Global Palm Oil Market Report by Application (Personal Care, Animal Feed, Household Cooking, Oleo Chemicals, Food & Beverages, Bio-fuel) Countries and Company Analysis, 2024-2032

Global Palm Oil Market Analysis

Palm Oil Market is predicted to reach US$ 84.98 billion in 2032, up from US$ 58.73 billion in 2023, with a compound annual growth rate of 4.19% from 2024 to 2032.

Global Palm Oil Market Outlook

Palm oil is extracted from the fruit pulp of the oil palm tree, which is native to West Africa, Malaysia, and Indonesia. The oil is rich in carotenoids and can be separated into different fractions with unique properties. Palm kernel oil is derived from the fruit's seed, and the refining process purifies the crude palm oil, making it a highly versatile oil with critical functional properties. In recent decades, the food industry has adopted palm oil in its refined form because of its functional benefits, versatility, and widespread availability.

Palm oil is not just a cooking oil. It's a versatile ingredient that plays a crucial role in many everyday products. Palm oil is everywhere, from bread, biscuits, and margarine spread to cereals, instant noodles, and even candles. It's also common in personal care items like shampoos and favorite treats like chocolates and ice cream. The global demand for palm oil has surged in recent years, reflecting its extensive use in our daily lives.

Palm Oil Production

Worldwide palm oil production has steadily increased over the past five decades. Between 1995 and 2015, annual production rose from 15.2 million tons to 62.6 million tons, expected to reach 240 million tons by 2050. Palm oil plantations cover 10% of permanent global cropland, and 3 billion people in 150 countries use products containing palm oil. Indonesia is the largest producer and exporter of palm oil and has experienced significant environmental and social impacts due to the rapid expansion of palm oil plantations. While the government supports palm oil cultivators, the industry's expansion has led to deforestation, loss of biodiversity, and social issues, highlighting the complex nature of the industry's impact.

Palm Oil Consumption

Palm oil consumption has steadily increased worldwide, driven by its versatile properties and widespread availability. Due to its functional benefits and versatility, it is used in many everyday products, such as food, detergents, and cosmetics. Palm oil contains high saturated and unsaturated fats, vitamin E, and beta-carotene. These components offer various health advantages, such as increased energy, prevention of premature aging, improved eye vision, immune system stimulation, and a lower chance of heart disease and cancer. The rising customer perception of these health benefits and the flourishing food sector drive market expansion. The United States consumes approximately 1.7 million metric tons of palm oil annually.

Increase the use of Palm Oil in personal care and cosmetic products:

Consumer demand for cosmetic products and personal care using palm oil is increasing globally, representing about 10% of the global and 7% of the European markets. Palm oil is used for its nourishing, emollient, and protective properties and its ability to add texture and moisturize in various cosmetic products, including makeup, body oils, hair products, and face and body creams. The INCI for palm oil is "Elaeis Guineensis fruit oil" on cosmetic product labels, while palm kernel oil's INCI is listed as "Elaeis Guineensis kernel oil."

Indonesia Palm Oil Market

Indonesia is increasing the use of palm oil in biofuel production to reduce greenhouse gas emissions and support renewable energy goals. Advanced biofuel production from palm residues offers a sustainable alternative, contributing to Indonesia's renewable energy and biodiesel blending targets. However, this expansion poses risks to biodiversity and deforestation. Sustainable practices and policies are crucial to mitigate these impacts, emphasizing the responsible utilization of palm residues for biofuel production to support emission reduction goals and environmental sustainability. In October 2023, Indonesia launched its crude palm oil futures exchange to improve price transparency domestically and challenge the two widely used global price benchmarks over the long term.

Palm Oil Market Company Overview

Archer-Daniels-Midland Company, Boustead Holdings Berhad, IJM Corporation Berhad, IOI Corporation Berhad, Kulim Malaysia Berhad (Johor Corporation), Sime Darby Plantation Berhad, United Plantations Berhad, Univanich Palm Oil Public Company Ltd., Wilmar International Ltd. are among the industry leaders in the Global Palm Oil Market.

Global Palm Oil Market News

India's first integrated oil palm processing unit, 3F Oil Palm, began operating commercially in May 2024. The project includes:

• A Palm Oil Processing and Refinery.
• A modern oil palm factory.
• A zero-discharge effluent plant.
• A palm waste-based power plant.
• Additional buildings and go-downs.

This facility is India's first Oil Palm factory under NMEO-OP and its first in Arunachal Pradesh.

In May 2024, Dabeeo, a renowned AI technology company, initiated a new AI monitoring project for Indonesian palm oil plantations in partnership with Tunas Sawa Erma Group, one of Indonesia's largest palm oil producers.

In January 2024, M11 Industries and Karnataka-based MK Agrotech started an oil palm plantation program in Odisha under the National Mission on Edible Oils-Oil Palm. Odisha's corporation and government signed a memorandum of understanding (MoU).

Application - Global Palm Oil Market breakup in 6 viewpoints:

1. Household Cooking

2. Food & Beverages

3. Oleo Chemicals

4. Personal Care

5. Animal Feed

6. Bio-fuel

Country - Global Palm Oil Market breakup in 25 viewpoints:

North America

1. United States

2. Canada

Europe

1. France

2. Germany

3. Italy

4. Spain

5. United Kingdom

6. Belgium

7. the Netherlands

8. Turkey

Asia Pacific

1. China

2. Japan

3. India

4. Australia

5. South Korea

6. Thailand

7. Malaysia

8. Indonesia

9. New Zealand

Latin America

1. Brazil

2. Mexico

3. Argentina

Middle East & Africa

1. South Africa

2. Saudi Arabia

3. United Arab Emirates

All the Key players have been covered from 3 Viewpoints:

1. Overview

2. Recent Development & Strategies

3. Financial Insights

Company Analysis:

1. Archer-Daniels-Midland Company

2. Boustead Holdings Berhad

3. IJM Corporation Berhad

4. IOI Corporation Berhad

5. Kulim Malaysia Berhad (Johor Corporation)

6. Sime Darby Plantation Berhad

7. United Plantations Berhad

8. Univanich Palm Oil Public Company Ltd.

9. Wilmar International Ltd.