Palm Oil Market 2023-2028: Current Trends, Industry Size, Share, Growth Factors and Business Opportunities

Palm Oil Market 2023-2028: Current Trends, Industry Size, Share, Growth Factors and Business Opportunities

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 on palm oil market outlook. 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 the market to reach US$ 67.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.

Palm oil is produced from a tropical tree, which, once planted, yields palm fruits. It is an edible vegetable oil made from the mesocarp of oil palm fruits that originated in West Africa. This oil is cholesterol-free, easy to digest, and high in carotenoids and Vitamin A, which provide several nutritional benefits. It is one of the most extensively used vegetable oils and a common ingredient in biscuits, margarine, bread, instant noodles, cereals, lipsticks, candles, chocolates, shampoos, ice cream, and detergents.

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Global Palm Oil Market Trends:

The global market is majorly driven by the increasing usage of palm oil as a trans-fat alternative in processed foods. Furthermore, the expanding food sector is catalyzing the product demand. Apart from this, the growing demand for the product as a mineral oil alternative in power plants for energy production is propelling the market. Besides this, the escalating consumer awareness concerning the positive health benefits of palm oil is strengthening the market. Furthermore, the augmenting product utilization in the formulation of cosmetics and pharmaceuticals is also creating a positive outlook for the market. Some of the other factors contributing to the market growth include the escalating preference for consuming processed food, wherein palm oil is extensively used as the preferred choice for deep frying, and the rising requirement for palm oil-based candles.

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

  • Wilmar International Limited
  • Sime Darby Berhad
  • IOI Corporation Berhad
  • Astra Agro Lestari
  • Kuala Lumpur Kepong Berhad
  • Golden Agri-Resources Ltd

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)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

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