Palm Oil Market to Surpass US$ 33 Billion by 2022 as Sales in Foodservice Industry Reach US$ 13 Billion by 2022
Europe to Vanguard the Sales in Palm Oil Market; Germany, Spain, & Italy to Lead the Rally
The palm oil market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as product type, end user, and distribution channel across key regions.
NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The global palm oil market is likely to reach US$ 50 billion in revenues by 2031, growing at a CAGR of 5% during the assessment period (2021-2031).
Demand for palm oil will be driven by its multi-functional properties along with its potential to substitute petrol & diesel. Rising awareness about the health benefits of palm oil such as prevention to cancer, cholesterol, and treating malaria is anticipated to facilitate the demand over the forecast period.
As per Fact.MR's analysis, demand for palm oil is likely to be influenced by evolving regulations in Europe and North America. Palm oil is extensively produced in Southeast Asia, with Indonesia and Malaysia among the top exporters.
However, in the recent past, many European countries, including France and Germany have passed laws and regulations on use of palm oil. This has led to a decline in demand in these countries. As per a report, the French Government has banned the use of palm oil as a biofuel, which has led to challenges for market players.
Key concerns regarding the use of palm oil as biofuel is that its production involves large scale deforestation. As environmental conservation is one of the key aspects of a fuel being categorized as biofuel, the deforestation concerns has led many European countries to rethink the use of palm oil as a biofuel.
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As per Fact.MR's analysis, while regulations and laws related to the use of palm oil and biofuel will lead to a decline in demand in Europe, strong demand in Asia Pacific is likely to provide an impetus to the market. Further, palm oil is used extensively in cosmetics and food industries across the globe, and demand is likely to surge during the forecast period.
Palm oil is rich in antioxidants and Vitamin E and it has been used to halt the progression of brain lesions, according to studies. Use of palm oil in the retail industry is also likely to boost its demand in the next decade.
Palm oil is used widely in a variety of packaged products such as deodorant, shampoo, and lipsticks. The expansion of retail industry around the world will augur well for the sales of palm oil in the future.
Key Takeaways
- Despite growing regulations, Europe palm oil market is likely to grow at 4% CAGR between 2021 and 2031
- India is likely to be the most remunerative palm oil market owing to its use as cooking oil and also in retail industry.
- The India palm oil market is likely to grow at 4% CAGR during the forecast period
- The U.S. palm oil market was valued at US$ 12 billion in 2021, holding nearly 27% market share
- Demand in China palm oil market is anticipated to increase at a CAGR of 8% during the assessment period
- Processed palm oil demand will be higher than virgin palm oil, with the former accounting for nearly 75% market share during the assessment period
- Use of palm oil in foodservice and food processing industry is likely to remain strong, collectively accounting for US$ 22 billion market value in 2022
Growth Drivers:
- Potential of palm oil as a substitute for petrol and diesel is driving the demand in the market
- Use of palm oil in cooking, especially in India and China is likely to improve the sales in Asia Pacific
- Growing demand for palm oil from the retail industry for the application in cosmetics products is anticipated to boost the market
Restraints:
- Production of palm oil involves large-scale deforestation due to which many countries have put bans or enacted regulations for its use as biofuel
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Competitive Landscape:
Palm oil manufacturers are focusing on adopting more sustainable methods of production as end-users are becoming increasingly conscious about environmental conservation. Further, in wake of regulations in European countries, palm oil manufacturers are eyeing the market in Asia Pacific where regulations are not so strict. These leading players are also focusing on developing hybrid palm oil seeds that lead to increase productivity.
For instance,
- In August 2022, 3F Oil Palm announced that it is importing hybrid seed sprout from Malaysia and Costa Rica that is likely to increase oil palm yields significantly
- India's leading company Patanjali announced it will start cultivation of palm oil in Northeast states to boost total production
Key Companies Profiled by Fact.MR
- Cargill Inc.
- American Vegetable Oils, Inc
- Grief Inc. (Olympic Oils Limited)
- Bunge Limited
- Fuji Oil Holdings Inc
- Ruchi Soya Industries Limited
- Associated British Foods plc
More Valuable Insights on Palm Oil Market
In the latest study, Fact.MR offers a detailed study on palm oil market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of palm oil with analysis across below segments:
By Product Type:
- Processed Palm Oil
- Virgin Palm Oil
By End User:
- Foodservices
- Food Processing Industries
- Retailers
By Distribution Channel:
- Modern Trade Channels
- Franchise Outlets
- Specialty Stores
- Online Channels
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Palm Oil Market:
- What is the projected value of the palm oil market in 2021?
- At what rate will the global palm oil market grow until 2031?
- Which are the factors hampering the growth in the palm oil market?
- Which region is expected to lead in the global palm oil market during 2021-2031?
- Which are the factors driving the palm oil market during the forecast period?
- What is the expected market value of the palm oil market during the forecast period?
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