PUBLISHER: Grand View Research | PRODUCT CODE: 1092590
PUBLISHER: Grand View Research | PRODUCT CODE: 1092590
The global palm oil market size is expected to reach USD 98.9 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.1% from 2022 to 2030. The growth is driven by increasing demand for food applications and eco-friendly, organic, and sustainable products. Personal care products and cosmetic industries are also major sectors accountable for the growth of product.
Palm oil is an edible oil that is derived from the mesocarp of the palm fruit. Indonesia and Malaysia are the largest producers as well as exporters of the product globally. It is extensively used in food, cosmetic, and personal care products industries among others. Asia-Pacific region is the largest consumer of palm oil owing to its key application for food preparation in the region.
The global product market is amalgamated as well as competitive in nature. It is one of the well-established with a developed value chain. Internationally the product market has a presence of a resilient network of distributors, traders, and strong relationships with manufacturers. The overall market is considered to have an extremely cohesive supply chain and increasing demand for the product for an expansive range of end-use applications comprising biodiesel, food & beverages, and personal care & cosmetics, among others.
Fractionated palm oil product segment appeared to be the largest segment in the international market accounting for the highest share in 2021 of the global revenue of the market. This segment is the most popular due to its easy economic availability worldwide and manufacturing ease owing to the 50% unsaturated and 50% fatty acid constituent nature of palm oil. The segment is expected to expand during the forecast period owing to its extensive utilization by the people.