Palm oil is one of the most commonly consumed edible oils and is extracted from the fruit of the palm tree. It has comparatively low cost and does not have any trans fat, making it ideal for use in the food industry. India, Indonesia, and China are the major consumers of palm oil in the world and with the growth in emerging economies, the demand for this oil is expected to grow.
Palm oil based on type is segregated into palm oil, palm kernel oil and others. It is used in applications like food, health, energy and others, which includes cosmetics. One of the focuses of the palm oil market is its use as feedstock to produce biofuels. Geographically the market is segmented into North America, Europe, Asia Pacific and Rest of the World.More than 80% of the world’s palm oil production happens in Indonesia and Malaysia.
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One of the main reasons driving the palm oil market are the lower cost of production of palm oil and the average yield from a hectare of plantation is more than that of any other similar crops. This makes cultivation of palm trees highly profitable and increases the overall production of palm oil. In addition, palm oil is a major feedstock for production of biofuels and the growing demand for biofuel production is expected to drive the market for palm oil in the near future.
Malaysia is one of the largest producers of palm oil. But it has a growing population of old trees which have a lower yield and this is a major hindrance for the growth of the market. The demand for palm oil is increasing from various sectors and the supply is being limited by the reduction in palm tree cultivation areas in Malaysia and Indonesia.
The biggest opportunity for the market lies in emerging countries like India and China. These countries are expected to grow with extraordinary rates and would be a large market for this oil. Also, with increasing scope of application in cosmetics and energy sectors (biofuels), the market would see a steady growth in the coming years.
Some of the market players in the palm oil market include ADM (US), Alami Group (Malaysia), United Palm Oil Industry Public Company Limited (Thailand), Boustead Group (Malaysia), and Musim Mas Group (Indonesia).
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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