April 23, 2020
As per the report titled ‘Global Sustainable Palm oil Market Size study, by Type (Crude Palm Oil, Palm Kernel Oil, Fractional Palm Oil, Red Palm Oil, White Palm Oil), by Application (Food, Pet Food, Soap and Detergents, Cosmetics) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global sustainable palm oil market amassed USD 16.3 billion in 2019 and is projected to register 9.17% CAGR during 2020-2026.
Favorable government norms and initiatives to promote sustainable palm oil production along with exhaustive use and increasing adoption of palm oil across various end-user industries such as food and personal care & cosmetics are fueling the growth of global sustainable palm oil market. Additionally, Roundtable on Sustainable Palm Oil (RSPO) plays an important role in influencing the market growth as it governs the guidelines for the production and marketing of sustainable palm oil.
Palm oil constitutes of healthy saturated fats and medium chain fatty acids, making it ideal as a cooking medium and food ingredient. Moreover, palm kernel oil is rich in vitamin K, which is considered to be the most important fat-soluble vitamin required by the human body. According to Malaysian Palm Oil Council, refined fractional palm oil is 95-97% digestible, falling in the desired digestibility range of 93-99% for edible oils and fats. Hence, various health benefits associated with palm oil coupled with increasing initiatives by major palm oil manufacturers is expected to foster the market growth over the forecast timeline. On the contrary, volatile price of palm oil will hinder the market growth in the forthcoming years.
Considering the geographical landscape, global sustainable palm oil is divided into Asia Pacific, North America, Europe, Latin America and rest of the world. Europe sustainable palm oil market is expected to display strong growth trends throughout the forecast duration. The growth can be attributed to the surging demand for palm oil in end-use sector like food industry.
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Meanwhile, Asia-Pacific market is also slated to register strong CAGR during 2019-2026, as the region houses the largest producer and top consumer of palm oil, Malaysia and Indonesia.
Major players in global sustainable palm oil market are Golden Agri-Resources Limited, United Plantation Berhad, Sime Darby Plantation Sendirian Berhad, IOI Corporation Berhad, Kulim Berhad, Cargill, New Britain Palm Oil Limited, SIPEF Group Belgium, Wilmer International Limited, and Kuala Lumpur Kepong Berhad.