The palm oil market is projected to reach around USD 88 billion by 2022. This would be attributed to global demand for bio-fuels owing to environmental concerns. The market was valued about USD 61 billion in 2014. Various governments have tried to curb trans-fat consumption in the recent years. Consumer inclination towards low trans-fat vegetable oils due to health concerns is the new trend, furthering the market.
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Sustainable ways for the production of palm oil should provide opportunities to market players. Demand for the market was 74 million tons in 2014 and expects to achieve a target of 128.2 million tons by 2022. This market would grow at around 7.3% CAGR from 2015 to 2022 (forecast phase).
Crude palm oil, palm kernel oil, and palm kernel cake are the market products. Crude palm oil was the largest product, accounting for over 75% volumes in 2014. It could experience 7.5% CAGR in the seven years ahead. Crude palm oil is used for cooking, particularly in South East Asia and West Africa. Palm kernel cakes are used in the animal feed industry. They face high demand from North America and Asia Pacific.
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Applications of the palm oil market include lubricants, surfactants, bio-diesel, edible oil, and cosmetics. Bio-diesel is predicted to register a CAGR of more than 8% in the future. Its expansion is the key towards decreasing the dependence on fossil fuels. Usage of bio-diesel as a chemical may also drive market demand.
Asia Pacific was the largest consumer of the palm oil market in 2014. It accounted for over 65% volumes that year. Abundant raw materials coupled with disposable incomes in Indonesia, China, and India are anticipated to propel regional demand.
Central & South America could grow at the highest CAGR of 8% during the forecast phase. This will be credited to tenable land and favorable weather in the region. The same can also result from huge demand across its food industry.
Notable players of the global palm oil market comprise Godrej Agrovet Ltd., London Sumatra, United Palm Oil Industry Public Company Limited, Sime Darby, and ADM. The market is competitive, with its companies boosting their production capabilities.
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