The global palm
oil market is projected to grow at a 7.5% CAGR from 2015 to 2022,
according to an insightful report by Grand View Research, Inc. Palm oil is desired
by consumers due to its beta-carotene content. It is used as one of the
prominent cooking oils in Southeast Asia and has a high valuation as a cash
crop for farmers in the region. In addition, its use as a transfat substitute
has led to the application of palm oil in margarine and other spreads.
The market for palm oil is expected to accrue high
demand from 2012 to 2022 (forecast period) due to steady demand from various
industries. The utilization of palm oil as a component in biofuels is projected
to bode well for the market over the forecast period. Research and development
initiatives undertaken by market leaders to create a viable means of production
are anticipated to open up new avenues for growth. Increasing consumer demand
for bio-based products is expected to drive the market in the forthcoming
years. However, rising environmental concerns and deforestation caused by palm
oil production may hamper global market growth.
Palm oil is considered as a viable alternative for
vegetable oil by consumers in the U.S. and Europe. Biofuels are being seen as a
novel fuel source to reduce greenhouse gas (GHG) emissions. The high adoption
rate of biofuels can be seen as an essential step in prevention of global
warming by various environmental organizations. Private contractors are
offering package deals to countries with an abundance of palm trees to generate
good revenue. For instance, Besteel Berhad, a Malaysian company, is offering
the Tilting Steriliser System, its brainchild for palm oil production. It can
keep production and maintenance costs at an all-time low while giving high
throughput.
Browse full research report on Palm Oil Market: https://www.grandviewresearch.com/industry-analysis/palm-oil-market
The worldwide palm oil market is fragmented by
derivative, application, and region. By derivatives, the market is divided into
palm kernel cake, palm kernel oil, crude palm oil, and others. Major applications
are categorized into construction, consumer goods, automotive and
transportation, electrical and electronics, industrial machinery, and others.
Regions covered in the report include North America,
Central and South America (CSA), Asia Pacific (APAC), Middle East and Africa
(MEA), and Europe. The APAC market dominated in 2014, in terms of demand, due
to easy availability of raw materials and increased purchasing power of
consumers in the region. The India market within APAC is expected to thrive due
to changing lifestyles of the populace and rapid urbanization. Furthermore,
derivatives of palm oil are a constant in diet of Indian consumers due to its
low price in comparison to other types of oil.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/renewable-chemicals
The CSA market is predicted good growth due to
increasing influx of companies willing to invest in the region. Readily arable
land and favorable weather conditions are the factors which can be credited to this
trend. The MEA palm oil market is also predicted to expand immensely over the
forecast period. The Iran palm oil market is expected to thrive due to high
demand from industrial and food application segments. The upward trend of using
natural ingredients to produce cosmetics coupled with Iran being a hub for
cosmetics in the Middle East is projected to augur regional market. The United
Arab Emirates market is also set to accumulate high demand on account of
increasing demand for high-quality food products from locals and tourists.
The North America market is driven by high demand from
consumers in Canada and U.S. In order to attain a constant source of palm oil,
vendors in the market have formed a coalition, North American Sustainable Palm
Oil Network (NASPON). This coalition educates consumers and discusses the
challenges faced by the manufacturers of food product and cosmetics. The Europe
market for palm oil is expected to witness significant growth over the forecast
period owing to the demand from biofuel manufacturers. However, the recent
decision of the European Union to limit the use of palm oil by 2021 can impede
the regional market growth in near future.
Key players in the palm oil market include Godrej
Agrovet Ltd., The Archer Daniels Midland (ADM) Company, IOI Corporation Berhad,
London Sumatera Indonesia, and Wilmar International Limited. The market is
competitive in nature due to changing processing technologies and demand for
improved quality of oil.
About Grand View
Research
Grand View Research, Inc. is a 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. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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