In 2014, global palm oil market
was valued at USD 61.09 billion. The market is poised for growth owing to the
increasing demand from the various end-use industries. Government and other
correlated organizations across many countries have taken measures to limit the
trans-fat intake over the past few years. Protocols regarding increased
utilization of palm oil in the form of biodiesel as well as fuel mixing with
bio-based fuel has gained recognition in recent past.
Technologies and research &
development initiatives to create viable means of production offer immense
prospects for the industry participants. Meting out operations to deliver
products with a high value offer huge opportunities for growth of global palm
oil market over the forecast period.
Crude palm oil dominated the
global palm oil market accounting for over 75% of the market in 2014. Growing
application in surfactants, cosmetics, lubricants, edible oil and biodiesel was
responsible for this high market share. Crude palm oil is also expected to experience
the maximum growth rate, at a probable CAGR of 7.5% from 2015 to 2022. It is
used extensively for the purpose of cooking. Crude palm oil has relatively
lower prices as compared to its competitors which make it the best-chosen
cooking oil, predominantly in South East Asia and West Africa.
Edible oil had the largest
market share of over 65% in 2014. Rising health concern regarding high
consumption of trans-fat has made consumers shift from vegetable oils and
animal fats to edible oil which has relatively lower trans-fat content.
Biodiesel is predicted to grow at a very high growth rate, at an expected CAGR
of 8.8% from 2015 to 2022. Quick development of the global biofuel market with
an aim of reducing dependence on conventional fuels is likely to drive the
biodiesel demand.
In depth research report on Palm Oil Market
Easy availability of
significant raw materials along with the increased disposable income levels in
India, South East Asia, and China is anticipated to benefit the overall Asia
Pacific market over the forecast period. Asia Pacific ruled the market
accounting for more than 60% of the market share in 2014.
India is accounted to be the
major palm oil importers in the world. Central & South American market is
anticipated to experience increased production capabilities. Companies have
eyed these markets owing to their plentiful arable land and favorable climatic
conditions.
Global palm oil market is
integrated having few companies ruling the market and is characterized by
increased threat of new market players. Key industry participants comprise of
Wilmar International Ltd., ADM, London Sumatra, Sime Darby, Cargill Inc.,
Godrej Agrovet Ltd. and IOI Corp. These corporations have taken up measures to
attain a competitive advantage and to diversify their product line.
Grand View Research has
segmented the palm oil market on the basis of product, application and region:
Global Palm Oil Derivatives Outlook (Volume, Million Tons;
Revenue, USD Million, 2012 - 2022)
•
Crude Palm Oil
•
Palm Kernel Oil
•
Palm Kernel Cake
•
Others
Global Palm Oil Application Outlook (Volume, Million Tons;
Revenue, USD Million, 2012 - 2022)
•
Electrical & Electronics
•
Automotive & Transportation
•
Industrial Machinery
•
Consumer Goods
•
Construction
•
Others
Global Palm Oil Regional Outlook (Volume, Million Tons;
Revenue, USD Million, 2012 - 2022)
•
North America
•
U.S.
•
Europe
•
Germany
•
UK
•
Asia Pacific
•
China
•
India
•
Middle East & Africa
•
Central & South America
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