Palm Oil Market to be Worth $100.0 Billion by 2030 - Grand View Research, Inc.

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May 18, 2023, 06:48 ET

SAN FRANCISCO, May 18, 2023 /PRNewswire/ -- The global palm oil market size is expected to reach USD 100.0 billion by 2030, expanding at 5.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is driven by increasing demand for food applications and eco-friendly, organic, and sustainable products. Personal care products and cosmetic industries are also major sectors accountable for the growth of the palm oil industry.

Key Industry Insights & Findings from the report:

Asia Pacific region is expected to witness the fastest growth rate globally with a CAGR of 5.5% during the forecast period. This is attributable to the increasing palm oil demand from India and China, which are experiencing a rapid increase in population, and changing demographic trends.
Biofuel and energy end-use segments are expected to grow rapidly with a CAGR of 5.3% from 2023 to 2030. This is owed to the increasing consumption of palm oil for the production of biofuel which is expanding its product portfolio through advancement in technology through research and development.
The organic nature segment is anticipated to witness a growth rate with a CAGR of 11.6% over the forecast period. This is due to the increasing awareness about the benefits of using organic products and increasing health consciousness among people.
The global palm oil industry is consolidated as well as competitive in nature with the existence of major players including ADM, Wilmar International Ltd., and a sizable portion of market share by small players.
Key companies in the palm oil industry use various competitive strategies like product diversification, capacity expansion, investing in research and developmental activities, mergers, and acquisitions to gain a competitive edge over the other players.

Read full market research report for latest industry insights, "Palm Oil Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Product (Crude Palm Oil, RBD Palm Oil), By End-use (Food & Beverage, Pharmaceuticals), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Palm Oil Market Growth & Trends

Palm oil is an edible oil that is derived from the mesocarp of the palm fruit. Indonesia and Malaysia are the largest producers as well as exporters of the product globally. It is extensively used in the food, cosmetic, and personal care products industries among others. Asia Pacific region is the largest consumer of palm oil owing to its key application for food preparation in the region.

The global product market is amalgamated as well as competitive in nature. It is one of the well-established ones with a developed value chain. Globally, product growth relies on a resilient network of distributors, traders, and strong relationships with manufacturers. The overall product market is considered to have an extremely cohesive supply chain and increasing demand for the product for an expansive range of end-use applications comprising biodiesel, food & beverages, and personal care & cosmetics, among others.

Fractionated palm oil product segment emerged as the largest segment in the market accounting for the highest share in 2022. This segment remains the most popular due to its easy economic availability worldwide and manufacturing ease, owing to the 50% unsaturated and 50% fatty acid constituent nature of the fractionated palm oil. The segment is expected to expand over the forecast period owing to its extensive utilization by the people.

Palm Oil Market Segmentation

Grand View Research has segmented the global palm oil market based on nature, product, end-use, and region

Palm Oil Market - Nature Outlook (Volume, Kiloton; Revenue, USD Million, 2018 - 2030)

Organic
Conventional

Palm Oil Market - Product Outlook (Volume, Kiloton; Revenue, USD Million, 2018 - 2030)

Crude Palm Oil
RBD Palm Oil
Palm Kernel Oil
Fractionated Palm Oil

Palm Oil Market - End-use Outlook (Volume, Kiloton; Revenue, USD Million, 2018 - 2030)

Food & Beverage
Personal Care & Cosmetics
Biofuel & Energy
Pharmaceuticals
Others

Palm Oil Market - Regional Outlook (Volume, Kiloton; Revenue, USD Million, 2018 - 2030)

North America

U.S.
Mexico
Canada

Europe

Germany
U.K.
France
Spain
Italy
Russia

Asia Pacific

China
India
Japan
South Korea
Malaysia
Indonesia

Central & South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia

List of Key Players in the Palm Oil Market

ADM
Wilmar International Ltd.
Sime Darby Plantation Berhad
IOI Corporation Berhad
Kuala Lumpur Kepong Berhad
United Plantations Berhad
Kulim (Malaysia) Berhad
IJM Corporation Berhad
PT Sampoerna Agro, Tbk
Univanich Palm Oil Public Company Ltd.
PT. Bakrie Sumatera Plantations tbk
Asian Agri

Check out more related studies published by Grand View Research:

Iran Palm Oil Market - The Iran palm oil market size is expected to reach USD 648.40 million by 2025, according to a new report at a CAGR of 9.5% by Grand View Research, Inc. Increasing usage in cosmetics and biodiesel industries has contributed to a significant portion of market revenue in recent years. The termination of Western sanctions followed by the agreement regarding nuclear issues has had a beneficial impact on Iran's economy, attracting higher foreign investments in the country. Malaysia is negotiating a reduction of tariffs under a free trade agreement, which is expected to boost trade relations with Iran once again. The removal of the import quota has had an immense impact on the Iranian industry as well, further stimulating growth in recent years.
UAE Palm Oil Market - The UAE palm oil market is expected to reach USD 467.1 million by 2025, according to a new report by Grand View Research, Inc. Growing health concerns regarding trans-fat consumption have driven consumer preference towards saturated fats, such as palm oil, that contain antioxidants and other nutrients.
Brazil Palm Oil Market - The Brazil palm oil market size is expected to reach USD 2.17 billion by 2025, as per a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 13.6% during the forecast period. Factors such as increasing utilization in food application coupled with the ascending consumption of palm oil as a raw material for edible oils is expected propel the growth.

Browse through Grand View Research's Renewable Chemicals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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