Market Research Report
Global Palm Oil & Palm Oil Derivatives Market - 2019-2026
|Published by||DataM Intelligence||Product code||910432|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Palm Oil & Palm Oil Derivatives Market - 2019-2026|
|Published: September 1, 2019||Content info: 130-180 Pages||
Palm oil is an edible vegetable oil high in saturated fats and free from trans fats. Palm oil is used in around 50% of food products available in the market. Palm oil derivatives also known as fractions are used in production of prepackaged food, cosmetics, cleaning products, hair care, soaps and other personal care products. Palm oil is also used in manufacturing of bio fuels and exhibiting as a green fuel option for motor vehicles, shipping and Aircraft fuel. Palm kernel cake, a byproduct of palm kernel oil is used as a feed in livestock.
The global palm oil & palm oil derivatives market valued USD XX million in 2018 and expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
Cost-effectiveness and edible nature of palm oil made it an effective ingredient in production of packaged food products and healthcare products. The widening application spectrum of palm oil in food, cosmetics and personal care products are resulting in significant growth of global palm oil & palm oil derivatives market. Growing demand for food and changing food habits of people increased the need for nutrient-rich food products to meet the nutritional requirements of consumers. Focus is laid on utilization of healthy ingredients and efficient food processing technologies. Palm oil is considered as the healthiest cooking oil over all other vegetable oils owing to the nutrient and healthy fat content. The consumption of palm oil in food industry is likely to witness a growth of over 4% during the forecast period. According to OECD-FAO Agricultural Outlook, the global production of palm oil is expected to increase from 65.1 million tons in 2017 to 72.6 million tons in 2019 to meet the consumer and industrial demand for palm oil & palm oil derivatives.
The market is likely to grow at a lucrative growth rate owing to the growing utilization of palm kernel cake in the livestock feed owing to its nutritional benefits. The rising livestock population and growth in animal feed industry are estimated to support the growth of palm oil derivatives market in near future. Furthermore, the growing demand for biodiesel in automotive and industrial applications may provide growth opportunities to palm oil market. Automobile policies across the globe are shifting towards usage of B20 (Biodiesel) and biodiesel from palm oil has significant potential as an alternative to petroleum fuels.
However, the environmental concerns associated with production of palm oil are limiting the market growth. Palm oil production is considered as one of the major factors of rainforest destruction in Asia and America. This is shifting the interest of consumers away from use of palm oil biodiesel, particularly in automotive applications.
Global palm oil & palm oil derivatives market is segmented on the basis of type into crude palm oil, Kernel palm oil, palm oil cake and others
Crude palm oil evolved as a largest market in the global palm oil and palm oil derivatives market owing to growing consumption of crude palm oil from food and cosmetics industry as a primary oiling agent. Crude palm oil is extensively used in the manufacturing soaps, shampoos, lotions, candles, cleaning agents, and many other products. Additionally, increasing implementation of Biodiesel 20 and Biodiesel mandate in major palm producing nations associated with increasing production of biodiesel through crude are contributing to the growth of market during the forecast period. Biodiesel production from crude palm oil in Malaysia is expected to increase from 10 million tons in 2018 to 12-13 million tons in 2019 simultaneously contributing to growth of global crude palm oil market
By region, the global palm oil & palm oil derivatives market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and Africa.
Asia-Pacific palm oil & palm oil derivatives market is expected to grow at a higher CAGR during the forecast period high presence of production and consumption environment. More than 80% of global palm oil production is located in the region of Myanmar and Indonesia. According to the data published in The United States Department of Agriculture, annual imports of palm oil to India increased from 2 million tons in 2010 to 6.744 million tons in 2017. Growing domestic demand for palm oil from end user industries and household led to increased plantations of palm across India. Growing government support for the plantations of palm through policies are additionally contributing to the growth of India palm oil & palm oil derivatives market. The National Mission on Oilseeds and Oil palm was implemented under the India's 12Th five-year plan for the shifting farming practices towards domestic production of palm oil. Currently, India accounts to 17% of global palm oil consumption.
The key players in the global palm oil & palm oil derivatives market includes Cargill inc., PT Astra Agro Lestari Tbk, London Sumatra, ExcelVite, and IOI Corporation Berhad. The key strategies adopted by the prominent players in the global palm oil and palm oil derivatives market includes establishments of new production plants to cater the global and regional demand for palm oil. Growing establishments of palm plants across the African region might boost the new installations of oil refineries across the region. This will boost the food processors across the region towards usage of palm oil as a primary ingredient in production of their products.