Palm Oil Market Size, Applications, Specification and Forecast by 2021

Global Palm Oil Consumption Market is segmented based on derivative, application, and region. Palm oil is an edible vegetable oil, which is high in saturated fats free from trans fats, is produced from the pulp of the fruit of the oil palm tree. The palm fruit consists of high beta carotene content, which is responsible for the red color of the fruit. There are two main varieties of oil palm tree; Elaeisguineensis (West Africa), and Elaeisoleifera (Central and South America).

Prominent factors that are playing key role in the growth of Palm Oil Consumption Market are increasing use from diverse end-use industries, government initiatives to curb consumption of trans-fat, increasing use of palm oil as bio-diesel, environmental rules, advanced technologies and R&D initiatives to develop sustainable ways of production. Palm Oil Consumption Market is classified, by derivative into Palm Kernel Oil, Crude Palm Oil, Palm Kernel Cake, and others.

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Crude palm oil segment held the largest market share of the Palm Oil Consumption Market and lead the overall market. The factors that are playing major role in the growth of overall market are rising applications such as, surfactants, edible oil, cosmetics, biodiesel, and lubricants over the forecast period.

Palm oil is widely used in food products, detergents, cosmetics, and biofuel. In the U.S., diet palm oil is used as an ingredient but half of all packaged products Americans consume contain palm oil. It is found in soaps, detergents, lipstick, and even in ice-cream. Increasing demand for palm oil across worldwide is estimated to double over the forecast period, due to new plantation and existing one are expanded in Malaysia, Indonesia, Asian Countries, Africa and Latin America.

Palm kernel oil and palm fruit oil differ significantly in their fatty acid composition, but have the same botanical origin. Palm kernel oil is extracted from the seed of the fruit and also in the manufacture of cosmetics. On the other hand, in animal feed industry, palm kernel cakes are widely used. Also, wide use of animal feed in North America and Asia Pacific are estimated to raise the demand for this derivative product.

Palm Oil Consumption Market is classified, by application into Surfactants, Edible Oil, Lubricants, Cosmetics, Bio-diesel, and others. The Edible oil segment accounts for the largest market share of the Palm Oil Consumption Market and lead the overall market, followed by lubricants, surfactants, and biodiesel. This is mainly due to health worries concerning trans-fat consumption have loosened consumer inclinations away from animal fats and vegetable oils comprising high trans-fat towards low trans-fat. On the other hand, strict environmental rules have stimulated consumption of bio-based surfactants and lubricants.

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Palm Oil Consumption Market is segmented, geographically into North America, Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa. Globally, Asia Pacific accounted for the largest market share of the Palm Oil Consumption Market and is expected to remain dominant over the forecast period. The reason being, high investment in R&D associated activities, rising palm oil yield, increase in palm oil plantation.

Asia Pacific and the Middle East and African region are expected to experience robust growth in areas such as industrial applications, and food applications. Due to favorable climatic conditions and available arable land, central & South America and several African Countries are expected to raise production capabilities.

On the other hand, Malaysia and Indonesia palm oil industry presently lead the global production development, as these are also main global exporters, casing an enormous portion of the global trade. Moreover, Latin America and the Middle East and African region are expected to grow at lucrative rate in industrial applications and food applications.

Palm Oil Consumption Industry key players are, ADM, Cargill Inc., Alami Group, United Palm Oil Industry Company Limited, Musim Mas Group, Wilmar International Limited, Kulim Bhd, Sime Darby, London Sumatra, Golden Agri Resources Limited, IOI Corp., Godrej Agrovet Limited, and PT Astra Agro Lestari Tbk.