According to the report, global palm oil market was valued at USD 65.73 billion in 2015, is expected to reach USD 92.84 billion in 2021 and is anticipated to grow at a CAGR of 7.2% between 2016 and 2021.
Sarasota, FL -- (SBWIRE) -- 06/20/2017 -- Zion Market Research has published a new report titled "Palm Oil Market Analysis by Derivative (Crude Palm Oil, Palm Kernel Oil, Palm Kernel Cake, and Others), and for Edible Oil, Cosmetics, Bio-diesel, Lubricants, Surfactants and Other Applications - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021". According to the report, global palm oil market was valued at USD 65.73 billion in 2015, is expected to reach USD 92.84 billion in 2021 and is anticipated to grow at a CAGR of 7.2% between 2016 and 2021.
Palm oil is an economically important and versatile vegetable oil used as a raw material for both food and nonfood products. Palm oil is most widely used vegetable oil in the world and is found in supermarkets ranging from sweets, baked goods, margarine, cereals, washing powders, and cosmetics. Palm oil is also used as a first-generation biofuel. It is also used in preventing vitamin A deficiency, cancer, brain disease, aging; and treating malaria, high blood pressure, high cholesterol, and cyanide poisoning. Most palm oil is produced in Asia, Africa, and South America because the trees require warm temperatures, sunlight and plenty of rain in order to maximize crop production.
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Factors such as improving economic conditions, rising living standards, and changing eating habits in emerging countries, and growing demand for vegetable oil as a feedstock for biodiesel production are driving the palm oil market growth. Furthermore, stringent regulations on trans-fat foods in U.S. and Europe are resulting in the rapid shift in consumption of soybeans oil to palm oil. Additionally, low price of palm oil than other vegetable oils is expected to boost the market growth within the forecast period. Moreover, increasing market penetration by major producing countries such as Indonesia, Malaysia, and Thailand may open up the new opportunity in the palm oil market in the forecast period.
Palm oil derivative segment includes crude palm oil, palm kernel oil, palm kernel cake, and others. The crude oil segment was a leading segment among the other palm oil derivative in the global palm oil market in 2015 owing to growing applications such as edible oil, surfactants, cosmetics, biofuel, and lubricants. On the basis of application, palm oil market is divided into edible oil, cosmetics, biodiesel, lubricants, surfactants and other applications. Edible oil segment is expected to witness strong growth in upcoming years owing health concerns regarding trans-fat consumption.
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Asia Pacific palm oil market dominated the overall demand in 2015 and it accounted for the significant share of the market. Production in the region increased significantly in recent years driven by the increase in the cumulative land area of palm oil plantation, rising palm oil yield, and high investment in R&D related activities. Malaysia and Indonesia palm oil industry currently dominate the global production scenario. They are also the major global exporters, covering a large portion of the global trade. Latin America and the Middle East & Africa are expected to witness significant growth in areas such as food applications and other industrial uses.
Key players in palm oil market are Cargill Inc., United Palm Oil Industry Public Company Limited, Wilmar International Limited, Sime Darby, Golden Agri Resources Limited, Godrej Agrovet Limited, PT Astra Agro Lestari Tbk, IOI Corp., London Sumatra, Kulim Bhd, Musim Mas Group, Alami Group and ADM.
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