The growth of the global market for palm oil is primarily attributed to its rising application in various end-use industries, says Transparency Market Research in a report. The report, titled “Palm Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”, states that the demand for sustainable palm oil will continue driving this market through the forecast period.
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Palm oil finds application in a wide range of edible and non-edible uses. In the food industry, it is used in products such as biscuits, bakery, fast foods, ice cream, and snacks. Among non-edible applications, palm oil is used to produce lubricants, candles, and grease; it is used to manufacture cleaning products, cosmetics, animal feed products, and fuel; and it is considered to be an ideal substitute for mineral oils in gas stations.
The palm oil market has been positively impacted by improving economic conditions across the globe, which have in turn, resulted in better living conditions and greater disposable income to spend on personal care products and healthier food products. Although the implementation of certain global and domestic legal norms threaten to impede the growth of this market, manufacturers are focused on producing palm oil by keeping in mind the processes’ social as well as environmental sustainability.
From a geographical standpoint, the global market for palm oil is categorized into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific has emerged as one of the most prominent and promising markets for palm oil. Malaysia and Indonesia are the leading contributors to this market and growth in these two countries can be attributed to the large-scale production of palm oil. The soaring demand for modern cosmetics and the rising consumption of noodles has made Southeast Asia one of the most significant consumers of palm oil in the world. The APAC palm oil market is also fueled by the increase in population, the growing disposable income, high investments in R&D and technology, and evolving consumption patterns. In addition, the increasing yield of palm oil and a surge in the use of palm oil in edible as well as non-edible applications has benefited the Asia Pacific market.
ADM (US), Alami Group (Malaysia), The United Palm Oil Industry Public Company Limited (Thailand), Musim Mas Group (Indonesia), and Boustead Group (Malaysia) are some of the notable companies competing in the global palm oil market. The report offers a detailed evaluation of the prominent players and sheds light on their individual strengths, weaknesses, opportunities, and threats. The latest developments and strategies undertaken by these players have been assessed at length to give readers a thorough understanding of what the competitive scenario looks like.
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