Global Palm Oil Market: Manufacturers Focus on Sustainable Production Processes to Stay Competitive, observes TMR

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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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. 

Global Palm Oil Market: Environmental Impact of Oil Palm Plantations to Restrict Expansion, says TMR

The global palm oil market is driven primarily by the rising awareness about its health benefits, according to a new report from Transparency Market Research (TMR). The report examines the historical development trajectory of the global palm oil market in detail and presents studied forecasts regarding the market’s development in the coming years. The report uses industry-standard analysis tools to ensure the accuracy of the predictions, which are based on a solid analysis of the palm oil market’s present and past figures. The report is titled ‘Palm Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024.’

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Palm oil is one of the most popular vegetable oils due to its low trans fat content and relatively inexpensive production process. As an effective vegetable oil, palm oil is primarily used in the food and beverage and cosmetics industries, though other applications of palm oil are rising to the fore. Bakery products such as biscuits and breads, processed and ready-to-eat foods such as instant noodles, chocolate, ice cream, and cereals are among the leading applications of palm oil in the food and beverage industry, while lipsticks, detergents, and candles are some of its other key applications.

One of the prime drivers for the global palm oil industry is the cost-effectiveness of palm plantations, which yield more oil per hectare than any other source of vegetable oil. Palm trees also live longer than most other vegetable oil crops, making it profitable as well as sustainable to establish a foothold in the palm oil industry.

Regionally, Asia Pacific is the leading contributor to the global palm oil market. This is primarily due to the dominance exhibited by Indonesia and Malaysia, which are likely to remain the leading producers of palm oil in the coming years. Southeast Asia is also one of the leading consumers of palm oil, thanks to the steady demand for noodles and the rising demand for various modern cosmetics.

On the other hand, the adverse environmental impact of oil palm plantations is likely to constrain the global palm oil market in the coming years. In leading palm oil producers such as Indonesia, Malaysia, and Thailand, as well as in African palm oil producing countries such as Benin, palm plantations have often encroached upon rainforest areas. The use of peat land for oil palm plantations, which requires drainage of the area and harms the local wildlife, has also become common in recent years. This has led to public opposition, which is likely to remain strong over the coming years.

The report examines the competitive landscape of the global palm oil market by profiling leading players such as Boustead Group, Alami Group, ADM, Musim Mas Group, and the United Palm Oil Industry Public Company Limited.

Increased Demand for Consumption of Vegetable Oils to Drive Global Palm Oil Market

Low to zero trans-fat content and the pocket-friendly pricing of palm oil is fuelling demand from the global palm oil market. Palm oil is one of the most widely used vegetable oils and a common ingredient in biscuits, margarine, breads, instant noodles, cereals, lipsticks, candles, chocolates, shampoos, ice-cream, and detergents. The applications of palm oil are therefore quite diverse, which aids the expansion of the global palm oil market.

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Palm oil is derived from a tropical tree, which, once planted, yields palm fruits for more than three decades, ascertaining much needed employment for the rural communities living in emerging nations such as Malaysia and Indonesia. The oil is highly lucrative, particularly because palm trees yield more oil per hectare than any other major oil seed crop.

The report provides a comprehensive overview of the global palm oil market, with focus on the factors driving the market and those restraining it. It covers the market from the ground up covering aspects such as the market definition, classification, and growth trajectory. Regionally, the global palm oil market is segmented into Asia Pacific, Europe, North America, and Rest of the World.

Overview of Global Palm Oil Market

Palm oil derived from palm fruit is an edible vegetable oil. In the last couple of years, the demand for palm oil has increased in response to the rising consumption of vegetable oils. Apart from its extensive applications in the food and beverage industry and the retail industry, palm oil is also used in biofuels.

Palm oil is cost-effective and low in trans-fats, due to which its demand is high in the global market. However, the expansion of palm tree plantations is usually carried out at the expense of tropical forests, particularly in countries such as Malaysia. Rising environmental concerns thus pose a tough challenge in front of enterprises operating in the global palm oil market.

Large-scale deforestation for palm oil production has not only aggravated the already worrying issue of climate, but has also led to the extinction of many animal species. However, the market is expected to capitalize in the near future on opportunities created by sustainable palm oil production.

To present a 360-degree blueprint of the market, the report studies demand for diverse palm oils available in the market such as red palm oil, kernel oil, while palm oil, fractionated palm oil, and others. Factors leading to the rising application of palm oil in industries such as energy, health, food, and others are also evaluated in detail.

Malaysia is the leading producer of palm oil in the world. Over the forecast period, India and China are also expected to substantially contribute to the expansion of the palm oil market in Asia Pacific.

Companies mentioned in the research report

Some of the most prominent enterprises operating in the market are Alami Group (Malaysia), Musim Mas Group (Indonesia), ADM (US), the United Palm Oil Industry Public Company Limited (Thailand), and Boustead Group (Malaysia).