Overview and Scope
Palm oil is an edible vegetable oil that is extracted from palm fruits that are used as a moisturizing solution and also for cooking healthy recipes. It is also utilized in detergents, cosmetics, biodiesel, and culinary goods.
Sizing and Forecast
The palm oil market size has grown steadily in recent years. It will grow from $63.92 billion in 2023 to $66.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to rise in global population, industrialization in food processing, economic development in emerging markets, versatility in applications, consumer demand for processed foods, trade liberalization..
The palm oil market size is expected to see steady growth in the next few years. It will grow to $81.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global biofuel policies, sustainable and certified palm oil demand, alternative uses in non-food industries, regulatory measures on deforestation, shifts in culinary preferences.. Major trends in the forecast period include certification programs, transparency and traceability, r&d for sustainable varietie, collaboration across the supply chain, technological innovations in plantation practices..
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/palm-oil-global-market-report
Segmentation & Regional Insights
The palm oil market covered in this report is segmented –
1) By Product: Crude Palm Oil, RBD Palm Oil
2) By Nature: Organic, Conventional
3) By End Use: Food And Beverage, Personal Care And Cosmetics, Biofuel And Energy, Pharmaceutical, Industrial
Asia-Pacific was the largest region in the palm oil market in 2023. North America is expected to be the fastest-growing region in the palm oil market report during the forecast period. The regions covered in the palm oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9832&type=smp
Major Driver Impacting Market Growth
Increasing demand from the biofuel industry is expected to propel the growth of the palm oil market going forward. Biofuel is the same as any type of fuel that is produced from biomass, also known as organic matter. Biofuel can be produced from palm oil through a process called transesterification, in which the oil is converted into biodiesel, palm oil is a popular feedstock for biodiesel production due to its high yield and availability, which improves air quality. For instance, in 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global demand for biofuels is expected to grow by 41 billion litres, or 28%, over 2021-2026. Therefore, increasing demand from the biofuel industry is driving the growth of the palm oil market.
Key Industry Players
Major companies operating in the palm oil market are developing innovative products, such as bioengineered palm oils, to meet larger customer bases, more sales, and increase revenue. Bioengineered palm oil refers to palm oil derived from genetically modified (GM) or genetically engineered (GE) oil palm trees. For instance, in November 2022, C16 Biosciences, a US-based oil and fats-producing company, launched Palmless. Palmless, a unique bioengineered palm oil developed through fermentation, is poised to revolutionize numerous consumer industries by eliminating the need for environmentally detrimental agricultural sourcing in the global south. With this product, consumer goods companies can harness the advantages of palm oil without contributing to environmental devastation, as it is produced through a sustainable fermentation process, offering a responsible alternative. Through innovative fermentation techniques, C16 Biosciences can cultivate Palmless in their labs, providing a biodesigned alternative that not only meets the demand for palm oil but also surpasses the usage profile of naturally-derived palm oil.
The palm oil market report table of contents includes:
.
.
.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Overview and Scope A preclinical asset refers to all clinical trial supplies or equipment for…
Overview and Scope Hidradenitis suppurativa (HS) is a chronic skin condition that causes painful lumps…
Overview and Scope Cerebral palsy (CP) is an array of neurological illnesses that develop in…
Overview and Scope Artificial intelligence (AI) in accounting refers to the application of AI to…
Overview and Scope Alopecia areata, also known as spot baldness, refers to an autoimmune disorder…
Overview and Scope Artificial intelligence (AI) in education refers to applying AI in the classroom…