The global palm oil market is driven primarily by the rising awareness about its health benefits, according to a new report from Transparency Market Research (TMR). The report examines the historical development trajectory of the global palm oil market in detail and presents studied forecasts regarding the market’s development in the coming years. The report uses industry-standard analysis tools to ensure the accuracy of the predictions, which are based on a solid analysis of the palm oil market’s present and past figures. The report is titled ‘Palm Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024.’
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Palm oil is one of the most popular vegetable oils due to its low trans fat content and relatively inexpensive production process. As an effective vegetable oil, palm oil is primarily used in the food and beverage and cosmetics industries, though other applications of palm oil are rising to the fore. Bakery products such as biscuits and breads, processed and ready-to-eat foods such as instant noodles, chocolate, ice cream, and cereals are among the leading applications of palm oil in the food and beverage industry, while lipsticks, detergents, and candles are some of its other key applications.
One of the prime drivers for the global palm oil industry is the cost-effectiveness of palm plantations, which yield more oil per hectare than any other source of vegetable oil. Palm trees also live longer than most other vegetable oil crops, making it profitable as well as sustainable to establish a foothold in the palm oil industry.
Regionally, Asia Pacific is the leading contributor to the global palm oil market. This is primarily due to the dominance exhibited by Indonesia and Malaysia, which are likely to remain the leading producers of palm oil in the coming years. Southeast Asia is also one of the leading consumers of palm oil, thanks to the steady demand for noodles and the rising demand for various modern cosmetics.
On the other hand, the adverse environmental impact of oil palm plantations is likely to constrain the global palm oil market in the coming years. In leading palm oil producers such as Indonesia, Malaysia, and Thailand, as well as in African palm oil producing countries such as Benin, palm plantations have often encroached upon rainforest areas. The use of peat land for oil palm plantations, which requires drainage of the area and harms the local wildlife, has also become common in recent years. This has led to public opposition, which is likely to remain strong over the coming years.
The report examines the competitive landscape of the global palm oil market by profiling leading players such as Boustead Group, Alami Group, ADM, Musim Mas Group, and the United Palm Oil Industry Public Company Limited.
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