Global Palm Oil Market Report by Application (Household Cooking, Food & Beverages, Oleo Chemicals, Personal Care, Animal Feed, Bio-fuel) Countries and Company Analysis, 2024-2032

Driving forces for Palm Oil Market

Increasing Requirement for Improved Palm Oil - Essential vitamins including vitamin A and vitamin D, which are critical for general health and wellbeing, are included in fortified palm oil. Additionally, there is a growing need for fortified palm oil as consumer preferences shift toward healthier food options. People might consume up to 25% to 30% more vitamin D and A than they need by using fortified cooking oils. A growing number of countries have launched extensive programs to encourage the fortification of staple foods, particularly oils, in response to rising consumer health consciousness. Furthermore, food fortification's significance and ability to help meet worldwide nutrition targets are being acknowledged by concerned government officials, which is increasing the market share of palm oil.

For instance, in order to boost immunity and fight malnutrition, particularly deficiencies in micronutrients, the Food Safety and Standards Authority of India (FSSAI) presented a proposal in 2021 mandating the mandatory fortification of cooking and edible oil with vitamins A and D. Many palm oil producers are also adopting sustainable methods and making more investments in the creation of nutrient-dense palm oils. For example, in October 2023, Planet Palm—a new line of certified sustainable, traceable, and sustainably sourced palm oil products—was introduced by KTC Edibles, the largest edible oil supplier in the UK, to food producers. Similarly, BASF West Africa and EDCEL Limited introduced the Vitamin A premix for edible oils in September 2021.

Growing Consumer Demand for Personal Care and Cosmetics - Cosmetics and personal hygiene items frequently use palm oil and its derivatives. There are opportunities for palm oil producers to sell certified sustainable palm oil to these businesses due to the expanding cosmetics market and the growing demand for sustainable ingredients.

Growing interest in health is fuelling the market for plant-based foods and goods. There will be a 27% increase in sales of plant-based foods in the US alone in 2021, suggesting a large market for palm oil as a vital component of plant-based substitutes.

Partnerships between businesses and groups such as WWF and &Green are supporting the development of sustainable palm oil. To benefit up to 85,000 inhabitants, &Green, for example, spent USD 12 million in PT Hilton Duta Lestari to create a palm oil supply chain free of deforestation. Market expansion is facilitated by initiatives that enhance rural livelihoods and empower smallholders in areas that produce palm oil.

 For instance, the RSPO's initiatives to teach smallholders in sustainable farming methods and to engage more of them in the organization result in higher production and easier access to markets. Innovations in farming methods and processing techniques raise the productivity and sustainability of palm oil production, attracting stakeholders and investors.

Palm Oil Market in North America

United States Palm Oil Market

The palm oil consumption in North America is comparatively is high and the USA alone is among the highest consumer of palm oil. Its versatility and economy are also known to be the cause as to why palm oil is in high demand. As more and more people consume plant-based and organic foods, the utilization of RSPO certified palm oil in the United States has also increased, however deforestation and environmental degradation issues on the importation of palm oil have also escalated. Therefore, most of the U. S. companies are now engaging in green procurement to ensure they satisfy the growing customer and regulatory expectations of an ethical supply chain. Oct 2023, Cargill will only be supply RSPO certified palm oil in the U, S portfolio by October 2023 as customers demand for sustainable palm oil source increases by replacing the conventional type.

Canada Palm Oil Market

The Canadian market for palm oil is, however, comparatively smaller but rather constantly developing, with the final product being widely used in food industries, production of cosmetics, detergents, and others. Canadian companies are sure about the growing interest in buying the palm oil produced through endurable methods since customers are environmentally conscious. Similar to the situation of the U. S., there are issues surrounding the environment of palm oil production in Canada, leading the latter to steer companies into getting certifications, including RSPO (Roundtable on Sustainable Palm Oil). The same can also be said of other products which include plant-based foods and vegan products in the Canadian market also drives the increase in demand for palm oil. June 2022, The World Association of Zoos and Aquariums (WAZA) and Cheyenne Mountain Zoo have aspire to release the PalmOil Scan app to inform consumers on sustainable palm oil and to scan products for support of Certified Sustainable Palm Oil (CSPO).

Palm Oil Market in Europe

Netherland Palm Oil Market

The Netherlands’ economic role in Europe is rather large and due to that it acts as primary importer and processor of the palm oil supplied to the European market. Palm oil import is known to be well developed in the country through their good port facilities and well-developed transportation facilities to carry the product to different parts of Europe. The sustainability concept is paramount in the Dutch palm oils where most of the dealers are known to support the CSPO or certified sustainable palm oil. The Netherlands is one of the most active supporters of the usage of RSPO-certified palm oil and has a significant record in decreasing the negative effects of the palm oil production. NoPalm Ingredients is a Dutch biotechnology company which has been launched in July 2024 to provide sustainable palm oil and raising €5 million in seed funding by Rubio Impact Ventures. This will assist the company to establish a steady solution to the palm oil market around the world.

Italy Palm Oil Market

Italy is an important consumer of palm oil mainly in its food manufacturing sector where most of the palm oil products are used in baked products, spread and processed foods. Nevertheless, the increased concern by consumers in regard to effects of palm oil on the environment and health, there is increased sustainable sourcing of palm oil. More and more Italian-related companies use RSPO-certified palm oil, this shows that Italy humanity pursue a responsible consumption and sustainable development. The dropout of Italy from the list demonstrates the country’s durable focus on premium-quality food production and sustainability, had an impact on the palm oil market that meets the demand with a responsible approach to the environment.

Asia Pacific Market

Due to the fact that Malaysia and Indonesia are the two leading producers, the Asia Pacific region dominates the palm oil manufacturing industry. Eighty percent of the world's palm oil is produced in these countries alone. The Asia Pacific region is a major source of imports for other continents like North America and Europe.

Government regulations are driving up the penetration of biodiesel consumption in the countries, while biofuel and energy usage in Europe and North America are expected to drive up product demand. Furthermore, it is anticipated that the food and beverage, personal care, and cosmetics sectors would increase their demand for organic palm oil in these nations, which will boost the palm oil industry.

It is anticipated that the industrial market in Asia Pacific will see a significant growth in demand for palm oil, which finds use in lubricants and surfactants. The significance of China's commercial product manufacturing industries is a primary driving force behind this.

Palm Oil Market in the Middle East

Saudi Arabia Palm Oil Market

 Saudi Arabia is onest of the biggest buyers of palm oil in the Middle East region and this is mostly used in the food and beverages industries. Palm oil is used in the production of numerous processed foods like baked products, confectionary foods and margarine which are common in most of the country’s consumers. This in combination with the increase in the consumption of convenience foods and fast foods has equally enhanced the usage of palm oil. However, like in most other aspects, environmental factors are not as significant of an issue as compared to other regions; albeit slowly, the focus is shifting towards sustainable sources of products especially as more global brands who have pledged their support to sustainable production make their way into Saudi. In September 2023 the Saudi Agriculture and Livestock Company (SALIC) has shown interest in investment in vegetable oil products, or a palm oil project, invested in Indonesia.

United Arab Emirates (UAE) Palm Oil Market

The UAE is one of the major re-exporting countries of palm oil owing to the favorable geographical location as well as well-developed infrastructure of ports. The palm oil is widely used in the food chain industry and also in other products that are used in households and in body products. The population of expatriates in the country has risen and the food processing industry is on the rise hence, there is an increase in the imports of the palm oil. Sustainability is emerging as an issue, large companies in the UAE have started integrating RSPO certified palm oil they are witnessing an increasing trend globally. Furthermore, due to the country’s re-export capacities the UAE plays an important role in the palm oil consumption in the Middle Eastern markets.

Company Overview

Archer-Daniels-Midland Company, Boustead Holdings Berhad, IJM Corporation Berhad, IOI Corporation Berhad, Kulim Malaysia Berhad (Johor Corporation), Sime Darby Plantation Berhad, United Plantations Berhad, Univanich Palm Oil Public Company Ltd., Wilmar International Ltd. are among the industry leaders in the Global Palm Oil Market.

Palm Oil Company News

In May 2024, Commercial operations were initiated by 3F Oil Palm, India's first integrated oil palm processing unit. The Palm Oil Processing and Refinery, a state-of-the-art oil palm factory, a zero-discharge effluent plant, a palm waste-based power plant, and supplementary buildings and go-downs are all part of this integrated oil palm project. This facility is the first Oil Palm factory under NMEO-OP in India and the first in Arunachal Pradesh.

In May 2024, the renowned artificial intelligence (AI) technology company Dabeeo started its most recent AI monitoring project for Indonesian palm oil plantations. For the 765 square-kilometre project, the business signed an agreement with Tunas Sawa Erma Group, one of Indonesia's largest palm oil producers.

In January 2024, M11 Industries and Karnataka-based MK Agrotech, a food and edible oil company, announced the start of an oil palm plantation program in Odisha. Under the National Mission on Edible Oils–Oil Palm, the corporation and the government of Odisha signed a memorandum of understanding (MoU).

Application – Market breakup in 6 viewpoints:

1. Household Cooking
2. Food & Beverages
3. Oleo Chemicals
4. Personal Care
5. Animal Feed
6. Bio-fuel

Country –  Market breakup in 25 viewpoints:

North America

1. United States
2. Canada

Europe

1. France
2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. the Netherlands
8. Turkey

Asia Pacific

1. China
2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand

Latin America

1. Brazil
2. Mexico
3. Argentina

Middle East & Africa

1. South Africa
2. Saudi Arabia
3. United Arab Emirates

All the Key players have been covered from 3 Viewpoints:

1. Overview
2. Recent Development & Strategies
3. Financial Insights

Company Analysis:

1. Archer-Daniels-Midland Company
2. Boustead Holdings Berhad
3. IJM Corporation Berhad
4. IOI Corporation Berhad
5. Kulim Malaysia Berhad (Johor Corporation)
6. Sime Darby Plantation Berhad
7. United Plantations Berhad
8. Univanich Palm Oil Public Company Ltd.
9. Wilmar International Ltd.

Report Details: