst all, the cooking oil segment is currently dominating the market. However, the cosmetics segment is expected to witness high growth over the forecast period. This can be attributed to the inclusion of palm oil derivatives in formulations of personal care products.

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Regional Analysis

The global palm oil market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

APAC is expected to dominate the global market owing to its demand by various end-use industries. Indonesia and Malaysia are major producers and exporters of palm oil in the region. High demand for RBD palm olein due to its high vitamin D and E content can bode well for the market. In addition, foreign direct investment into India due to its climatic conditions and acceptable soil can fuel the global palm oil industry share.

However, in Row, Latin America and the Middle East Africa are fast growing regions.

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