Global Palm Oil Market is anticipated to Hold a Value Worth US$ 51 Billion in 2032
Fact.MR recently conducted a comprehensive research analysis on the global palm oil market, providing an in-depth overview of product categories, end-users, and regions within the industry. The study also delves into the strategies employed by key players to gain a competitive advantage.
The global palm oil market is anticipated to secure US$ 34.33 Billion in 2022. During the forecast period of 2022-2032, the market for palm oil is expected to display a CAGR of 4.04% while securing US$ 51 Billion. This growth is attributed to the expansion of the food processing sector and the increasing population in developing markets. The surge in demand for packaged food, bakery products, and convenience food is expected to be a driving force for palm oil demand during the forecast period.
The global popularity of cakes, snacks, and pastries, driven by their delectable flavors, has led to an increased application of palm oil in the production of these packaged foods.
Initiatives to broaden the application of palm oil are expected to further benefit the industry. For example, in August 2021, DiBiz, a Malaysian tech firm, launched the Trustparent Marketplace, the world’s first online marketplace for sustainable palm oil. This platform aims to boost the sales of environmentally compliant products by connecting buyers and sellers across the palm oil supply chain.
Noteworthy contributions to market growth are anticipated from developing countries such as India, China, and Japan. In August 2021, the Indian Prime Minister, Shri Narendra Modi, approved the launch of the National Mission on Edible Oils – Oil Palm (NMEO-OP), focusing on the Northeast region and the Andaman and Nicobar Islands. This centrally sponsored scheme aims to benefit oil palm farmers, drive capital investment, and create employment opportunities.
Despite these positive trends, challenges such as high price volatility and the presence of substitutes may impede the growth of the palm oil market. Additionally, environmental concerns, particularly related to deforestation, are identified as salient factors likely to hinder market growth during the assessment period.
Key Takeaways from the Market Study:
· The global palm oil market is expected to have secured US$ 33 Billion in 2021.
· The palm oil market in the Asia Pacific is anticipated to display a CAGR of 7% during the forecast period.
· The palm oil market in North America is expected to have secured US$ 12 Billion, claiming 27% market share
· By end user, the foodservice segment is poised to accrue over 3/5th of total market revenue in 2022
· Global palm oil market is anticipated to experience 1.5x growth from 2022 to 2032
“Expanding food and beverage sector along with rising favorable initiatives taken by various government across the globe is expected to favor the palm oil market growth during the forecast period.”
Recent Development in the Market:
· In May 2022, Ruchi Soya announced the acquisition of Patanjali’s food retail business. The initiative aims to acquire Patanjali’s food retail business undertaking which comprises packaging, manufacturing, labeling, and retail trading of certain food products along with manufacturing plants located in various parts of India.
· In January 2021, Cargill Inc announced the acquisition of ProPortion Foods. With the initiative, Cargill gained two further-processed protein plants in Round Rock, Texas, and Vernon, California. The Round Rock and Vernon facilities will deliver a variety of quality, fully cooked protein products for Cargill’s retail and food service channel customers.
Palm Oil Providers
· American Vegetable Oils
· Cargill Foods Inc.
· Grief Inc.
· Fuji Oil Holdings
· Bunge Limited.
· Associated British Foods
· Ruchi Soya Industries
Key Segments Covered in the Palm Oil Market Study
· By Product Type:
o Processed Palm Oil
o Virgin Palm Oil
· By End User:
o Food Processors
· By Distribution Channel:
o Modern Trade Channels
o Franchise Outlets
o Specialty Stores
o Online Channels
· By Region:
o North America
o Latin America
o Middle East & Africa
What differences can the palm oi report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the palm oi and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
· Attractiveness quotient of emerging product/technology types in various products in the palm oi
· Micro-economics factors that may hamper the prospects of some of the key segments
· Recent spate of research and development (R&D) funding on key palm ois
· New business models paving way for disruptions in demand dynamic of key segments
· Regional markets that will be future engine of growth and the industry trends that will support these markets
· Challenges overcoming which may offer industry players competitive edge
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Food and Beverage Market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (processed and virgin), end user (foodservices, food processors, and retail), and distribution channel (modern trade channels, franchise outlets, specialty stores, and online channels) across six major regions (North America, Latin America, Europe APEJ, Japan and Middle East & Africa).