Palm Oil Market to Hit $98.9 Billion by 2030 at CAGR of 5.1% - Grand View Research, Inc.

SAN FRANCISCO, July 27, 2022 /PRNewswire/ --  According to Grand View Research, Inc., the global palm oil market is anticipated to reach USD 98.9 billion by 2030 and is expected to expand at a CAGR of 5.1% from 2022 to 2030. The market growth is driven by the surging demand for organic, eco-friendly, and sustainable products. Furthermore, the market has found widespread application in cosmetic and personal care product industries. Palm oil derived from mesocarp is edible. Malaysia and Indonesia are the largest producers and exporters of crude palm oil. The Asia Pacific has the largest consumer base of palm oil due to its primary application in food preparation.

Key Industry Insights & Findings from the report:

• Based on nature, the conventional segment remerged as the leading segment in 2021 as it is a crucial income source for medium and small-size cultivators
• The food & beverages end-use segment accounted for a revenue share of 65% in 2021 due to the high demand for palm oil as a primary ingredient
• Based on geography, Asia Pacific accounted for a market share of 71% in 2021 owing to the rapid rise in population, diverse food applications and changing demographic trends in India and China

Read 106-page full market research report, "Palm Oil Market Size, Share & Trends Analysis Report By Nature (Organic & Conventional), By Product (RBD Palm Oil), By End-use (Pharmaceuticals), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Palm Oil Market Growth & Trends

Oil prices are presently hitting all-time highs globally, creating panic buying in regions of high demand, particularly sunflower oil, food oil, and palm oil. The scanty crop harvests due to droughts in Argentina and Canada in 2021 have decimated the supply chain demand. Moreover, the recent inflation has spilled over the global palm oil industry. Meanwhile, a rise in investment in China and other parts of Southeast Asia is fueling the overall industry growth. In addition, increasing awareness about the health benefits of consuming palm oil including the adoption of a nutritional diet is bolstering demand for palm oil in recent years.

The global product market is highly competitive in nature and has a developed value chain. This is attributed to the presence of an established network of traders, distributors, and manufacturers. The product market has an expansive range of end-use applications such as food & beverages, biodiesel, and personal care & cosmetics. The fractionated palm oil product segment captured the largest revenue share in 2021. This segment is anticipated to expand by 2030 due to its extensive utilization by consumers.

Palm Oil Market Segmentation

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

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

• Organic
• Conventional

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

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

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

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

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

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Russia
• Asia Pacific
• Japan
• China
• India
• 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:

• Cold Pressed Oil Market - The global cold pressed oil market size is expected to reach USD 39.9 billion by 2028, registering a CAGR of 5.7% from 2022 to 2028, according to a new report by Grand View Research, Inc. Large requirement for cold pressed oils from numerous applications such as food and beverages, personal care, animal feed, and others is majorly driving the development of the market.
• Natural Oil Polyols Market - The global natural oil polyols market size is expected to reach USD 10.10 billion by 2028, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. The market demand is driven by the increasing demand for lightweight and highly durable products in industries, including automotive, construction, and electronics, especially in emerging economies such as China, India, and Indonesia.
• 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.

Browse through Grand View Research's Food & Beverages 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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