The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Rising biofuel demand is likely to promote innovation in palm oil manufacturing, propelling the market during the forecast period.

The global palm oil market is expected to grow from $61.15 billion in 2022 to $64.67 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The global palm oil market size is expected to reach $78.48 billion in 2027 at a CAGR of 5.0%.

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Global Palm Oil Market Segments Include:

• By Product: Crude Palm Oil, RBD Palm Oil
• By Nature: Organic, Conventional
• By End Use: Food And Beverage, Personal Care And Cosmetics, Biofuel And Energy, Pharmaceutical, Industrial
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global palm oil market in 2021.

Major Market Players in the palm oil market include Wilmar International Ltd., Sime Darby Plantation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, United Plantations Berhad, Kulim (Malaysia) Berhad, PP London Sumatra Indonesia.

Technological developments are the most prevalent trend in the palm oil market. Major palm oil firms are developing innovative technology to ensure the effective supply of palm oil products and to maintain their market position. For example, Unilever plc, a UK-based consumer goods firm focused on sustainable palm oil, began a trial project in March 2022 that uses SAP blockchain technology to authenticate the origin of its palm oil. This initiative’s adoption has the potential to transform the transparency, traceability, and sustainability of palm oil production. Furthermore, this project allows for the participation of small-scale producers from the countries of origin, which improves the supply chain’s sustainability.

The Palm Oil Global Market Report 2023 provides a palm oil market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The palm oil market forecast analyzes palm oil market size, palm oil market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Palm oil is an edible vegetable oil produced from palm fruits that is used as a moisturising solution as well as in the preparation of healthy meals. It is also used in detergents, cosmetics, biofuels, and food.

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