July 19, 2021
According to the research report titled ‘Global Palm Oil Market (Value, Volume) – Analysis By Product Type (Crude Palm Oil, Palm Kernel Oil, Palm Kernel Cake), Application, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global palm oil market was valued at USD 36,713 million in 2019 and is slated to display lucrative growth trends over 2020-2025.
Factors like low cost of product, its utility in home and personal care products substituting expensive oils as well as replacement of less healthy fats in food are catalyzing the growth of global palm oil market.
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Based on product type, the industry vertical is bifurcated into palm kernel cake, palm kernel oil, and crude palm oil. Herein, crude palm oil segment has been gaining traction recently and is poised to continue the same trend in the coming years, accredited to surging populace, its availability as antioxidant and a source of vitamin E as well as presence of high level of tocotrienols, slow income growth, coupled with declining arable land in developed countries.
In terms of application, the market space is classified into biodiesel, cosmetics, edible oil, lubricants, surfactants, and others. The edible oil segment held major market share in 2019 and is expected to grow further, accredited to health problems related to trans-fat consumption, its usage in cooking as substitute for expensive vegetable oils, and adoption in personal care items like shampoo, makeup, lotion, and soap, replacing animal-based ingredients.
Considering geographical view, Asia Pacific is anticipated to lead global palm oil industry forecast over 2020-2025, owing to presence of leading companies with massive production capacity, in consort with product adoption in cooking.
Leading companies in worldwide palm oil market sphere include Wilmar International Limited, Kuala Lumpur Kepong Berhad, Golden-Agri Resources, Indofood Agri Resources Ltd., FGV Holdings Berhad,Cargill Inc., Godrej Agrovet Limited, Astra Agro Lestari, Musim Mas, and IOI Corporation Berhad among others.