Palm Oil Market Status and Trend Report by 2022

Posted by Nicky Arora on December 3rd, 2019

As per the report by Grand View Research, Inc., the Palm Oil Market is poised to rise to a valuation of USD 57.56 billion and is estimated to witness a CAGR of 7.5 % over the forecast period (2015-2022). Numerous government initiatives concerning blending of conventional fuel with bio-based fuel along with growing usage of products as bio-based diesel have been gaining worldwide acceptance over recent years.

Customers worldwide are conscious of bio-based cosmetics, surfactants, and lubricants, which has also driven the growth of the market. Numerous management systems such as POIG, RSPO, etc. have had a positive influence on the market at a global level.

Markets in Europe and North America have a high demand for bio-diesel applications, whereas Asia Pacific is increasingly growing in terms of consumption of edible oil and cosmetics applications. Besides numerous favorable factors, strict environmental rules to govern production, on the other hand, are estimated to hinder the global market development. High manufacturing cost due to adoption of sustainable manufacturing methods is presumed to be another factor hindering the market growth in the future.

Numerous multinationals in this field are constantly investing in their R&D department to improve their product portfolio thereby catering to an extensive application base and sustain in the market. Technical developments along with high foreign assets in the field for sustainable ways of manufacturing is anticipated to create ample of opportunities for industry participants globally.

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The U.S. and Canada have comparatively lesser per capita consumption on account of the dominance of domestic corn oils and soybean under the edible market. Thus, the issue of sustainable sourcing has not been of high importance for corporations in North America and there is still a comparatively low level of awareness of the impacts of its manufacturing among customers. The region is thus anticipated to develop at a slower pace related to emerging regions such as CSA and the Asia Pacific.

In Europe, high consumer income and rising influence of social media have propelled the demand for personal care and high-end cosmetics products. Men are using products such as hair and beard grooming items and are adapting to novel trends in the consumer cosmetics market. Such trends have stimulated cosmetic firms to develop specific products with unique features in order to target these demographics.

Some of the key players effective in the palm oil market are ADM, Wilmar International Ltd., London Sumatra, Cargill Inc., Sime Darby, IOI Corp, and Godrej Agrovet Ltd. The major industry contributors are progressively concentrating on deliberately introducing their products across various areas based on customer preferences and specific product type demand. In addition, the corporations are also taking strong actions to increase their product portfolio in order to cater to a broader market.

About Grand View Research:

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.


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Nicky Arora

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Nicky Arora
Joined: October 15th, 2019
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