Global Palm Oil Market is anticipated to expand at a CAGR of 7.6% over the forecast period of 2017-2023, Asserts Market Research Future (MRFR) in a detailed research report.Palm is a versatile vegetable that has economic importance for both food and non-food products. Palm is the most widely used vegetable oil in the world which finds application in multiple supermarket products ranging from baked goods, sweets, soaps, cosmetics, and even finds application as a first-generation biofuel.
Over the last few decades, the consumption of palm oil has increased considerably due to its application not only for conventional purposes but also in new applications. The global palm oil market is driven by its large-scale applications in a broad range of daily products coupled with increasing demand for certified sustainable palm oil. Spreading awareness regarding the GMO-based oils is supporting the growth of the global palm oil market. Palm oil is high in high-density lipoproteins (HDL), Tocopherols, Vitamin A, D, E, and natural antioxidants which aid in the prevention of cancer. Introduction of various food regulations which have lowered the permissible limits of Trans fat in edible oil products has reflected positively on the growth of the global palm oil market. Palm oil is trans-fat free and hence is increasingly being used in food products.
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Furthermore, palm oil is less expensive as compared to other vegetable oils which are a key factor in enhancing the growth of the global palm oil market. Other factors fostering the growth of the global palm oil market include heavy investment in technology and R&D aimed at increasing the yield of palm crops. In contrast, the growth of the global palm oil market might be hindered by increasing concerns over deforestation which remains a key challenge to palm oil cultivation and production. In addition, adoption of sustainable production methods of production has raised the cost of production of palm oil which is likely to be a constraint to the market growth.
Sime Darby (Malaysia), Wilmar International Limited (Singapore), London Sumatra (Indonesia), IOI Corp. (Malaysia), Cargill Inc. (U.S.), Kulim BHD (Malaysia), Golden Agri Resources Limited (Singapore), and Godrej Agrovet Limited (India) are the eminent players in the Global Palm Oil Market.
- In February 2019, Cargill introduced a palm oil shortening line for the bakery industry called PalmAgility. PalmAgility has a creamier and smoother texture as compared to regular palm oil shortenings and has been tested to work efficiently in pies, donuts, cookies and crème fillings at Cargill’s state-of-the-art Food Innovation Center in Minneapolis.
- In February 2019, the Tanzania government announced that is has set aside USD 4.3 Mn for the cultivation of palm oil. This would help the country to end its dependence on import of edible oils.
The global palm oil market has been segmented based on type and application.
By type, the global Palm Oil market has been segmented into crude palm oil, palm kernel oil, and others. The crude oil segment is leading the market followed by palm kernel oil segment. Crude palm oil contains less saturated fat as compared to palm kernel oil. Also, crude palm has a higher level of tocotrienols and is an excellent source of Vitamin E and antioxidants which make them very popular among consumers.
By application, the global palm oil market has been segmented into cooking oil, bio-diesel, lubricant, cosmetics, and others. Application-wise, the cooking oil segment is dominating the market. However, the application of palm oil in cosmetics is likely to witness a surge over the forecast period due to which the cosmetic segment is anticipated to witness the highest growth.
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