Worldwide Palm Oil Market is predicted to accumulate around US $147.59 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the volatility in crude prices, high prices of hydrocarbon fuel, and strong efforts to decrease greenhouse gas emissions around the world, has significantly boosted the demand for biofuels in the transport sector. This is primarily attributed to the competitiveness in productivity and prices of palm oil. Burgeoning demand for organic food products, detergents, cosmetics, and other natural ingredient rich or derived commodities has incremented the popularity of palm oil and palm kernel oil significantly over the last decade.
The substantial upsurge in the production of palm oil is highly influenced by the consistent global expansion of the planted areas of palm. Apparently, palm oil is considered an essential socio-economic harvest in most of the countries producing it. The growing demand for palm oil in the global oils & fats industry, can be credited to its techno-economic advantages, along with other significant developments in terms of global health, environment, and supply security. These factors are likely to influence product’s global domination in oils & fats market and supply equation.
Palm oil provides the highest output value, compared to the other oilseed crops like rapeseed, soya bean, sunflower, etc. In fact, its total annual value per hectare at US $1,135 is far more remunerative than rapeseed at US $696, sunflower at US $334, and soya bean at US $543. In a market space where the agricultural land has been shrinking due to rise in urbanization and industrialization, the cultivation of oil palm is deemed as the most potential option for sufficing the increasing need for oils & fats across the world.
The product landscape of the palm oil market has been bifurcated into palm kernel oil and cake, crude palm oil, and others. The market has been fragmented on the basis of applications into personal care, lubricants, biofuels, edible oil, and others.
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The geographical landscape of the global palm oil market comprises North America, South America, Europe, Asia Pacific, and Middle East & Africa. Based on the findings of the report, Asia Pacific is currently the leading regional market for palm oil, with respect to production and consumption. Market analysts state that Malaysia and Indonesia are the biggest global producers of palm oil.
The Indonesia palm oil market has reportedly expanded due to the encouragement of the foreign investment plans by the Indonesian government. The report further cites that the Malaysian palm oil market is a developed and diversified one. The processing sector in the country is well-established and consists of refining, crushing, milling, and the oleochemical subsectors. A small portion of the total palm oil output from these two countries fulfils the demand for the product in the region, while the remainder is exported to Europe and the United States, as per the report.
The competitive backdrop of the global palm oil market includes notable players like Wilmar International, United Palm Oil Industry Public Company Limited, Siat Group of Companies, Univanich Palm Oil Public Company Limited, PT Astra Agro Lestari Tbk, Sime Darby Plantations, Musim Mas Group, PT Indofood Sukses Makmur Tbk, Kempas Edible Oil Sendirian Berhad, MM VitaOils Sdn Bhd, Intercontinental Specialty Fats, Kuala Lumpur Kepong Berhad, IOI Group, Genting Plantations, Boustead Group, Golden Agri Resources Ltd, California Oil Corp, Alami Group, ADM, Fuji Vegetable Oils Inc., Carotino Group, and Dekel Oil.