Global Palm Oil Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
31 May, 2023
The global palm oil market size is expected to grow from $61.15 billion in 2022 to $64.67 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global palm oil market size is expected to reach $78.48 billion in 2027 at a CAGR of 5.0%.
Global Palm Oil Market Key Driver
Increasing demand from the biofuel industry is likely to drive the palm oil market ahead. Biofuel refers to any sort of fuel derived from biomass, commonly known as organic matter. Palm oil can be transformed into biodiesel using a process known as transesterification. Palm oil is a common feedstock for biodiesel production due to its high output and availability, which improves air quality. For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global demand for biofuels is expected to grow by 41 billion liters, or 28%, over 2021-2026. Therefore, increasing demand from the biofuel industry is driving the growth of the palm oil market.
Get a sample of the global palm oil market reportGlobal Palm Oil Market Segments
The global palm oil market is segmented:
1) By Product: Crude Palm Oil, RBD Palm Oil
2) By Nature: Organic, Conventional
3) By End Use: Food And Beverage, Personal Care And Cosmetics, Biofuel And Energy, Pharmaceutical, Industrial
4) By Geography: The regions covered in the palm oil market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global palm oil market.
Major Palm Oil Industry Players
Wilmar International Ltd., Sime Darby Plantation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, United Plantations Berhad, Kulim (Malaysia) Berhad, PP London Sumatra Indonesia, The Archer-Daniels-Midland Company, Asian Agri, Cargill Inc., Godrej Agrovet Limited, Golden Agri Resources Limited, IJM Corporation Berhad, Boustead Plantations, Asiatic Development Berhad
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Palm Oil Market Overview
Palm oil is an edible vegetable oil that is extracted from palm fruits that are used as a moisturizing solution and also for cooking healthy recipes. It is also utilized in detergents, cosmetics, biodiesel, and culinary goods.
Palm Oil Global Market Report 2023 provides data on the global palm oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The palm oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.