Summary

The global palm oil market is expected to reach $64.64 billion in 2024, and further grow to $86.98 billion by 2031. As one of the most extensively used edible oils worldwide, palm oil continues to gain momentum across various sectors, from food and beverages to personal care and household products. This press release delves into the key factors, opportunities, and challenges that will shape the future of the global palm oil market.

Rising Consumer Awareness and Demand for Natural Products

Recent years have seen a notable shift in consumer behavior toward health-conscious and ethically sourced products. This trend has had a profound impact on the global palm oil market, as consumers increasingly opt for pure, naturally extracted edible oils that align with their health and environmental principles. Palm oil, recognized for being free from genetically modified organisms (GMOs), gluten, and dairy, has emerged as a preferred choice for consumers who prioritize natural, additive-free products.

This growing consumer awareness extends beyond just the ingredients in their food to encompass the entire production process. Consumers are becoming more informed and concerned about the origins, harvesting methods, and processing facilities of the products they consume. This heightened demand for transparency and traceability in food production has created new opportunities for palm oil suppliers to stand out by offering high-quality, ethically sourced products.

The foodservice industry, in particular, has seen a surge in demand for palm oil due to its versatile applications. Palm oil is widely used in the preparation of various food products, such as baked goods, confectioneries, and packaged snacks, where it enhances the texture, flavor, and shelf life of the final products. As consumer preferences continue to evolve, the demand for palm oil in the foodservice sector is expected to grow further.

Convenience Foods and Modern Trade Channels Propel Market Growth

The global palm oil market is also benefiting from the rising consumption of convenience foods, a trend that has gained momentum in recent years. With the increasing pace of modern life, consumers are turning to ready-to-eat and easy-to-prepare food products. Palm oil plays a vital role in the production of these convenience foods, providing essential properties such as moisture retention, mouthfeel, and flavor enhancement. This has made palm oil an indispensable ingredient in the bakery, confectionery, and packaged food industries.

Moreover, the emergence of modern trade channels, particularly in developing regions, has significantly expanded the availability of palm oil products. In regions such as the Middle East and Africa, the rapid growth of e-commerce and the widespread adoption of digital technology have opened up new opportunities for palm oil manufacturers. The increasing use of social media and the internet in these regions has facilitated the growth of online business, making it easier for consumers to access a wide range of palm oil products.

Retail markets in Gulf Cooperation Council (GCC) countries, for example, have experienced growth rates that far surpass the global average. This expansion is largely driven by rising per capita incomes and the growing influence of digital platforms. As a result, palm oil suppliers are increasingly utilizing these modern trade channels to reach a broader consumer base, thereby driving sales and market growth.

Emerging Markets and Economic Growth Drive Palm Oil Demand

Emerging markets, particularly in Asia, are expected to play a critical role in the growth of the global palm oil market. The rising demand for edible oils in these regions is primarily driven by population growth, improving economic conditions, and changing dietary habits. As more consumers in these markets achieve higher incomes, their purchasing power increases, leading to a greater demand for palm oil and other edible oils.

In addition to rising consumer demand, government policies in emerging markets are also contributing to the expansion of the palm oil industry. For example, in countries like India, the government has implemented measures to encourage domestic palm oil production, including financial support for farmers and favorable investment policies. These initiatives are expected to boost domestic production, create new opportunities for palm oil manufacturers, and ultimately drive market growth.

The increasing demand for palm oil is not limited to food applications. The growing consumerism in emerging markets has also led to a rise in the demand for personal care products, cosmetics, household goods, and other non-food applications of palm oil. This diversification of palm oil usage is further fueling market growth and providing new opportunities for industry players.

Competitive Analysis

•Olam International

•Archer Daniels Midland Company

•Presco PLC

•Agarwal Industries Pvt. Ltd.

•Asian Agri

•Apical Group Ltd.

•IOI Corp Bhd

•Oleo-Fats, Incorporated

•Agropalma Group

•Golden Agri-Resources Ltd.

•Sime Darby Oils Liverpool Refinery Ltd.

•Cargill, Incorporated

•Liberty Oil Mills Ltd.

•Adams Group, Inc.

Palm Oil Industry Research by Segmentation

By Nature:

•Organic Palm Oil

•Conventional Palm Oil

By End Use:

•Food & Beverage Industry

•Foodservice

•Cosmetics & Personal Care

•Retail/Household

By Distribution Channel:

•Business to Business Sales of Palm Oil

•Business to Consumer Sales of Palm Oil

oHypermarkets/Supermarkets

oConvenience Stores

oSpecialty Stores

oOnline Retail

By Region:

•North America

•Latin America

•Europe

•East Asia

•South Asia

•Oceania

•Middle East & Africa

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Table of Contents

1. Executive Summary
1.1. Global Palm Oil Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Price Analysis, 2019-2023
3.1. Global Average Price Analysis, by Nature, US$ Per Unit, 2019-2023
3.2. Prominent Factor Affecting Palm oil Prices
3.3. Global Average Price Analysis, by Region, US$ Per Unit
4. Global Palm Oil Market Outlook, 2019-2031
4.1. Global Palm Oil Market Outlook, by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
4.1.1. Key Highlights
4.1.1.1. Organic Palm Oil
4.1.1.2. Conventional Palm Oil
4.2. Global Palm Oil Market Outlook, by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
4.2.1. Key Highlights
4.2.1.1. Food & Beverage Industry
4.2.1.2. Foodservice
4.2.1.3. Cosmetics & Personal Care
4.2.1.4. Retail/Household
4.3. Global Palm Oil Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
4.3.1. Key Highlights
4.3.1.1. Business to Business Sales of Palm Oil
4.3.1.2. Business to Consumer Sales of Palm Oi
4.4. Global Palm Oil Market Outlook, by Region, Value (US$ Bn) and Volume (Tons), 2019-2031
4.4.1. Key Highlights
4.4.1.1. North America
4.4.1.2. Europe
4.4.1.3. Asia Pacific
4.4.1.4. Latin America
4.4.1.5. Middle East & Africa
5. North America Palm Oil Market Outlook, 2019-2031
5.1. North America Palm Oil Market Outlook, by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
5.1.1. Key Highlights
5.1.1.1. Organic Palm Oil
5.1.1.2. Conventional Palm Oil
5.2. North America Palm Oil Market Outlook, by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
5.2.1. Key Highlights
5.2.1.1. Food & Beverage Industry
5.2.1.2. Foodservice
5.2.1.3. Cosmetics & Personal Care
5.2.1.4. Retail/Household
5.3. North America Palm Oil Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
5.3.1. Key Highlights
5.3.1.1. Business to Business Sales of Palm Oil
5.3.1.2. Business to Consumer Sales of Palm Oi
5.4. North America Palm Oil Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019-2031
5.4.1. Key Highlights
5.4.1.1. U.S. Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
5.4.1.2. U.S. Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
5.4.1.3. U.S. Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
5.4.1.4. Canada Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
5.4.1.5. Canada Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
5.4.1.6. Canada Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
5.4.2. BPS Analysis/Market Attractiveness Analysis
6. Europe Palm Oil Market Outlook, 2019-2031
6.1. Europe Palm Oil Market Outlook, by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.1.1. Key Highlights
6.1.1.1. Organic Palm Oil
6.1.1.2. Conventional Palm Oil
6.2. Europe Palm Oil Market Outlook, by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.2.1. Key Highlights
6.2.1.1. Food & Beverage Industry
6.2.1.2. Foodservice
6.2.1.3. Cosmetics & Personal Care
6.2.1.4. Retail/Household
6.3. Europe Palm Oil Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.3.1. Key Highlights
6.3.1.1. Business to Business Sales of Palm Oil
6.3.1.2. Business to Consumer Sales of Palm Oi
6.4. Europe Palm Oil Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1. Key Highlights
6.4.1.1. Germany Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.2. Germany Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.3. Germany Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.4. U.K. Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.5. U.K. Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.6. U.K. Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.7. France Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.8. France Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.9. France Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.10. Italy Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.11. Italy Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.12. Italy Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.13. Turkey Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.14. Turkey Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.15. Turkey Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.16. Russia Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.17. Russia Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.18. Russia Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.19. Rest of Europe Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.20. Rest of Europe Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.1.21. Rest of Europe Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
6.4.2. BPS Analysis/Market Attractiveness Analysis
7. Asia Pacific Palm Oil Market Outlook, 2019-2031
7.1. Asia Pacific Palm Oil Market Outlook, by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
7.1.1. Key Highlights
7.1.1.1. Organic Palm Oil
7.1.1.2. Conventional Palm Oil
7.2. Asia Pacific Palm Oil Market Outlook, by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
7.2.1. Key Highlights
7.2.1.1. Food & Beverage Industry
7.2.1.2. Foodservice
7.2.1.3. Cosmetics & Personal Care
7.2.1.4. Retail/Household
7.3. Asia Pacific Palm Oil Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
7.3.1. Key Highlights
7.3.1.1. Business to Business Sales of Palm Oil
7.3.1.2. Business to Consumer Sales of Palm Oi
7.4. Asia Pacific Palm Oil Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1. Key Highlights
7.4.1.1. China Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.2. China Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.3. China Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.4. Japan Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.5. Japan Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.6. Japan Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.7. South Korea Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.8. South Korea Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.9. South Korea Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.10. India Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.11. India Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.12. India Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.13. Southeast Asia Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.14. Southeast Asia Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.15. Southeast Asia Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.16. Rest of Asia Pacific Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.17. Rest of Asia Pacific Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.1.18. Rest of Asia Pacific Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
7.4.2. BPS Analysis/Market Attractiveness Analysis
8. Latin America Palm Oil Market Outlook, 2019-2031
8.1. Latin America Palm Oil Market Outlook, by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
8.1.1. Key Highlights
8.1.1.1. Organic Palm Oil
8.1.1.2. Conventional Palm Oil
8.2. Latin America Palm Oil Market Outlook, by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
8.2.1. Key Highlights
8.2.1.1. Food & Beverage Industry
8.2.1.2. Foodservice
8.2.1.3. Cosmetics & Personal Care
8.2.1.4. Retail/Household
8.3. Latin America Palm Oil Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
8.3.1. Key Highlights
8.3.1.1. Business to Business Sales of Palm Oil
8.3.1.2. Business to Consumer Sales of Palm Oi
8.4. Latin America Palm Oil Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1. Key Highlights
8.4.1.1. Brazil Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.2. Brazil Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.3. Brazil Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.4. Mexico Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.5. Mexico Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.6. Mexico Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.7. Argentina Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.8. Argentina Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.9. Argentina Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.10. Rest of Latin America Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.11. Rest of Latin America Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.1.12. Rest of Latin America Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
8.4.2. BPS Analysis/Market Attractiveness Analysis
9. Middle East & Africa Palm Oil Market Outlook, 2019-2031
9.1. Middle East & Africa Palm Oil Market Outlook, by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
9.1.1. Key Highlights
9.1.1.1. Organic Palm Oil
9.1.1.2. Conventional Palm Oil
9.2. Middle East & Africa Palm Oil Market Outlook, by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
9.2.1. Key Highlights
9.2.1.1. Food & Beverage Industry
9.2.1.2. Foodservice
9.2.1.3. Cosmetics & Personal Care
9.2.1.4. Retail/Household
9.3. Middle East & Africa Palm Oil Market Outlook, by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
9.3.1. Key Highlights
9.3.1.1. Business to Business Sales of Palm Oil
9.3.1.2. Business to Consumer Sales of Palm Oil
9.4. Middle East & Africa Palm Oil Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1. Key Highlights
9.4.1.1. GCC Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.2. GCC Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.3. GCC Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.4. South Africa Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.5. South Africa Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.6. South Africa Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.7. Egypt Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.8. Egypt Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.9. Egypt Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.10. Nigeria Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.11. Nigeria Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.12. Nigeria Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.13. Rest of Middle East & Africa Palm Oil Market by Nature, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.14. Rest of Middle East & Africa Palm Oil Market by End User, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.1.15. Rest of Middle East & Africa Palm Oil Market by Distribution Channel, Value (US$ Bn) and Volume (Tons), 2019-2031
9.4.2. BPS Analysis/Market Attractiveness Analysis
10. Competitive Landscape
10.1. Company Market Share Analysis, 2023
10.2. Competitive Dashboard
10.3. Company Profiles
10.3.1. Olam International
10.3.1.1. Company Overview
10.3.1.2. Product Portfolio
10.3.1.3. Financial Overview
10.3.1.4. Business Strategies and Development
10.3.2. Archer Daniels Midland Company
10.3.2.1. Company Overview
10.3.2.2. Product Portfolio
10.3.2.3. Financial Overview
10.3.2.4. Business Strategies and Development
10.3.3. Presco PLC
10.3.3.1. Company Overview
10.3.3.2. Product Portfolio
10.3.3.3. Financial Overview
10.3.3.4. Business Strategies and Development
10.3.4. Agarwal Industries Pvt. Ltd.
10.3.4.1. Company Overview
10.3.4.2. Product Portfolio
10.3.4.3. Financial Overview
10.3.4.4. Business Strategies and Development
10.3.5. Asian Agri
10.3.5.1. Company Overview
10.3.5.2. Product Portfolio
10.3.5.3. Financial Overview
10.3.5.4. Business Strategies and Development
10.3.6. Apical Group Ltd.
10.3.6.1. Company Overview
10.3.6.2. Product Portfolio
10.3.6.3. Financial Overview
10.3.6.4. Business Strategies and Development
10.3.7. IOI Corp Bhd
10.3.7.1. Company Overview
10.3.7.2. Product Portfolio
10.3.7.3. Financial Overview
10.3.7.4. Business Strategies and Development
10.3.8. Oleo-Fats, Incorporated
10.3.8.1. Company Overview
10.3.8.2. Product Portfolio
10.3.8.3. Financial Overview
10.3.8.4. Business Strategies and Development
10.3.9. Agropalma Group
10.3.9.1. Company Overview
10.3.9.2. Product Portfolio
10.3.9.3. Financial Overview
10.3.9.4. Business Strategies and Development
10.3.10. Golden Agri-Resources Ltd.
10.3.10.1. Company Overview
10.3.10.2. Product Portfolio
10.3.10.3. Financial Overview
10.3.10.4. Business Strategies and Development
10.3.11. Sime Darby Oils Liverpool Refinery Ltd.
10.3.11.1. Company Overview
10.3.11.2. Product Portfolio
10.3.11.3. Financial Overview
10.3.11.4. Business Strategies and Development
11. Appendix
11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations