World Palm Oil Market Analysis and Forecasts 2020-2029 - Global Market Forecast to Reach US$25.3 Billion by 2025
DUBLIN, Sept. 11, 2020 /PRNewswire/ -- The "Palm Oil - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for palm oil is projected to reach US$25.3 billion by the year 2025, trailing a CAGR of 5.6% over the analysis period 2018 to 2025. Palm oil, also called dende oil in Portuguese, is a vegetable oil extracted from the reddish pulp or mesocarp of fruits of oil palm trees. While palm oil is 52% saturated, palm kernel oil holds 86% saturated fat. The latter is mainly used in a broad range of consumer products, from soaps and cosmetics to detergents and candles. In addition to its use in an extensive spectrum of food products such as shortenings, cooking oil and margarines, palm oil is used as feedstock for bio-fuel. Compared to other oils, red palm oil contains high proportions of antioxidants and vitamin E and a high content of carotene, which is not found in other oils. The composition of fatty acids in palm oil offers a healthy balance that is generally not found in other oils. Unlike other oils, red palm oil remains stable at high temperatures making it ideal for deep frying. Red palm oils needs no hydrogenation process and do not possess any trans-fatty acids.
The world market for palm oil has been growing at a steady pace over the years in tandem with the vegetable oil sector. While food applications contribute towards a major chunk of growth, steady adoption in industrial applications is also benefiting the market. Palm oil represents a key ingredient in almost 50% of all processed food products give its numerous health benefits such as improved vision; rich in antioxidants & vitamin K; Improved metabolism & weight loss; reduced risk of cancer & cardiovascular diseases; and ability to slowdown degenerative neurological diseases. Few of the food and non-food products containing palm oil include chocolate, cookies, detergents, instant noodles, ice creams, lipsticks, margarine, packaged bread, pizza dough, shampoo, and soaps, among others. Future growth in the market will be driven by growing prominence of certified sustainable palm oil (CSPO) against the backdrop of public concerns over environmental, social, and deforestation issues related to palm oil cultivation. Demand for sustainably produced palm oil is also driven by growing focus of developed nations on clean and green fuel and growing application as a feedstock in biofuel production. The biofuel productivity yield of palm oil is the highest among all oilseed crops and is surpassed only by sugarcane in terms of productivity yield. Other factors driving increasing consumption of palm oil include its attribute of being the cheapest form of vegetable oil; increasing production in Indonesia and Malaysia; growing demand from the food sector for use as margarine, bakery fat, frying fat, and cooking oil; and high yields produced from a hectare of palm oil plantation. 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, and GMO-free palm oil.
Asia-Pacific represents the largest market worldwide with an estimated share of 48% of total worldwide revenues for 2019. 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 oleo chemicals. 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. By application, the food industry, holding an estimated 60% share, represents the largest consumer of palm oil, while Bio-Diesel represents the fastest growing at a CAGR of 6.6% over the analysis period 2018-2025.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSISIV. COMPETITION
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