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.
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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.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry-analysis/palm-oil-market
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
o
U.S.
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
·
Middle East & Africa
·
Central & South America
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press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-palm-oil-market
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Grand View Research
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and headquartered in San Francisco. The company provides syndicated research
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