According to the latest research report by IMARC Group, titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global palm oil market share reached US$ 48.10 Billion in 2020. Palm oil refers to vegetable oil that is naturally obtained from the mesocarp of palm fruits. It is a rich source of fat, carotene, antioxidants, vitamins A and E, etc. Palm oil promotes brain and heart health, servers as a source of energy, and has anti-ageing properties. Owing to these benefits, palm oil is widely used in the production of both food and non-food items, such as cereal, margarine, toothpaste, ink, soaps, wax, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Palm Oil Market Trends:
The escalating demand for palm oil owing to its extensive applications in manufacturing processed food items, such as confectioneries and bakery products, is primarily driving the market growth. Moreover, the expanding food service sector is further catalyzing the use of palm oil across hotels, cafes, restaurants, etc., thereby augmenting the market growth. Additionally, various fatty acid derivatives of palm oil are utilized to produce soaps, detergents, greases, lubricants, candles, etc., which is acting as another significant growth-inducing factor. Apart from this, the growing adoption of palm oil as a feedstock for manufacturing biofuels is also bolstering the market growth. Looking forward, the global palm oil market to grow at a CAGR of 4.4% during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Wilmar International Limited
- Sime Darby Berhad
- IOI Corporation Berhad
- Astra Agro Lestari
- Kuala Lumpur Kepong Berhad
- Golden Agri-Resources Ltd
Palm Oil Market Segmentation:
Our report has categorized the market based on region and application.
Breakup by Application:
- Household Cooking
- Food & Beverages
- Oleo Chemicals
- Personal Care
- Animal Feed
- European Union
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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