PUBLISHER: 360iResearch | PRODUCT CODE: 1500359
PUBLISHER: 360iResearch | PRODUCT CODE: 1500359
[187 Pages Report] The Palm Oil Market size was estimated at USD 44.05 billion in 2023 and expected to reach USD 46.13 billion in 2024, at a CAGR 4.70% to reach USD 60.77 billion by 2030.
The palm oil market encompasses the production, distribution, and consumption of palm oil, a highly versatile vegetable oil extracted from oil palm fruits. Due to its functional benefits and economic efficiency, palm oil finds extensive use in the food industry for cooking oils, margarine, and processed foods, in personal care and cosmetics products such as soaps and lotions, in the biofuel sector for producing biodiesel, and in various industrial applications such as lubricants and candles. Rising demand from the food and beverage industry, increased adoption of biofuels, economic advantages over other vegetable oils, and its versatility and stability at high temperatures are key factors influencing market growth. Nevertheless, the market faces several challenges, including environmental concerns such as deforestation and biodiversity loss, market volatility due to fluctuating prices, health controversies regarding saturated fat content, and stringent regulatory requirements. The consumer demand for sustainably sourced palm oil, innovations in developing healthier palm oil variants, and the growth potential in emerging markets are creating significant growth potential in the market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 44.05 billion |
Estimated Year [2024] | USD 46.13 billion |
Forecast Year [2030] | USD 60.77 billion |
CAGR (%) | 4.70% |
Regional Insights
In the Americas, the United States extensively uses palm oil in food, personal care, and biofuels, with rising consumer demand for certified sustainable palm oil (CSPO) driving innovation in sustainable practices. Similarly, Canada's usage in food processing and personal care is accompanied by a shift towards eco-friendly sourcing. In the Asia Pacific region, China remains a major consumer, driven by its large population and food industry needs, with an increasing focus on sustainable and certified palm oil. Japan's moderate use spans food and cosmetics, with a growing trend towards sustainability influenced by both consumer demand and regulations. India prioritizes affordability and is gradually moving towards domestic production to reduce reliance on imports. In Europe, sustainability is paramount, with the EU enforcing stringent regulations and consumers demanding responsible palm oil products. The Middle East's smaller market focuses on food, with emerging sustainability initiatives despite price and availability concerns. Africa's expanding market, particularly in Nigeria, faces challenges such as deforestation and low yields, but international collaborations aim to improve sustainability through modern agriculture techniques.
Market Insights
The market dynamics represent an ever-changing landscape of the Palm Oil Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Palm Oil Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Palm Oil Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
MP Evans finalizes the acquisition of two Indonesian palm oil companies
Indonesian palm oil producer MP Evans has successfully acquired two companies, PT Agro Bumi Kaltim (ABK) and PT Nusantara Agro Sentosa (NAS), both located in East Kalimantan. The acquisition includes oil palm plantations covering a total area of 8,350 hectares, with 6,664 hectares directly owned by MP Evans and 1,686 hectares managed in collaboration with smallholder cooperatives. [Published On: 2023-11-27]
Bunge collaborates with Musim Mas to support sustainable palm oil production in Indonesia
Bunge and Musim Mas Group have partnered to promote sustainable practices among over 1,000 independent smallholder farmers in Sambas, West Kalimantan, Indonesia. This initiative aims to train farmers in sustainable palm oil production methods. The collaboration supports the Agriculture Sector Roadmap to 1.5 Degrees by helping to prevent commodity-linked deforestation while improving the livelihoods of smallholders and fostering forest-positive land use. [Published On: 2023-11-16]
KTC introduces a new sustainable palm oil brand
KTC Edibles, a supplier of edible oils, has introduced Planet Palm, a new product line featuring certified sustainable, traceable, and also responsibly sourced palm oil aimed at food manufacturers in the UK. As part of KTC's broader sustainability initiative, this launch seeks to shift perceptions about palm oil and promote sustainable practices. The Planet Palm range is certified by the Roundtable on Sustainable Palm Oil (RSPO), with initial offerings including Planet Palm Oil and various specialist bakery products. [Published On: 2023-10-27]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Palm Oil Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Palm Oil Market, highlighting leading vendors and their innovative profiles. These include Al-Khaleej Industries Sdn Bhd., Apical Sdn Bhd, Archer Daniels Midland Company, Asian Agri, Boustead Holdings Berhad, Cargill, Incorporated, Genting Plantations Berhad, Godrej Agrovet Limited, Golden Agri-Resources Ltd., IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, Kulim Berhad, Mewah Group, Musim Mas Group, Oil Palm India Ltd., Olam Group Limited, Perusahaan Perkebunan London Sumatra Indonesia Tbk PT, PT Astra Agro Lestari Tbk, Sime Darby Berhad, Socfin, Srijaroen Group, United Palm Oil Industry Public Company Limited, United Plantations Berhad, Univanich Palm Oil Public Co. Ltd., and Wilmar International Limited.
Market Segmentation & Coverage