According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global palm oil market size reached US$ 48.10 Billion in 2020. Palm oil is a reddish, edible vegetable oil produced from the mesocarp of oil palm fruits. As compared to other oils, it is a rich source of antioxidants, vitamin E, and carotene. Other than this, palm oil remains stable at high temperatures, which makes it ideal for deep frying applications. It is free from trans-fatty acids as it does not go through the hydrogenation process that generates high amounts of trans fats that can cause various health problems. Palm oil is used in the production of numerous food items and various consumer goods, such as soaps, cosmetics, candles 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 growth of the global palm oil market can be attributed to the rising demand for healthy vegetable oils. Besides this, palm oil is used as a feedstock in the biofuels industry for producing biodiesel and a substitute for mineral oil in power plants. The rising environmental concerns, along with favorable government initiatives aimed to increase the adoption of biofuels, are boosting the market growth. Apart from this, fatty acids derivatives of palm oil are employed in the production of bactericides, cosmetics, pharmaceuticals, and water treatment materials, which is supporting the market growth further. The growing demand for consumer goods such as soaps, detergents, greases, lubricants, and candles is contributing to the expanding demand for palm oil across the globe. Looking forward, the global palm oil market to grow at a CAGR of 4.4% during 2021-2026.
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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 (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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