According to the latest research report by IMARC Group, titled Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, offers a comprehensive analysis of the industry, which comprises insights onpalm oil marketshare. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global palm oil market size reached US$ 53.1 Billion in 2022. Looking forward, IMARC Group expects themarket to reach US$ 67.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
What are palm oil?
Palm oil, obtained from the fruits and kernels of Elaeis guineensis trees, is an edible oil. It contains lycopene, beta-carotene, and various acids, such as lauric, palmitic, stearic, and myristic. Notably, palm oil is a valuable source of antioxidants, including vitamins A and E. These antioxidants play an important role in enhancing the immune system, reducing cellular oxidation, improving skin texture, and promoting optimal brain function. Palm oil supports vision health and helps lower the risk of retinal diseases. In terms of nutrition, palm oil surpasses other alternatives owing to its lack of trans fatty acids, which are known to increase the likelihood of coronary heart disease in humans. It is extremely affordable and offers ease of digestion. Consequently, palm oil finds widespread applications in household cooking, food and beverages (FB), oleo chemicals, personal care, animal feed, biofuel, etc.
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What are the growth prospects and trends in the palm oil industry?
The palm oil market is being primarily driven by the growing use of the product as a substitute for petroleum-based diesel for lowering carbon accumulation in diesel engines. The market is further fueled by the rising consumption of fried food items as a result of changing consumer dietary patterns across the globe. In addition to this, the emerging trend of adopting palm oil as a replacement for mineral oil in industrial power plants for energy production is acting as another significant growth-inducing factor. Moreover, the increasing popularity of veganism globally, on account of the escalating consumer inclination to opt for plant-based oils instead of butter or animal fats, is also positively influencing the global market. Besides this, the elevating incorporation of palm oil into perfumes, skincare, and makeup products such as lipsticks, foundation, concealers, mascara, moisturizers, and body lotions to improve their texture and moisturizing properties and in the manufacturing of detergents, shampoos, and conditioners to enhance foaming capabilities, supports will continue to fuel the palm oil market in the coming years.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Wilmar International Limited
- Sime Darby Berhad
- IOI Corporation Berhad
- Astra Agro Lestari
- Kuala Lumpur Kepong Berhad
- Golden Agri-Resources Ltd
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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
- Bio-fuel
Regional Insights:
- India
- Indonesia
- China
- European Union
- Malaysia
- Others
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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