The
growth of the global market for palm oil is primarily attributed to
its rising application in various end-use industries, says
Transparency Market Research in a report. The report, titled “Palm
Oil Market - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast, 2016–2024”, states that the demand for sustainable
palm oil will continue driving this market through the forecast
period.
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exclusive Sample of this
report:http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1005
Palm
oil finds application in a wide range of edible and non-edible uses.
In the food industry, it is used in products such as biscuits,
bakery, fast foods, ice cream, and snacks. Among non-edible
applications, palm oil is used to produce lubricants, candles, and
grease; it is used to manufacture cleaning products, cosmetics,
animal feed products, and fuel; and it is considered to be an ideal
substitute for mineral oils in gas stations.
The
palm oil market has been positively impacted by improving economic
conditions across the globe, which have in turn, resulted in better
living conditions and greater disposable income to spend on personal
care products and healthier food products. Although the
implementation of certain global and domestic legal norms threaten to
impede the growth of this market, manufacturers are focused on
producing palm oil by keeping in mind the processes’ social as well
as environmental sustainability.
From
a geographical standpoint, the global market for palm oil is
categorized into North America, Europe, Asia Pacific, and Rest of the
World. Asia Pacific has emerged as one of the most prominent and
promising markets for palm oil. Malaysia and Indonesia are the
leading contributors to this market and growth in these two countries
can be attributed to the large-scale production of palm oil. The
soaring demand for modern cosmetics and the rising consumption of
noodles has made Southeast Asia one of the most significant consumers
of palm oil in the world. The APAC palm
oil market is also fueled by the increase in population, the
growing disposable income, high investments in R&D and
technology, and evolving consumption patterns. In addition, the
increasing yield of palm oil and a surge in the use of palm oil in
edible as well as non-edible applications has benefited the Asia
Pacific market.
ADM (US), Alami Group (Malaysia), The United Palm Oil Industry Public Company Limited (Thailand), Musim Mas Group (Indonesia), and Boustead Group (Malaysia) are some of the notable companies competing in the global palm oil market. The report offers a detailed evaluation of the prominent players and sheds light on their individual strengths, weaknesses, opportunities, and threats. The latest developments and strategies undertaken by these players have been assessed at length to give readers a thorough understanding of what the competitive scenario looks like.
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