In 2014, global palm oil market was valued at USD 61.09 billion. The market is poised for growth owing to the increasing demand from the various end-use industries. Government and other correlated organizations across many countries have taken measures to limit the trans-fat intake over the past few years. Protocols regarding increased utilization of palm oil in the form of biodiesel as well as fuel mixing with bio-based fuel has gained recognition in recent past.
Technologies and research & development initiatives to create viable means of production offer immense prospects for the industry participants. Meting out operations to deliver products with a high value offer huge opportunities for growth of global palm oil market over the forecast period.
Crude palm oil dominated the global palm oil market accounting for over 75% of the market in 2014. Growing application in surfactants, cosmetics, lubricants, edible oil and biodiesel was responsible for this high market share. Crude palm oil is also expected to experience the maximum growth rate, at a probable CAGR of 7.5% from 2015 to 2022. It is used extensively for the purpose of cooking. Crude palm oil has relatively lower prices as compared to its competitors which make it the best-chosen cooking oil, predominantly in South East Asia and West Africa.
Edible oil had the largest market share of over 65% in 2014. Rising health concern regarding high consumption of trans-fat has made consumers shift from vegetable oils and animal fats to edible oil which has relatively lower trans-fat content. Biodiesel is predicted to grow at a very high growth rate, at an expected CAGR of 8.8% from 2015 to 2022.
Global palm oil market volume by product, 2012-2022 (Million Tons)
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Easy availability of significant raw materials along with the increased disposable income levels in India, South East Asia, and China is anticipated to benefit the overall Asia Pacific market over the forecast period. Asia Pacific ruled the market accounting for more than 60% of the market share in 2014.
India is accounted to be the major palm oil importers in the world. Central & South American market is anticipated to experience increased production capabilities. Companies have eyed these markets owing to their plentiful arable land and favorable climatic conditions.
Global palm oil market is integrated having few companies ruling the market and is characterized by increased threat of new market players. Key industry participants comprise of Wilmar International Ltd., ADM, London Sumatra, Sime Darby, Cargill Inc., Godrej Agrovet Ltd. and IOI Corp. These corporations have taken up measures to attain a competitive advantage and to diversify their product line.
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