Palm Oil is a nutritious vegetable oil derived from palm fruit. They are originally from Western Africa but are now grown throughout Africa, Asia, North America, and South America. Palm oil contains carotenes like lycopene and beta-carotene in abundance. Moreover, palm oil has a high resistance to oxidation and therefore has a long shelf life. The most commonly used palm oil are crude palm oil, palm kernel oil, and others. They are applicable to cooking oil, bio-diesel, lubricants, cosmetics, and others.
Asia Pacific is dominating the market and is expected to have a substantial growth over the forecast period, 2017-2023. Indonesia and Malaysia, being the major producers and exporters of global palm oil market have the highest contribution to the growth of palm oil market in Asia Pacific. Moreover, palm oil is found in approximately 40-50% of household products in Australia.
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Some of the key players profiled in the Global Palm Oil Market are Cargill Inc. (U.S.), Wilmar International Limited (Singapore), Sime Darby (Malaysia), IOI Corp. (Malaysia), Golden Agri Resources Limited (Singapore), Kulim BHD (Malaysia), Godrej Agrovet Limited (India), London Sumatra (Indonesia)
Global Palm Oil Market is segmented into Type and Application.
On the basis of type, the palm oil market is segmented into crude palm oil, palm kernel oil, and others. Among all, crude palm oil is dominating the market followed by palm kernel oil. Crude palm oil has less saturated fat than palm kernel oil. Moreover, crude palm oil has a high level of tocotrienols which makes it an outstanding source of vitamin E and a powerful antioxidant, driving the growth of the segment.
On the basis of the Application, the Palm Oil Market is segmented into cooking oil, bio-diesel, lubricant, cosmetics, and others. Amongst the entire cooking oil segment is dominating the market. However, cosmetics segment is expected to witness high growth over the forecast period.
Palm Oil Market is segmented into Europe, North America, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the market and is witnessed to have a substantial growth over the forecast period with increasing consumption of palm oil in different industries. Indonesia and Malaysia are the major producers and exporters of palm fruit which are majorly contributing to the growth of palm oil market in Asia Pacific.
North America and Europe are projected to have a moderate growth during the forecast period. Moreover, Latin America and the Middle East & Africa are anticipated to be the fastest growing region in palm oil market over the estimated period.
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