Discover trends, market shifts, and competitive outlooks for the palm oil industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#What is the Projected CAGR for the Palm Oil Market Size from 2025 to 2034?

The market size for palm oil has seen consistent expansion over the past few years. From 2024 to 2025, there is a projected growth from $66.99 billion to $70.21 billion, with a compound annual growth rate (CAGR) of 4.8%. Several factors have catalysed this progress historically, including global population growth, increased industrialization in food processing, economic advancement in developing markets, multitude of application uses, heightened consumer preference for processed foods, and relaxed restrictions on trade.

In the coming years, the palm oil market is anticipated to witness robust growth, scaling up to $85.47 billion in 2029 with a compound annual growth rate (CAGR) of 5.0%. The projected growth in this forecast period is due to factors such as global biofuel policies, the rising demand for sustainable and certified palm oil, its diverse uses in non-food industries, regulatory actions against deforestation, and changes in cooking tastes. The period also highlights several prominent trends, like the introduction of certification programs, push for transparency and traceability, research and development for eco-friendly varieties, cooperation throughout the supply chain, and technological advancements in farming practices.

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Which Factors and External Forces Are Driving Demand in the Palm Oil Market?

The surge in the biofuel industry’s demand is anticipated to boost the palm oil market’s expansion. Biofuel, a fuel type derived from biomass or organic matter, can be obtained from palm oil through a method known as transesterification. This process changes the oil into biodiesel, making palm oil an ideal choice for biodiesel production due to its high yield and accessibility, thereby enhancing air quality. To illustrate, the Department for Transport, a UK government body, stated in November 2023 that the percentage of road accidents involving personal injury increased to 6.8% in 2022, from 5.4% in 2021. Hence, the escalation in the biofuel industry’s demand significantly contributes to the growth of the palm oil market.

Which Segments in the Palm Oil Offer the Most Growth?

The palm oil market covered in this report is segmented –

1) By Product: Crude Palm Oil, RBD Palm Oil

2) By Nature: Organic, Conventional

3) By End Use: Food And Beverage, Personal Care And Cosmetics, Biofuel And Energy, Pharmaceutical, Industrial

Subsegments:

1) By Crude Palm Oil (CPO): Refined Crude Palm Oil, Raw Crude Palm Oil

2) By RBD Palm Oil: RBD Palm Olein, RBD Palm Stearin

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What Are the Fastest-Growing Geographies in the Palm Oil Market?

Asia-Pacific was the largest region in the palm oil market in 2024. North America is expected to be the fastest-growing region in the palm oil market report during the forecast period. The regions covered in the palm oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which Cutting-Edge Market Trends Are Expected to Drive thePalm Oil Market’s Growth?

The rise of technological innovations has emerged as a pivotal trend in the palm oil market. Major players in the palm oil sector are increasingly incorporating new technologies to streamline their palm oil product delivery and reinforce their market standing. For instance, in March 2022, Unilever PLC, a British consumer goods firm committed to sustainable palm oil, initiated a trailblazing project that employs SAP blockchain technology to authenticate the source of its palm oil. The adoption of this scheme could transform the transparency, traceability, and sustainability aspects of palm oil manufacturing. Additionally, this initiative encourages the participation of small-scale producers in the origin countries, thereby bolstering the sustainability of the supply chain.

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What Are the Key Elements That Define the Palm Oil Market?

Palm oil is an edible vegetable oil that is extracted from palm fruits that are used as a moisturizing solution and also for cooking healthy recipes. It is also utilized in detergents, cosmetics, biodiesel, and culinary goods.

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