Market Overview
Market Research Future (MRFR) assessed the global palm oil market 2020 through the review period till 2023. Through the analysis period from 2017 to 2023, the palm oil market is likely to surge at 7.6% CAGR. By 2023, the palm oil market can touch value of decent face value. The rise in adoption of carotene-rich edible oil due to the rise in dietary significance of beta-carotene and lycopene can favor the palm oil market. Increase in awareness about beta-carotene is also gaining attraction as an excellent antioxidant that aid human body to convert beta-carotene into crucial vitamin A. Palm oil is also used as an excellent cooking oil that offer great health-promoting properties, thus used as a nutritional supplement. This can promote expansion of the palm oil market. The rise in demand for crude palm oil, and palm kernel oil among other type of palm oil products can support expansion of the market in the near future. Increase in application of palm oil as bio-diesel, lubricants, cooking oil, and cosmetics among others can favor expansion of the market in the near future.
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Segment Analysis
The segment study of the global palm oil market is done by application and type.
The type-based segments of the worldwide palm oil market are crude palm oil, and palm kernel oil among others. The growing dominance of crude palm oil segment, following the palm kernel oil segment can support market surge. Increase in food application of crude palm oil due to the presence of high level of tocotrienols that makes it an excellent source of vitamin E can drive the segment, thus boost the market rise in the near future.
The application-based segments of the palm oil market are lubricant, bio-diesel, cosmetics, and cooking oil among others. The cooking oil segment can hold its hegemony over the global market in the near future. The expansion of cosmetics segment can also aid the global market witness rise at healthy CAGR in the forecast period.
Regional Analysis
The expansion of the worldwide palm oil market is assessed across Asia Pacific, North America, Europe, and the rest of the world (RoW). In Asia Pacific, the palm oil market can dominate in the near future. The palm oil market can surge at substantial pace through the study period. Malaysia and Indonesia are some major contributors that can win decent share for the global palm oil market in the Asia Pacific region. In North America, the inclination towards functional healthy food can drive the palm oil market in the years to come. Similar growth booster for the palm oil are observed in Europe. In Latin America and in the Middle East and Africa, the market is expected to witness gradual surge in the review period. The expansion of palm oil market in these regions can be attribute to the growing application of palm oil in shampoo, baked goods, confectionery, washing detergents, cosmetics, cleaning agents, and toothpaste.
Competitive Dashboard
Cargill Inc. (U.S.), Godrej Agrovet Limited (India), Golden Agri Resources Limited (Singapore), IOI Corp. (Malaysia), London Sumatra (Indonesia), Sime Darby (Malaysia), Kulim BHD (Malaysia), and Wilmar International Limited (Singapore) are some reputed dealers in the worldwide palm oil market that are profiled by MRFR. The report on the palm oil market reveals multiple causes that can support the market surge in the years to come. Forces that can impede the market are discussed with suitable solutions to resolve them. The indispensable insights on the market aid investors make rational discussions.
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