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Palm Oil Market Outlook Report

Published On: Mar, 2024
|
Pages: 132

"The Palm Oil Market is estimated at USD 95.6 Million MT in 2023. Further, the market is expected to grow from USD 98.7 Million MT in 2024 to USD 134.7 Million MT in 2031 at a CAGR of 4.5%."

Palm Oil Market Market Overview

Palm oil is one of the most efficient and widely used vegetable oils that comes from the fruit of oil palm trees. There are two types of palm oil based on the source of production. Crude palm oil comes from squeezing the fleshy fruit, and palm kernel oil comes from crushing the kernel, or the stone in the middle of the fruit. The palm tree best grown in a tropical climate is native to Africa and brought to South Asia which is currently dominating palm oil production. Indonesia and Malaysia are the two countries accounting for 83% of the palm oil production in 2022.  
The unique properties of palm oil make it an ideal ingredient in many processed foods ranging from pizza, doughnuts, and chocolate. The oil’s semi-solid nature at room temperature enables efficient spreading, its resistance to oxidation offers longer shelf-life to food products, and stability at high temperatures gives fried products a crispy and crunchy texture, along with the odorless and colorless characteristic retaining the look or smell of food products.

Latest Trends in Palm Oil Market

The surge in Consumption of Snacks and Canned Foods:
Snack food is the most excellent choice today because consumers expect their food to be portable and readily available. Manufacturers eventually introduced products loaded with protein, vitamins, and nutrients after noticing the unexpected increase in demand, providing consumers with on-the-go nutrition while munching. As people replace their meals with snacks these days, it is becoming increasingly essential to snack for nutritional purposes. The 2021 Snacking Habits Report from Mondelez International shows that 72% of individuals look for portion-controlled snacking options, indicating that they expect snacking to satisfy their nutritional needs.
Food and beverage being the top application accounting for 68.34% of the total consumption in 2022 is the key driver for the palm oil market in the forecast period. Snacks emerging as the favorite option for the young generation and working people utilize palm oil for various health and functional attributes. 

Driving Factors

Higher demand from the Food sector:
Increasing palm oil demand from Africa and Southeast Asia households for cooking is expected to offset the decrease in demand from Europe and China during the medium to long-term forecast period. South America is a top producer and exporter of soybean and oil and is also expected to witness growth in palm oil demand, owing to its functional and economic benefits. Increasing applications of palm oil in the food sector are accepting refined palm oil for numerous uses, adaptability, and accessibility. 
The neutral-flavored and deodorized palm oil can be used in various meals without altering their taste and without overpowering the flavors of other components like milk, chocolate, or hazelnuts. Due to its ability to be divided into liquid and solid fractions, palm oil is a highly versatile vegetable fat. These fractions can be combined in many ways, creating products with various textures and flavors. The mouthfeel of food goods made with palm oil is excellent and varies depending on the product. For instance, palm oil helps chocolate spreads have their smooth, creamy, and spreadable texture.

Market Challenges

Environmental Concerns for Palm Oil:
• Several studies indicated that land conversions to oil palm plantations during the past 20 years, particularly in Indonesia, have had adverse environmental and ecological effects. They have frequently destroyed beautiful tropical habitats and impacted famous animal species like orangutans. 
• The main drivers for converting land in SE Asia to oil palm production since 2000 have been the rising demand for food (mainly from India and China), non-food items (primarily from Europe), and biofuels worldwide.
• Between 2000 and 2019, oil palm agriculture in Indonesia increased by more than three times, from 2.5 Mha to over 8 Mha. As simpler plantation systems replace complex ecosystems with fewer species, this has occasionally resulted in considerable habitat loss, biodiversity declines, and worries about rising GHG emissions from land conversion to oil palm plantations.
• The utilization of tropical peatland, particularly in Borneo, is one of the most contentious parts of modern palm production in SE Asia. Several studies on the effect of peatland conversion on GHG emissions are now being conducted, and additional environmental studies have been done in connection with the effective certification program administered by the Roundtable on Sustainable Palm Oil (RSPO).

Companies Mentioned

Wilmar International Limited
Sime Darby Plantation Berhad
IOI Corporation Berhad
Golden Agri-Resources Ltd
Musim Mas Group

Global Molten Salt Thermal Energy Storage- Market Scope,

Report Scope

Details

Market Value, 2023

USD 95.6 Million

Market Growth (Value), (2024-2031)- %

4.5

Leading Region

XX

Base Year

2023

Forecast Period

2024 to 2031

Segments Covered

By End User, By Product

Geography Covered

North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa

Market Segmentation


Market Split

    
     Detail

By Product
  • CPO
  • Palm Kernel Oil

By End-Use
  • Food & Beverage
  • Personal Care & Cosmetics
  • Biofuel & Energy
  • Others

By Geography
  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Australia, Rest of APAC)
  • The Middle East and Africa (Middle East, Africa)
  • South and Central America (Brazil, Argentina, Rest of SCA)

TABLE OF CONTENTS

1. GLOBAL PALM OIL INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions

2. PALM OIL MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
2.1. Palm Oil Market Latest Trends
2.1.1. The Surge in Consumption of Snacks and Canned Foods
2.1.2. Government initiatives to boost biofuel production
2.1.3. European Mandate to Procure Sustainable Palm Oil
2.1.4. Resurging COVID in China
2.1.5. Sunflower Oil Shortage with the impact of the Russia-Ukraine war
2.2. Palm Oil Market Insights, 2023-2031
2.2.1. Leading Palm Oil, by Product, 2023-2031
2.2.2. Dominant Palm Oil End-Use, 2023-2031
2.2.3. Fast-Growing Geographies for Palm Oil, 2023-2031
2.3. Palm Oil Market Drivers to 2031
2.3.1. Higher demand from the Food sector
2.3.2. Escalating Crude Oil Prices
2.3.3. Palm Oil Producers’ Measures Towards Sustainability
2.4. Palm Oil Market Restraints to 2031
2.4.1. Environmental Concerns for Palm Oil-
2.4.2. Pests and Diseases Affecting Crop Growth -
2.4.3. Growing Concerns About Food & Environmental Security
2.4.4. Impact of Climate Change
2.5. Palm Oil Market-Five Forces Analysis

3. GLOBAL PALM OIL MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
3.1. Global Palm Oil Market Overview, 2023
3.2. Global Palm Oil Market Size and Share Outlook, By Product, 2023-2031
3.2.1. CPO
3.2.2. Palm Kernel Oil
3.3. Global Palm Oil Market Size and Share Outlook, By End-Use, 2023-2031
3.3.1. Food & Beverage
3.3.2. Personal Care & Cosmetics
3.3.3. Biofuel & Energy
3.3.4. Others
3.4. Global Palm Oil Market Size and Share Outlook by Region, 2023-2031

4. NORTH AMERICA PALM OIL MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
4.1. North America Palm Oil Market Overview, 2023
4.2. North America Palm Oil Market Size and Share Outlook, By Product, 2023-2031
4.3. North America Palm Oil Market Size and Share Outlook, By End-Use, 2023-2031
4.4. North America Palm Oil Market Size and Share Outlook by Country, 2023-2031
4.4.1. United States
4.4.2. Canada
4.4.3. Mexico

5. EUROPE PALM OIL MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
5.1. Europe Palm Oil Market Overview, 2023
5.2. Europe Palm Oil Market Size and Share Outlook, By Product, 2023-2031
5.3. Europe Palm Oil Market Size and Share Outlook, By End-Use, 2023-2031
5.4. Europe Palm Oil Market Size and Share Outlook by Country, 2023-2031
5.4.1. Germany
5.4.2. Italy
5.4.3. Spain
5.4.4. Rest of Europe

6. ASIA PACIFIC PALM OIL MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
6.1. Asia Pacific Palm Oil Market Overview, 2023
6.2. Asia Pacific Palm Oil Market Size and Share Outlook, By Product, 2023-2031
6.3. Asia Pacific Palm Oil Market Size and Share Outlook, By End-Use, 2023-2031
6.4. Asia Pacific Palm Oil Market Size and Share Outlook by Country, 2023-2031
6.4.1. Indonesia
6.4.2. China
6.4.3. India
6.4.4. Malaysia
6.4.5. Pakistan
6.4.6. Thailand
6.4.7. Rest of Asia Pacific

7. SOUTH AND CENTRAL AMERICA PALM OIL MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
7.1. South and Central America Palm Oil Market Overview, 2023
7.2. South and Central America Palm Oil Market Size and Share Outlook, By Product, 2023-2031
7.3. South and Central America Palm Oil Market Size and Share Outlook, By End-Use, 2023-2031
7.4. South and Central America Palm Oil Market Size and Share Outlook by Country, 2023-2031
7.4.1. Brazil
7.4.2. Colombia
7.4.3. Rest of South and Central America

8. MIDDLE EAST AFRICA PALM OIL MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
8.1. Middle East Africa Palm Oil Market Overview, 2023
8.2. Middle East Africa Palm Oil Market Size and Share Outlook, By Product, 2023-2031
8.3. Middle East Africa Palm Oil Market Size and Share Outlook, By End-Use, 2023-2031
8.4. Middle East Africa Palm Oil Market Size and Share Outlook by Country, 2023-2031
8.4.1. Middle East
8.4.2. Africa

9. PALM OIL MARKET STRUCTURE
9.1. Wilmar International Limited
9.2. Sime Darby Plantation Berhad
9.3. IOI Corporation Berhad
9.4. Golden Agri-Resources Ltd
9.5. Musim Mas Group

10. CRUDE PALM OIL SUPPLY-DEMAND AND PRICES
10.1. Crude Palm Oil _Price Forecast
10.2. Crude Palm Oil _Supply Forecast
10.3. Crude Palm Oil _Demand Forecast
10.4. Crude Palm Oil _Supply, Key Countries
10.5. Crude Palm Oil _Demand, Key Countries

11. APPENDIX
11.1. About Us
11.2. Sources
11.3. Research Methodology
11.4. Contact Information

 

  

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