Palm oil is a type of edible vegetable oil which is derived from palm fruit. Palm oil contains carotenes like lycopene and beta-carotene in abundance. Moreover, beta-carotene is an excellent antioxidant, also human body can convert some beta-carotene into vitamin A. Palm oil is used as cooking oil but owing to its high health-promoting properties, it is also used as a nutritional supplement. The most commonly used palm oil are crude palm oil, palm kernel oil, and others. They are applicable as a cooking oil, bio-diesel, lubricants, cosmetics, and others.
High nutritional level of palm oil is majorly driving the growth of the market. Increasing consumption of palm oil in different industries is boosting the growth of the market. Moreover, low price of palm oil as compared to other vegetable oils is also supporting the growth of the market.
Changing consumption pattern among the consumers and inclination towards a healthy diet is influencing the food industry to substitute trans-fats with the palm oil. Moreover, growing consumption of palm oil in cosmetics and personal care products is bringing a surge to the palm oil market. However, a large proportion of palm oil expansion occurs at the expense of biodiversity and ecosystems in the countries it is produced which may hamper the growth of the market. Nevertheless, all these factors are anticipated to grow the global palm oil market at a CAGR of 7.6% over the forecast period.
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The major players in the palm oil market
- Cargill Inc. (U.S.)
- Wilmar International Limited (Singapore)
- Sime Darby (Malaysia)
- IOI Corp. (Malaysia)
- Golden Agri Resources Limited (Singapore)
- Kulim BHD (Malaysia)
- Godrej Agrovet Limited (India)
- London Sumatra (Indonesia)
The global palm oil market is segmented into type and application.
On the basis of type, the palm oil market is segmented into crude palm oil, palm kernel oil, and others. Among all, crude palm oil is dominating the market followed by palm kernel oil. Crude palm oil has a high level of tocotrienols which makes it an outstanding source of vitamin E and a powerful antioxidant, driving the growth of the segment.
On the basis of the application, the palm oil market is segmented into cooking oil, bio-diesel, lubricant, cosmetics, and others. Of all, cooking oil is dominating the market. However, cosmetics segment is witnessing a healthy growth over the forecast period.
The global palm oil market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the market and is witnessed to have a substantial growth over the forecast period. Indonesia and Malaysia are the major contributors to the palm oil market in Asia Pacific.
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In North America and Europe, high inclination towards healthy food is driving the palm oil market. Latin America and the Middle East & Africa are witnessed to be the fastest growing regions for the palm oil market. Growing application of palm oil in baked goods, confectionery, shampoo, cosmetics, cleaning agents, washing detergents and toothpaste is boosting the growth of the product in these regions.
Palm oil market is segmented on the basis of type, application, and region
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