Palm Oil Market to Surpass US$ 33 Billion by 2022 as Sales in Foodservice Industry Reach US$ 13 Billion by 2022

NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The global palm oil market is likely to reach US$ 50 billion in revenues by 2031, growing at a CAGR of 5% during the assessment period (2021-2031). NEW YORK,Aug. 10, 2022/PRNewswire/ -- The global palm oil market is likely toreachUS$ 50 billionin revenues by 2031, growing at a CAGR of 5% during the assessment period (2021-2031). Demand for palm oil will be driven by its multi-functional properties along with its potential to substitute...

NEW YORK, Aug. 10, 2022 /PRNewswire/ -- The global palm oil market is likely to reach US$ 50 billion in revenues by 2031, growing at a CAGR of 5% during the assessment period (2021-2031).

Demand for palm oil will be driven by its multi-functional properties along with its potential to substitute petrol & diesel. Rising awareness about the health benefits of palm oil such as prevention to cancer, cholesterol, and treating malaria is anticipated to facilitate the demand over the forecast period.

As per Fact.MR's analysis, demand for palm oil is likely to be influenced by evolving regulations in Europe and North America. Palm oil is extensively produced in Southeast Asia, with Indonesia and Malaysia among the top exporters.

However, in the recent past, many European countries, including France and Germany have passed laws and regulations on use of palm oil. This has led to a decline in demand in these countries. As per a report, the French Government has banned the use of palm oil as a biofuel, which has led to challenges for market players.  

Key concerns regarding the use of palm oil as biofuel is that its production involves large scale deforestation. As environmental conservation is one of the key aspects of a fuel being categorized as biofuel, the deforestation concerns has led many European countries to rethink the use of palm oil as a biofuel.

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As per Fact.MR's analysis, while regulations and laws related to the use of palm oil and biofuel will lead to a decline in demand in Europe, strong demand in Asia Pacific is likely to provide an impetus to the market. Further, palm oil is used extensively in cosmetics and food industries across the globe, and demand is likely to surge during the forecast period.

Palm oil is rich in antioxidants and Vitamin E and it has been used to halt the progression of brain lesions, according to studies. Use of palm oil in the retail industry is also likely to boost its demand in the next decade.

Palm oil is used widely in a variety of packaged products such as deodorant, shampoo, and lipsticks. The expansion of retail industry around the world will augur well for the sales of palm oil in the future.

Key Takeaways

Growth Drivers:

Restraints:

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Competitive Landscape:

Palm oil manufacturers are focusing on adopting more sustainable methods of production as end-users are becoming increasingly conscious about environmental conservation. Further, in wake of regulations in European countries, palm oil manufacturers are eyeing the market in Asia Pacific where regulations are not so strict. These leading players are also focusing on developing hybrid palm oil seeds that lead to increase productivity.

For instance,

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More Valuable Insights on Palm Oil Market 

In the latest study, Fact.MR offers a detailed study on palm oil market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of palm oil with analysis across below segments: 

By Product Type:

By End User:

By Distribution Channel:

By Region:

Key Questions Covered in the Palm Oil Market:

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