PUBLISHER: Grand View Research | PRODUCT CODE: 1511834
PUBLISHER: Grand View Research | PRODUCT CODE: 1511834
The Indonesia palm oil market size is anticipated to reach USD 16.93 billion by 2030, growing at a CAGR of 4.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Indonesia is one of the largest palm oil producers globally, accounting for a significant portion of the world's palm oil production. The country's tropical climate and vast land area makes it ideal for cultivating oil palm trees, which are the primary source of palm oil. The palm oil industry is crucial to Indonesia's economy, providing employment opportunities and contributing to export revenues.
In recent years, there has been a growing global demand for sustainable palm oil products driven by consumer awareness and regulatory requirements in key markets. This trend has led companies in the palm oil industry to adopt more sustainable practices and commit to deforestation-free supply chains to meet market demands.
The Indonesian government plays a significant role in regulating the palm oil industry through policies promoting sustainable practices and increasing transparency in the supply chain. For Instance, in October 2023, the Indonesian government launched its crude palm oil future exchange. The crude palm oil industry aims to establish a more independent, transparent, and competitive standard for crude palm oil prices that accurately represents the nation's leading position in the world market for palm oil.