According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on palm oil market overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global palm oil market reached a value of US$ 50.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 65.5 Billion by 2027, exhibiting at a CAGR of 4.3% during 2022-2027.
Palm oil is produced from a tropical tree, which, once planted, yields palm fruits. It is an edible vegetable oil made from the mesocarp of oil palm fruits that originated in West Africa. This oil is cholesterol-free, easy to digest, and high in carotenoids and Vitamin A, which provide several nutritional benefits. It is one of the most extensively used vegetable oils and a common ingredient in biscuits, margarine, bread, instant noodles, cereals, lipsticks, candles, chocolates, shampoos, ice cream, and detergents.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Palm Oil Market Trends:
The global market is majorly driven by the increasing usage of palm oil as a trans-fat alternative in processed foods. Furthermore, the expanding food sector is catalyzing the product demand. Apart from this, the growing demand for the product as a mineral oil alternative in power plants for energy production is propelling the market. Besides this, the escalating consumer awareness concerning the positive health benefits of palm oil is strengthening the market. Furthermore, the augmenting product utilization in the formulation of cosmetics and pharmaceuticals is also creating a positive outlook for the market. Some of the other factors contributing to the market growth include the escalating preference for consuming processed food, wherein palm oil is extensively used as the preferred choice for deep frying, and the rising requirement for palm oil-based candles.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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
- European Union
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: We are updating our reports, If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.
Other Reports of IMARC Group:
High Oleic Oil Market: https://www.imarcgroup.com/high-oleic-oil-market
Almond Oil Market: https://www.imarcgroup.com/almond-oil-market
Jojoba Oil Market: https://www.imarcgroup.com/prefeasibility-report-jojoba-oil-processing-plant
Enhanced Oil Recovery Market: https://www.imarcgroup.com/enhanced-oil-recovery-market
Virtual Events Market: https://www.imarcgroup.com/virtual-events-market
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.
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