Global Palm Oil Market Trajectory & Analytics Report 2021 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 19, 2021--
The “Palm Oil - Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
The global market for Palm Oil is estimated at US$42.8 Billion in the year 2020, is projected to reach a revised size of US$57.2 Billion by 2026, growing at a CAGR of 5% over the analysis period.
Crude Palm Oil, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$34.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Palm Kernel Oil segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Palm Oil market.
The U.S. Market is Estimated at $11.9 Billion, While China is Forecast to Reach $11.7 Billion by 2026
The Palm Oil market in the U.S. is estimated at US$11.9 Billion in the year 2021. The country currently accounts for a 26.98% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$11.7 Billion by the year 2026 trailing a CAGR of 8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$12.7 Billion by the end of the analysis period.
Future growth in the market will be driven by growing prominence of certified sustainable palm oil (CSPO) against the backdrop of public concerns over environmental, social, and deforestation issues related to palm oil cultivation. Demand for sustainably produced palm oil is also driven by growing focus of developed nations on clean and green fuel and growing application as a feedstock in biofuel production. The biofuel productivity yield of palm oil is the highest among all oilseed crops and is surpassed only by sugarcane in terms of productivity yield.
Other factors driving increasing consumption of palm oil include its attribute of being the cheapest form of vegetable oil; increasing production in Indonesia and Malaysia; growing demand from the food sector for use as margarine, bakery fat, frying fat, and cooking oil; and high yields produced from a hectare of palm oil plantation. Increasing consumer focus on health & wellness along with undesirable effect of partially hydrogenated oils on the cholesterol level is driving food and snack processors to switch towards Trans-fat-free, and GMO-free palm oil.
Palm Kernel Oil Segment to Reach $14 Billion by 2026
Due to high level of saturated fat, palm kernel oil offers superior oxidative stability after frying, making it an attractive option for restaurants. The oil is also gaining attention from commercial food providers as it remains solid at the room temperature that makes it easy to transport and store. Increasing consumer focus on health & wellness along with undesirable effect of partially hydrogenated oils on the cholesterol level is driving food and snack processors to switch towards trans-fat-free, cost-effective options such as palm oil.
Global market for Palm Kernel Oil segment is estimated at US$10.2 Billion in 2020, and is projected to reach US$14 Billion by 2026 reflecting a compounded annual growth rate of 5.4% over the analysis period. United States constitutes the largest regional market for Palm Kernel Oil segment, accounting for 28.8% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 8.9% over the analysis period, to reach US$2.8 Billion by the close of the analysis period.
MARKET TRENDS & DRIVERS
- Food: Largest Application Segment for Palm Oil
- Key Applications of Food-Grade Palm Oil
- Factors Driving Demand for Edible Palm Oil
- Surging Popularity of Convenience Foods among the Ballooning Global Population
- Rising Hostility for GMO Based Oils
- Growing Awareness about Nutritional Benefits of Palm Oil
- Growing Demand in Industrial Applications Elevates Market Prospects
- Bio-Diesel: The New Growth Avenue for Palm Oil
- Growing Prominence of Sustainable Palm Oil to Accelerate Market Demand
- Leading Producers to Expand Certified Palm Oil Output
- Leading Sustainable Producers of Palm Oil
- Leading Palm Oil Traders with Zero Deforestation Commitment: Ranked in order of Number of Zero Deforestation Policies Implemented
- UNEP Backs RSPO Stand on Conserving Forests
- Initiatives Supporting the Development of a Sustainable Palm Oil Industry
- Roundtable on Sustainable Palm Oil (RSPO)
- Sustainable Palm Oil Investor Working Group (IWG)
- Forest Footprint Disclosure Project
- The Biodiversity and Agricultural Commodities Program (BACP)
- Indonesia Sustainable Palm Oil (ISPO)
- High Crop Yield: A Major Factor Promoting Market Expansion
- Advanced Equipment & Approaches Come to the Fore to Boost Palm Oil Production & Processing
- Remote Sensing Technologies to Potentially Revolutionize Oil Palm Industry
- Using Drones for in Oil Palm Farming
- Electrical Cutters in Place of Bulky Mechanical Equipment
- Novel DNA-based Method for Early Identification of High Yielding Palm Trees
- AquaEco-SRORS: An Innovative Filtration System for Raw-Sludge
- Research Highlights Need for Improving Ergonomics for Palm Harvesters
- List of Common Ailments Associated with MSDs and Risk Factors in Terms of Tasks and Movements
- Key Issues & Challenges Confronting the Palm Oil Market
- Environmental Concerns Remain Major Impediment
- Various Strategies to Address Environmental Issues
- Protectionist Methods Adopted by Developed Nations
- A Note on Unwanted Consequences of Protectionist Policies
- Palm Oil vs. the Cholesterol Controversy
- Stiff Competition from Soybean & Other Vegetable Oils
- Insect Cooking Oil as an Alternative to Palm Oil
- Scarcity of Cultivable Land: A Major Challenge
FOCUS ON SELECT PLAYERS (Total 88 Featured)
- Fuji Vegetable Oil Inc.
- Genting Plantations Berhad
- Godrej Agrovet Limited
- Golden Agri-Resources Ltd.
- PT Smart Tbk
- Intercontinental Specialty Fats Sdn. Bhd.
- IOI Group Berhad
- Kuala Lumpur Kepong Berhad
- PT Astra Agro Lestari Tbk
- PT Darmex Agro
- PT Dharma Satya Nusantara Tbk
- PT Indofood Sukses Makmur Tbk
- P. T. Musim Mas
- PT PP London Sumatra Indonesia Tbk
- PT Salim Ivomas Pratama Tbk
- Nv Siat sa (Belgium)
- Sime Darby Plantation Sdn Bhd
- New Britain Palm Oil Ltd.
- United Palm Oil Industry Public Company Limited
- United Plantations Berhad
- Wilmar International Limited
For more information about this report visit https://www.researchandmarkets.com/r/ccqwk9
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INDUSTRY KEYWORD: RETAIL ALTERNATIVE ENERGY AGRICULTURE ENERGY NATURAL RESOURCES FOOD/BEVERAGE
SOURCE: Research and Markets
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PUB: 07/19/2021 11:53 AM/DISC: 07/19/2021 11:53 AM