According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global palm oil market reached a volume of 77 Million Tons in 2018, expanding at a CAGR of nearly 7% during 2011-2018. Palm oil refers to edible vegetable oil which is procured from the mesocarp of the fruit of oil palms. The appearance of palm oil is reddish in color due to the high beta carotene content. Palm oil consumption is associated with numerous health benefits such as improving eye vision, increasing metabolism of the body, boosting the immune system, preventing premature aging and vitamin A deficiency, and reducing the risk of cancer and heart diseases. As a result, palm oil finds wide applications in the domestic and commercial sectors around the world.
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Palm oil softens skin, improves hair growth and is a rich source of vitamin K, owing to which it is used in the manufacturing of cosmetics and personal care products such as soaps, shampoos, waxes, lipsticks and liquid detergents. Apart from this, palm oil is also utilized in the production of cooking oil, margarine, vegetable ghee, confectionary fats, ice creams, non-dairy creamers, salad dressings, agrochemicals, ink, charcoal, animal feed, and paper. Its expanding applications in both the food and non-food industries are strengthening the growth of the palm oil industry across the globe. Moreover, governments of various countries are undertaking initiatives to replace fossil fuels with biofuels. For instance, the European Union and the US Government are offering subsidies to importers in order to promote large-scale imports of palm oil for biofuel production. Looking forward, the global market size is expected to be around 108 Million Tons by 2024, expanding at a CAGR of about 6% during the forecast period (2019-2024).
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- Based on applications, the market has been classified into household cooking, food and beverages, oleochemicals, personal care, animal feed and bio-fuel. At present, food and beverages dominate the market, holding the largest share.
- Region-wise, the market has been segregated into India, Indonesia, China, European Union, Malaysia and Others. Amongst these, India represents the biggest market, accounting for the majority of the global share. Initiatives by the Government of India, like uplifting import duty on palm oil, have provided thrust to the market growth.
- The competitive landscape of the market has also been examined with some of the key players being Wilmar International, Sime Darby Berhad, IOI Corporation, Astra Agro Lestari, Kuala Lumpur Kepong Berhad and Golden Agri.
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