Based on our analysis, the global Sustainable Palm Oil market in 2019 is approximately USD 15,778 Million and is anticipated to reach around USD 30,100 Million by 2026. The anticipated CAGR for the market is around 9% from 2020 to 2026.
Resourceful and cost-effective palm oil is the most extensively used vegetable oil across the globe. However, the increasing use of palm oil has led to deforestation and community conflict in tropical countries with oil palm plantations. Thus, there is a rise in the demand for sustainable palm oil. The high-quality palm oils are used in lipsticks, ice creams, soaps, detergents, food products, cosmetics, and also in biofuel.
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Industry Major Market Players
- New Britain Palm Oil Limited
- Sime Darby
- Golden Agri-Resources Limited
- Astra Agro Lestari
- IOI Corporation Berhad
- KUALA LUMPUR KEPONG BERHAD
Drivers of the Global Sustainable Palm Oil:
- Increasing demand from myriad end-user industries
Palm oil is a versatile product that can be used not only in foods but also in personal care products and transport fuel. The environment-friendliness of palm oil is anticipated to help propel the global sustainable palm oil market during the forecast period.
Restraints of Global Sustainable Palm Oil:
- High costs of sustainable palm oil
The low awareness about sustainable palm oil’s (SPO) existence is expected to hamper the growth of the sustainable palm oil market. There are businesses that are not aware of the fundamentals of sustainability or SPO.
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Opportunities for Global Sustainable Palm Oil:
- Initiatives to promote sustainable palm oil
Emerging economies such as China & India along with Europe have started taking up promising policy initiatives to help surge the global Sustainable Palm Oil market. The increasing market penetration in the top cultivating regions like Indonesia, Malaysia, and Thailand is the primary factor for market expansion.
Market Segment Dominance:
In the type segment, Crude Palm Oil holds the majority of the market share owing to its increasing use in the food industry. Crude oil is also referred to as edible oil. Crude oil accounts for 64% of the shares in the global Sustainable Palm Oil market.
The Edible Oil category is predicted to dominate the global Sustainable Palm Oil market during the forecast period. The increasing use of edible oil in cooking, household cleaning agents, and cosmetics helps boom the edible oil category.
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Europe is expected to dominate the global Sustainable Palm Oil market owing to regions such as the Netherlands, Germany, Spain, and Italy which import sustainable palm and distribute it in the European market. The European Union had imported 7.2 million tons in 2017 for further use in the food industry and the energy sector. These factors are projected to help bolster the growth of the global Sustainable Palm Oil market.
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The global Sustainable Palm Oil market is segmented into:
Global Sustainable Palm Oil Market: By Type
- Palm Kernel Oil
- Crude Palm Oil
Global Sustainable Palm Oil Market: By End-User
- Edible Oil
Key Insights from Primary Research
- As per our primary research, the lower cost of palm oil production along with the rising demand for palm oil across the globe will supplement the market growth during the forecast period.
- The rising production at the expense of tropical forests such as having a negative impact on some human communities and endangered species is likely to attract manufacturers to adopt sustainable palm oil strategies.
- In the U.S., the use of palm oil in cooking is low but its higher use in packaged products such as cosmetics, household cleaners, and ice creams exhibits the demand for sustainable palm oil across the globe.
- As per the experts, the growing awareness about sustainability to help maintain the supply of raw materials for the future is predicted to surge the market growth.
- Rising demand for palm oil in the various end-user industries will boost the sales of sustainable palm oil during the forecast period.
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