Global Palm Kernel Oil Market Will Procure USD 14.00 Billion by 2022
Sarasota, FL -- (SBWIRE) -- 11/25/2017 -- About Zion Market Research
Zion Market Research has published a new report titled "Palm Kernel Oil Market by Applications (Edible Oil, Cosmetics, Biodiesel, Lubricants, Surfactants and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, the global palm kernel oil market was valued at around USD 10.00 billion in 2016 and is expected to reach approximately USD 14.00 billion by 2022, growing at a CAGR of 4.5% between 2017 and 2022.
Palm kernel oil is edible oil obtain from the kernel of the palm fruit. Palm kernel oil is a light yellow crude oil and it contains mainly lauric acid. Palm kernel oil is primarily composed of fatty triglycerides, with around 80% saturated fats and 20% unsaturated fats. Palm kernel oil does not contain trans-fatty acids or cholesterol. Palm kernel oil is used in commercial cooking because it is lower in cost than other oils.
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The palm kernel oil is expected to witness significant growth in the years to come. The market is mainly driven by growing demand for biofuels. Biofuels offer multiple advantages over conventional non-renewable energy sources. Rising awareness about the benefits of naturally derived cosmetics and personal care is also expected to have a positive impact on this market. However, instability in the price of palm kernel oil and availability of limited cultivable land can possibly act as a restraint for palm kernel oil market.
On the basis of application, the market is classified into edible oil, cosmetics, biodiesel, lubricants, surfactants and others. In terms of revenue edible oil segment held around 36% share of the overall market in 2016. Palm kernel oil is an important raw material for surfactants, an active washing substance in laundry detergents and household cleaners. The surfactants segment is another important segment and is projected to grow at a CAGR around 5% during the forecast period.
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In terms of demand, Asia Pacific palm kernel oil market dominated the overall market in 2016 followed by Europe. Indonesia is the largest producer of palm kernel with over half of the total production and together with Malaysia produces around 85 % of the total PKE. They are also the major global exporters, covering a large chunk of the global trade. Latest industry trends depict growing consumption in these palm producing countries. The U.S. is a major consumer of palm kernel oil; however, their palm oil consumption is relatively low with domestically produced soybean and corn oils dominating the edible oils market.
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Some of the major companies have been investing in product innovation, technological advancement, and maintaining quality standards in order to retain their dominance in the market. Key players operating in the global palm kernel oil market are Cargill Inc., United Palm kernel oil Industry Public Company Limited, Wilmar International Limited, Sime Darby, Golden Agri Resources Limited, Godrej Agrovet Limited, PT Astra Agro Lestari Tbk, IOI Corp., Kulim BHD, Musim Mas Group, Alami Group and others.
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