Global Industry Analysts Predicts the World Palm Oil Market to Reach $92.3 Billion by 2026

SAN FRANCISCO, March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Palm Oil - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 18; Released: March 2022
Executive Pool: 5046
Companies: 124 - Players covered include Fuji Vegetable Oil Inc.; Genting Plantations Berhad; Godrej Agrovet Limited; Golden Agri-Resources Ltd.; PT Smart Tbk; Intercontinental Specialty Fats Sdn. Bhd.; IOI Group Berhad; Kuala Lumpur Kepong Berhad; PT Astra Agro Lestari Tbk; PT Darmex Agro; PT Dharma Satya Nusantara Tbk; PT Indofood Sukses Makmur Tbk; P. T. Musim Mas; PT PP London Sumatra Indonesia Tbk; PT Salim Ivomas Pratama Tbk; Nv Siat sa (Belgium); Sime Darby Plantation Sdn Bhd; New Britain Palm Oil Ltd.; United Palm Oil Industry Public Company Limited; United Plantations Berhad; Wilmar International Limited and Others.
Coverage: All major geographies and key segments
Segments: Product (Crude Palm Oil, Palm Kernel Oil, Other Products); Application (Food, Biodiesel, Surfactants, Cosmetics, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry 

ABSTRACT-

Global Palm Oil Market to Reach US$92.3 Billion by the Year 2026
Global demand for palm oil has more than doubled over the last two decades owing to continuous expansion of the food processing sector and growing population across emerging markets. Palm oil, also called dendê oil in Portuguese, is a vegetable oil extracted from the reddish pulp or mesocarp of fruits of oil palm trees. While food applications contributed immensely to growth and progress of the market, steady increase in palm oil uptake in industrial applications also contributed to market expansion. Palm oil represents a key ingredient in almost 50% of all food and non-food items in a grocery store or supermarket due to its technical superiority as well as economic benefits. Customer interest in palm oil is on the rise due to the lack of GMO, dairy, and gluten in the oil. The market is also gaining from the increasing demand for convenience foods, packaged meals, bakery, and confectionary products which generally use palm oil. Further, the advent of innovative trade channels is improving the footprint of palm oil producers in developing regions. The rising use of palm oil in cooking, particularly in Asia is driving gains in the market. The affordability and the lesser levels of trans-fats in palm oil are fueling its use.

Amid the COVID-19 crisis, the global market for Palm Oil estimated at US$74.9 Billion in the year 2022, is projected to reach a revised size of US$92.3 Billion by 2026, growing at a CAGR of 6% over the analysis period. Crude Palm Oil, one of the segments analyzed in the report, is projected to grow at a 5.3% CAGR to reach US$53.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Palm Kernel Oil segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 24.3% share of the global Palm Oil market.

The U.S. Market is Estimated at $3 Billion in 2022, While China is Forecast to Reach $10.5 Billion by 2026
The Palm Oil market in the U.S. is estimated at US$3 Billion in the year 2022. The country currently accounts for a 4.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$10.5 Billion in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the end of the analysis period. Palm oil is emerging as a popular economic option for cooking among consumers in Africa and Asia, with China, India, Indonesia, Malaysia and Pakistan consuming over 50% of global production of palm oil. Following mandatory labeling of various food products containing partially hydrogenated oils, import of palm oil products in the US has increased four-times over the last two decades. Asia-Pacific represents the largest market worldwide. Major factors driving market growth in the region include ballooning population and the corresponding growth in demand for food commodities, improved retailing network, changing dietary habits, rapid urbanization, steadily growing economies, improving living standards, increasing crop yields and oil production, changing facets of consumer health concerns, and rising demand from oleochemicals. Production in the region increased significantly in recent years driven by the increase in cumulative land area of palm oil plantations, rising oil palm yield, and investments in technology and R&D related activities.

Palm Kernel Oil Segment to Reach $24.1 Billion by 2026
Due to high level of saturated fat, palm kernel oil offers superior oxidative stability after frying, making it an attractive option for restaurants. The oil is also gaining attention from commercial food providers as it remains solid at the room temperature that makes it easy to transport and store. Increasing consumer focus on health & wellness along with undesirable effect of partially hydrogenated oils on the cholesterol level is driving food and snack processors to switch towards trans-fat-free, cost-effective options such as palm oil. Global market for Palm Kernel Oil segment is estimated at US$18.8 Billion in 2022, and is projected to reach US$24.1 Billion by 2026 reflecting a compounded annual growth rate of 7.3% over the analysis period. Asia-Pacific constitutes the largest regional market for Palm Kernel Oil segment, accounting for 50.1% of the global sales. China is poised to register the fastest compounded annual growth rate of 9.3% over the analysis period, to reach US$2.6 Billion by 2026.
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Zak Ali
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Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
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