According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on global palm oil market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global palm oil market size reached US$ 53.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
Palm oil represents edible vegetable oil produced from the mesocarp of palm. It is available in jars, pouches, cans, bottles, etc. Palm oil variants are a rich source of vitamin A, vitamin E, carotenoids, etc. They help prevent premature aging, reduce the risk of cancer and heart diseases, boost the immunity system, etc. Palm oil products even have a longer shelf-life and are cheaper than other vegetable oils. Consequently, they are in extensive demand across numerous sectors, such as food and beverage (F&B), personal care and cosmetics, energy, etc.
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Market Trends:
The rising awareness about health and wellness among consumers across countries and the shifting preferences toward vegetable oils that have low trans-fat are primarily driving the palm oil market. In addition to this, the growing food industry and the elevating product use to prepare bakery and confectionery items and processed foods are acting as significant growth-inducing factors. Apart from this, the increasing usage of the oil as an effective substitute for petroleum-based products in the transportation and energy segments and as an alternative for mineral oil in power stations for energy production is also positively influencing the market growth. In line with this, the escalating adoption of crude palm oil or CPO in producing biofuels that are highly favored, on account of the heightened environmental concerns and the inflating fuel prices, is further stimulating the market growth. Moreover, the expanding employment of oil to produce cosmetics and personal care items is expected to propel the palm oil market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Wilmar International Limited
- Sime Darby Berhad
- IOI Corporation Berhad
- Astra Agro Lestari
- Kuala Lumpur Kepong Berhad
- Golden Agri-Resources Ltd
Palm Oil Market Segmentation:
Our report has categorized the market based on region and application.
Breakup by Application:
- Household Cooking
- Food & Beverages
- Oleo Chemicals
- Personal Care
- Animal Feed
- Bio-fuel
Regional Insights:
- India
- Indonesia
- China
- European Union
- Malaysia
- Others
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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