The global palm oil market is expected to grow USS 91.38 million tons by 2027 by volume, at a CAGR of 2.5% during the forecast period 2020-2027.
NEWARK, UNITED STATES, NEW JERSEY, August 23, 2021 /EINPresswire.com/ — A new research report published by Fior Markets with the title Palm Oil Market by Product (Crude, Palm Kernel Oil, Palm Kernel Cake, Oleochemicals, & Others), Application (Food, Biodiesel, Cosmetics, & Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global palm oil market is expected to grow from 75 million tons in 2019 to 91.38 million tons by 2027 by volume, at a CAGR of 2.5% during the forecast period 2020-2027. Asia Pacific is expected to dominate the market share as the largest producers of palm oil in the world are located in the region. Indonesia is the largest producer, followed by Malaysia exports the majority of palm oil to the rest of the world. The market is also expected to portray a high growth rate in the region due to a rise in demand in the industrial sector for the manufacturing of lubricants and surfactants. The prevalence of the industrial sector in China is a major contributor to the growth of the market. Europe and North America are also expected to witness high demand due to changing government regulations for higher use of biofuel.
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Some of the leading players of the market include Wilmar, Sime Darby, IOI Corporation, Kuala Lumpur Kepong, and United Plantations Berhad. The market is consolidated as the production is also consolidated in the Asia-Pacific region. The producers have collaborated with the farmers for production and to provide training for high-quality produce. Higher tariffs imposed by India on the import of palm oil and a decrease in demand in China has reduced the demand for palm oil. The companies are mainly investing in research and development for improvement in product to increase the product applicability across sectors.
This study delivers a comprehensive analysis of product, application, and regions. On the basis of product, the market can be divided into crude, palm kernel oil, palm kernel cake, oleochemicals, and others. Crude palm oil is expected to dominate the market share, followed by palm kernel oil (PKO). Crude palm oil has rising applications in edible oil, cosmetics, biodiesel, surfactants, and lubricants. PKO segment is rising due to its high saturated fat content and its usage in animal feed and biomass. On the basis of application, the market can be divided into food, biodiesel, cosmetics, and others.
The biofuel segment dominates the market and is expected to show a high growth rate during the forecast period. Biodiesel is becoming a popular substitute against diesel due to its environmental-friendliness. Several regulatory requirements across the globe have mandated the use of palm oil with diesel to blend and reduce the dependence on crude extraction to a certain extent. The food and beverage industry is also a significant consumer of palm oil due to its widespread use as edible cooking oil and a cheap alternative to other vegetable oils.
The oil palm tree has better productivity per hectare that has boosted its production and given rise to its demand. The widespread application in edible and non-edible sectors has fuelled the growth of the market. Palm oil rich in saturated fat is responsible for bad cholesterol and increases the risk of heart disease, which is expected to restrain the growth of the market. The irresponsible production of palm oil resulting in large-scale deforestation has led to an increase in environmental regulations, hindering the growth of the market.
About the report:
The global palm oil market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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Source: EIN Presswire