Originated in West-Africa, palm oil is a type of edible vegetable oil which is derived from the fruits of the most efficient type of oilseed crop, i.e. oil palm tree. It has, today, emerged as the foremost global source of vegetable oil and currently represents the second most traded vegetable oil crop in the world. This can be attributed to its adequate availability, versatility in usage, and lower cost as compared to other vegetable oils.
The production of palm oil is sustainable as compared to other crop based vegetable oils like soybean and rapeseed as it requires lesser energy in its production process and yields more oil per hectare. According to a new report by Expert Market Research, the global palm oil market reached a consumption volume of 69 Million Tons in 2016 and is further expected to reach 101 Million Tons by 2022.
Uses of palm oil in various industries make it a versatile product. As it has great cooking properties and can be used in even high temperatures, it represents an essential product in the food industry. It is also used as an active ingredient in many skin-care and cosmetic products. Besides this, palm oil is now being used as an ingredient in bio-diesel and as a fuel for producing electricity in power stations.
In recent years, governments across various nations have taken initiatives to curb the consumption of trans-fat which has resulted in the increased use of palm oil. Moreover, changing consumer preferences and growing demand from diverse end-use industries have also fuelled the global demand for palm oil.
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Key findings from the report:
- Palm oil serves a number of application domains which include food, consumer products and energy. Majority of the palm oil is used by the food industry followed by consumer products and energy.
- In 2016, Indonesia and Malaysia represented the largest global producers of palm oil and together accounted for the majority of the total global production.
- India was the largest consumer of the palm oil and accounted for more than one-fifth of the total global palm oil consumption. India was followed by Indonesia, China, the European Union and Malaysia.
- Being consolidated in nature, the global palm oil market is surrounded by a number of dominant players, namely, Wilmar International, Sime Darby Bhd, IOI Corporation, Astra Agro, KL Kepong and Golden Agri.
- Manufacturers are shifting their focus to produce high-value products using sustainable ways of production.
Expert Market Research has analysed the global palm oil market according to application, major regions and top players:
Market breakup by Application
- Consumer Products
Production breakup by Region
Consumption breakup by Region
- The European Union
- Wilmar International
- Sime Darby Berhad
- IOI Corporation
- Astra Agro
- KL Kepong
- Golden Agri Resources Ltd.
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