Palm Oil Market is predicted to top US$ 90.1 Bn by the end of 2032
NEW YORK, Feb. 16, 2022 /PRNewswire/ -- The global palm oil market is set to witness growth at a CAGR of 4.2% and top a valuation of US$ 90 Bn by the end of 2032, as per detailed industry analysis by Persistence Market Research.
Palm oil has proven its significance in both, industries and retail marketplaces, owing to its functional qualities such as promoting the health advantages of daily meals and infant food products, whilst also imparting optimal flavor and texture. Manufacturers are now marketing nutritionally enriched edible oil. Customers are being offered fortified palm oil as a one-of-a-kind product. Specialized palm oil is being offered by edible oil producers to minimize the risk of heart disease by lowering blood cholesterol levels. Customers are now increasingly concerned about their health and prefer to lead a healthy lifestyle, which is driving them toward nutrient-rich palm oil.
In the palm oil industry, packaging is extremely important, and manufacturers are attempting to influence consumers by providing innovative and appealing packaging. Furthermore, in the food and beverage industry, sustainable and environmentally friendly packaging is gaining wide acceptance. Reduced waste, freshness, and product quality are all aspects that encourage the adoption of sustainable packaging for palm oil. As a result, increased producers' efforts to offer palm oil in creative packaging are projected to boost market sales.
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Key Takeaways from Market Study
- The market for palm oil is expected to expand at CAGRs of 3.2% and 3.9%, respectively, in countries of Latin America and Middle East & Africa, through 2032.
- Market value share of South Asia and East Asia is 39.7% and 19.3%, respectively, in 2022.
- The European palm oil market is projected to reach 11,125 KT by the end of 2032.
- Growing consumer preference for healthy and nutritious food products is driving sales of palm oil across global markets. Based on source, the leaf segment is expected to expand at a CAGR of 7.4%.
- The foodservice segment accounted for the highest market valuation at US$ 26.1 Bn, followed by the retail/household segment. Together, these segments hold more than 75% of the market value share in 2022.
- The COVID-19 outbreak led to the closure of hotels, restaurants, and cafeterias. This caused food manufacturers to pause their operations temporarily. Majority of palm oil applications are found in the food processing and foodservice sectors, which caused a slowdown in market growth.
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"Key players involved in the manufacturing of palm oil will be able to attain significant profits by targeting foodservice operators. Growth of foodservice chains will offer increased sales opportunities and open new avenues for palm oil suppliers," says a Persistence Market Research analyst.
Competitive Landscape
Key companies manufacturing palm oil are majorly focusing on expanding their plantations to increase production and cater to growing demand from the foodservice and retail/household sectors.
- In November 2019, Olam International's fourth palm plantation in Gabon received RSPO accreditation. At the RSPO Excellence Awards, the company was awarded for its significant dedication to building sustainable oil palm plantations. This certification helped the company establish the legitimacy of its claims about palm oil sustainability.
- In October 2019, IOI Corp Bhd announced the expansion of its Penang oleochemical plant. The company invested US$ 54 Mn to expand its oleochemical production plant in Penang.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global palm oil market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on nature (organic and conventional), end use (food & beverages, foodservice, cosmetics & personal care, and retail/household), and distribution channel (business to business and business to consumer), across seven major regions of the world.
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