March 28, 2022 03:10 ET | Source: Vantage Market Research Vantage Market Research

WASHINGTON, March 28, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Palm Oil Market Size, Share & Trends Analysis Report by Origin Outlook (Organic, Conventional), by Product Outlook (Crude Palm Oil, RBD Palm Oil, Palm Kernel Oil, Fractionated Palm Oil), by End-use Outlook (Food & Beverage, Personal Care & Cosmetics, Biofuel & Energy, Pharmaceutical), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Palm Oil Market is expected to grow from USD 62.30 Billion in 2021 to USD 75.69 Billion by 2028 at a CAGR of 3.30% during the forecast period.

Palm Oil Market (also called dendê oil, from Portuguese) is an edible vegetable oil derived from the mesocarp (red pulp) of the oil palm fruit, mainly the African oil palm Elaeis guineensis and to a lesser extent the American oil palm Elaeis oleifera and maripa palm Attalea maripa. Palm Oil Market is naturally red in color due to its high beta-carotene content. Not to be confused with palm kernel oil, which is derived from the same fruit kernel, or coconut oil, which is derived from coconut kernels. The differences are in color (unprocessed palm kernel oil does not contain carotenoids and is not red) and saturated fat content; palm mesocarp oil is 41% saturated, while palm kernel oil and coconut oil are 81% and 86% saturated, respectively.

The demand for Palm Oil Market is driven by its easy availability, various applications, and low cost of product as compared to other vegetable oils. In 2017, India was a major importer of Palm Oil Market, importing nearly 10 million tones of Palm Oil Market. The EU and China followed India as major importers. Its demand has grown exponentially over the years, with imports in 2017 almost triple what they were in 2000. India was also a major consumer of Palm Oil Market in 2018, accounting for about 20% of global consumption. The majority of consumption in India is for food, followed by other industrial uses. Its growing demand in India stems from rapid population growth, which has led to an increase in per capita consumption. The Palm Oil Market in China, another major importer, is affected by the growing demand from industries such as food, feed, and oleochemicals. In the European Union, the second-largest importer of Palm Oil Market is increasingly used as a feedstock for biodiesel production.

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List of Prominent Players in the Palm Oil Market

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Environmental awareness seems to be an important attribute marketers should consider when developing and promoting products. However, consumer awareness of Palm Oil Market as a product ingredient is gradually developing. Palm Oil Market is now considered a more natural product whose naturalness can be harnessed in terms of physical well-being, thereby helping consumers achieve a healthy life and a higher self-esteem. As a result, the demand as an edible oil has increased, leading to an increase in the consumption of Palm Oil Market. This will drive the market growth over the forecast period.

There is great concern about the status of forests and plant diversity. Governments in prominent Palm Oil Market-growing countries such as Indonesia and Malaysia are focused on sustainable and organic production. To achieve this, there are many restrictions on the amount that can be grown and commercialized. Hence, it will hinder the market growth during the forecast period.

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Asia Pacific is projected to dominate the geographic region of the Palm Oil Market with a significant share in 2019. Rising disposable income, major share of global Palm Oil Market production, and replacement of traditional diets by nutritious foods, health concerns over trans-fat consumption and presence of prominent market players contribute to the Palm Oil Market infrastructure in the region.​​​ North America holds the second position in terms of geographic segment share of the market owing to the shift in consumer lifestyle towards healthy eating habits and the growing awareness of the benefits of Palm Oil Market among people in the region.

In June 2020, Sime Darby Plantation released its oil palm genome to support the company's ambition to achieve a deforestation-free industry.

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