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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).
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.
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.
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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.
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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:
The soybean oil market is valued at US$ 21 billion in 2022. The demand for soybean oil is likely to grow at 5% CAGR to reach US$ 33 billion by 2031. Rising application of soybean oil in retail industry is one of the key factors driving the growth in the market.
The global cooking oil market is set to reach 250 million tons in volume by the end of 2026. Increasing awareness about health and wellness along is influencing cooking oil market players to offer low-cholesterol offerings.
The global argan oil market is set to grow at over 7% CAGR during the assessment period 2021-2031. Demand for cosmetic grade argan oil is the highest, with this segment accounting for nearly 80% market share through 2031. High demand from cosmetics industry is likely to drive demand for argan oil globally.
: Extra-Virgin Oil Expected to Hold More than 44% of the Avocado Oil Market Share in the Forecast Period. Avocado oil market is expected to grow with a CAGR of ~ 8% in the forecast period.
A recent market study published by Fact.MR on the fish oil offers a global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. Consumption Analysis of Fish Oil from 2016 to 2020 vs. Market Outlook for 2021 to 2031
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