According to a report published by Grand View Research, Inc.; the palm oil market is likely to reach a valuation of around USD 61.09 billion by 2022. Increasing usage in many end-use industries can propel the market growth over the forecast period (2012-2022). In addition, increasing efforts of governments and associated organizations across several countries for limiting the trans-fat consumption is also expected to support market growth.
Rising use of the product in the production of biodiesel is likely to fuel the market growth in the coming years. Growing government efforts regarding the mixing of conventional fuel with bio-based products due increasing concerns regarding carbon-emitting fuels and increasing awareness and usage of bio-based diesel have increased in recent years. In addition, high awareness about bio-based cosmetics, edible oil, surfactants, and lubricants is also expected to boost the product demand in the years to come. However, strict environmental guidelines regarding the production and high production cost owing to implementation of sustainable production methods may restrain the market growth.
The worldwide palm oil market can be segmented on the basis of derivatives, applications, and regions.
Based on derivatives, the market can be categorized into crude palm oil, palm kernel oil, palm kernel cake, and others. The crude palm oil segment is anticipated to grow at CAGR of 7.5% from 2015 to 2022. As per application, the market can be split into electrical and electronics, construction, industrial machinery, automotive and transportation, consumer goods, and others.
Full Research Report On Palm Oil Market Analysis: https://www.grandviewresearch.com/industry-analysis/palm-oil-market
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East and Africa, Central and South America.
North America and Europe markets have high demand for biodiesel applications and Asia Pacific market is expected to show high growth due to high demand for cosmetics application and consumption of edible oil. The North America market is likely to grow at a sluggish rate as compared to Asia Pacific due to low level of product awareness among consumers. The U.S. and Canada have comparatively a low rate of consumption due to high consumption of soybean and corn oils.
Europe is expected to exhibit growth on account of increasing demand for cosmetics and personal care products. Growing consumer income and presence of social media have increased the sales of these products. Men folks in the region are also adopting the new consumer cosmetics products. For example, change in grooming styles have led to men increasingly using beard and hair grooming products. This has encouraged cosmetic companies to produce products with exceptional features to target demographics.
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In 2014, Asia Pacific dominated the market by acquiring larger share of more than 60%. The region is home to many leading market participants. Countries such as India, Malaysia, Thailand, Vietnam, and Indonesia are major producers and exporters of the product. Most of these countries have also adopted sustainable production techniques and to achieve high efficiency and improved the production.
The region is hub for major automotive companies. Increasing use of lubricants for improving vehicle performance and fuel efficiency has increased the use of the products in many applications across the region. In addition, high adoption of automation for harvesting and processing methods is also key factor contributing the market growth. Easy availability of raw materials coupled with growing disposable income levels in Southeast Asia, China, and India is likely to support the market growth during the forecast period. India is estimated as the one of the major exporters of palm oil in the world.
The markets in the Middle East and Africa is expected grow on account of increasing working population. Adoption of natural and clean label products is rising in the region due to realization of benefits of these products as compared to other artificial products.
Prominent players operating in the market include Cargill Inc.; Golden Agri-Resources Ltd.; Wilmar International Ltd.; United Palm Oil Industry Public Company Limited.; and IOI Corp. The participants are making high investment in R&D activities to expand their product range to survive in the market. Technological advancements along with increasing foreign investments in sustainable production method is expected to create opportunities in companies across the world.
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