According to the report, global palm oil market share was valued at USD 65.73 billion in 2015, is expected to reach USD 92.84 billion in 2021 and is anticipated to grow at a CAGR of 7.2% between 2016 and 2021.
Palm oil is one of the major edible vegetable oils consumed globally. Palm oil is high in saturated fats and free of trans-fats. Palm oil and its derivatives are used in the manufacture of prepackaged food, cleaning products, hair care, cosmetics, and personal care products. Palm wax is utilized in the manufacturing of candles. It is also used as feed for livestock known as palm kernel cake (PKC) which is a byproduct of palm kernel oil. It considered as a medium grade protein feed used to fatten livestocks.
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Palm oil has a longer shelf life as it does not become easily rancid. It is also high in carotenoid which is a rich source of vitamin A. Red palm oil has seventeen times more carotenoid than carrots. Indonesia and Malaysia produce approximately 85% of the world’s palm oil. Other potential producer countries include Thailand, Columbia, Nigeria, Papua New Guinea and Ecuador.
The palm oil market has grown at a rapid pace over the past few years and is witness stupendous growth during the forecast period. The market for palm oil is driven by a number of factors, such as growing demand for biofuels, rising global population, and growing economy. Furthermore, growing consumer preference for convenient packaging processes and increasing demand from pharmaceutical industry is also expected to fuel the market. However, the development of market may hamper by adverse weather conditions and price fluctuation in the forecast period.
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Global palm market has been segmented on the basis of derivative, application and region. On the basis of derivative, palm oil market is classified into crude palm oil, palm kernel oil, palm kernel cake, and others. Crude palm oil segment dominated the overall market in 2015 owing to growing applications such as edible oil, surfactants, biodiesel, cosmetics, and lubricants. Palm kernel cakes are mainly used in livestock feed industry. On the basis of applications, the market is characterized as edible oil, cosmetics, biodiesel, lubricants, surfactants and other applications. Edible oil is the leading application segment and acquired the significant share in overall palm oil market in 2015.
Geographically, palm oil market can be segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific palm oil market dominated the overall market in 2015 due to high demand for food applications and other industrial uses. Asia Pacific is also expected to be the fastest growing regional segment owing to growing population, growing disposable income and increasing palm oil applications inedible and non-edible applications. Latin America and the Middle East & Africa are expected to witness brisk growth in areas such as food applications and other industrial uses. Major companies are expected to invest in these regions due to their favorable climatic conditions and available arable land. Malaysia and Indonesia palm oil industry currently lead the worldwide production circumstances.
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Key players in palm oil market are Cargill Inc., United Palm Oil Industry Public Company Limited, Wilmar International Limited, Sime Darby, Golden Agri Resources Limited, Godrej Agrovet Limited, PT Astra Agro Lestari Tbk, IOI Corp., London Sumatra, Kulim Bhd, Musim Mas Group, Alami Group and ADM.
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