New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Global palm oil consumption is anticipated to reach US$59,75 billion in 2022. The global palm oil market is estimated to reach US$ 90.1 billion by the end of 2032, with a 4.2% value CAGR.
Palm oil is one of the most extensively used vegetable oils in the world, obtained from the oil palm tree (Elaeis guineensis). It is an essential ingredient in a wide range of products, including food, cosmetics, and biofuels. The versatility of palm oil, coupled with its relatively low production costs, has led to its significant growth in demand over the years.
However, the palm oil industry has faced increasing scrutiny due to its environmental and social impacts, particularly deforestation and labor issues. This research report aims to provide a comprehensive understanding of the palm oil market, shedding light on its various aspects and addressing the associated challenges.
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Market Overview
Production
The production of palm oil is concentrated in tropical regions with suitable climatic conditions for oil palm cultivation. The major palm oil-producing countries include Indonesia and Malaysia, which together account for the majority of the world's palm oil output. Other notable producers include Thailand, Colombia, and Nigeria.
Oil palm plantations are generally large-scale agricultural operations, with considerable investments in infrastructure and technology. These plantations yield high oil productivity, making them economically viable for large-scale production. However, concerns have been raised about the environmental impact of large-scale palm oil cultivation, particularly related to deforestation and habitat loss for wildlife.
Consumption
The global demand for palm oil has been steadily increasing over the years due to its widespread use in various industries. The food sector is the largest consumer of palm oil, with applications in cooking oil, margarine, confectionery, and bakery products. The personal care industry uses palm oil derivatives in soaps, cosmetics, and detergents, owing to its excellent emollient and moisturizing properties.
Market Dynamics
Global Population Growth: The world's increasing population drives the demand for food and consumer goods, contributing to the growth of the palm oil market.
Urbanization: Urbanization and rising middle-class populations in developing countries have led to changing dietary habits and increased consumption of processed and convenience foods, which contain palm oil.
Biofuels and Renewable Energy: Growing concerns about climate change and the need for sustainable energy sources have boosted the demand for palm oil as a feedstock for biofuels.
Consumer Awareness and Sustainability: Rising awareness among consumers about environmental and social impacts has led to a demand for sustainable palm oil and increased transparency in the supply chain.
Government Policies and Regulations: Governments worldwide are implementing policies and regulations to promote sustainable palm oil production and curb deforestation.
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Challenges:
Environmental Concerns: The expansion of oil palm plantations has been linked to deforestation, biodiversity loss, and greenhouse gas emissions, raising environmental concerns.
Social Issues: Palm oil production has been associated with land rights issues, labor rights violations, and conflicts with local communities.
Sustainability Certification: Achieving and maintaining sustainability certifications can be challenging for some palm oil producers, impacting their access to international markets.
Market Volatility: The palm oil market is susceptible to price fluctuations due to factors like weather conditions, geopolitical events, and changes in demand.
Market Segmentation
- By Nature: Organic Palm Oil, Conventional Palm Oil
- By End Use: Food & Beverage Industry, Foodservice, Cosmetics & Personal Care, Retail/Household
- By Distribution Channel: Business to Business Sales of Palm Oil, Business to Consumer Sales of Palm Oil, Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Online Retail
Regional Analysis
Indonesia and Malaysia are the dominant players in palm oil production, collectively accounting for a substantial share of global production. Both countries have extensive oil palm plantations and advanced processing facilities.
Consumption: Southeast Asia is a significant consumer of palm oil, with a large population and widespread use in cooking, food processing, and other applications.
Trade: Indonesia and Malaysia are major exporters of palm oil, supplying to various regions globally.
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Competitive Landscape
This part of the report presents a detailed analysis of the market share held by key palm oil producers and traders. It includes profiles of major companies, outlining their production capacity, geographic reach, and key strategies.
Major Key Players are Olam International, Archer Daniels Midland Company, Presco PLC, Agarwal Industries Pvt. Ltd., Asian Agri, Apical Group Ltd., IOI Corp Bhd, Oleo-Fats, Incorporated, Agropalma Group, Golden Agri-Resources Ltd., Sime Darby Oils Liverpool Refinery Ltd., Cargill, Incorporated, Liberty Oil Mills Ltd., Adams Group, Inc.
Recent Developments
- Olam International will be divided into two new groups in 2020. Food ingredients and agribusiness are two of the fastest expanding commercial sectors.
- In 2019, Apical Group Ltd. established a joint venture organisation in Indonesia to generate fatty acids. As the country has an abundance of raw materials for such items, PT Apical Kao Chemicals was formed in Indonesia as a production base for fat and oil goods.
- IOI Corp Bhd has announced ambitions to buy more palm estates in 2019 to expand its position in the global palm oil industry. As part of its efforts to strengthen the company, the group has stated that it is interested in purchasing plantations near its existing ones in Sabah and Kalimantan, Indonesia.
- In 2019, Golden Agri-Resources Ltd achieved a new milestone by working with third-party suppliers to obtain full traceability. The company's mills will have complete traceability and a completely tracked palm supply chain by the end of 2020.
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