Palm Oil Market Precise Study on Factors, Drivers and Key Players Strategies Analyzed Till 2022

In 2014, global palm oil market was valued at USD 57.56 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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