Sustainable Palm Oil Market Size
Sustainable Palm Oil to surpass USD 45,227 million by 2030 from USD 17,320 million in 2020 at a CAGR of 10.32 % in the coming years, i.e., 2021-30.
Palm oil is the vegetable oil that can be safely consumed by the extraction of the pulp of the oil palms. Sustainable palm oil is red due to the high beta carotene ingredient. The rules and recommendations of the Roundtable on Sustainable Palm Oil (RSPO) should be followed to grow sustainable palm oil. By following environmental and social standards set by the RSPO, manufacturers can produce certified sustainable palm oil. A very small amount of cholesterol is present in palm oil. Palm oil is a common ingredient that is found in a wide range of consumer goods products such as household cleaners, cosmetics, food products, snacks, and biofuel.
Market Highlights
The Global Sustainable Palm Oil is expected to project a notable CAGR of 10.32% in 2030.
Global Sustainable Palm Oil to surpass USD 45,227 million by 2030 from USD 17,320 million in 2020 at a CAGR of 10.32 % in the coming years, i.e., 2021-30. Substantial growth in demand for sustainable palm oil from end-use industries coupled with growing consumer awareness regarding the positive health benefits of palm oil is anticipated to be the major factor contributing to the market growth. Additionally, rising disposable income and increasing per capita expenditure on consumer products across the economies are driving then product demand. Apart from that, developing nations have commenced taking up promising policy initiatives to upsurge the global Sustainable Palm Oil market.
Global Sustainable Palm Oil: Segments
Crude Palm Oil segment to grow with the highest CAGR during 2020-30
Global Sustainable Palm Oil is segmented by Product Type into Crude Palm Oil, RBD Palm Oil, Palm Kernel Oil, and Fractionated Palm Oil. Crude Palm Oil, the segment held the largest market share of USD 17,320 million in the year 2020 due to its intensifying use in the food industry. It is also referred to as edible oil.
Biofuel & Energy segment to grow with the highest CAGR during 2020-30
Global Sustainable Palm Oil is divided by End User into Food & Beverage, Personal Care & Cosmetics, Biofuel & Energy, Pharmaceutical and Industrial. The biofuel & Energy segment held the largest market share of USD 17,320 million in the year 2020 and will continue to dominate the market in the coming years. The growth of the segment is driven by the escalating demand for biofuels across the nations. In recent years biodiesel has gained remarkable popularity among consumers as an alternative to diesel. With regards to feedstock, palm oil is emphasized as the conventional feedstock for biodiesel production and is considered a cost-effective substitute for soybean.
An organic segment to grow with the highest CAGR during 2020-30
Global Sustainable Palm Oil is bifurcated by Origin into Organic and Conventional. The organic, segment held the largest market share of USD 17,320 million in the year 2020 and will continue to dominate the market in the coming years owing to the rising awareness among consumers regarding the negative impacts of agrochemicals which are used for the cultivation of conventional crops on the environment and human health.
Market Dynamics
Drivers
Increasing uses of sustainable palm oil in myriad end-user industries
The surging demand for sustainable palm oil from numerous end-user industries is the key factor contributing to the market growth. Palm oil is a multipurpose product that is used not only in foods but also in transport fuel and personal care products. Palm oil is extensively used in the bakery on account of its smooth and creamy texture and also it is odorless. The usage of palm oil in food increases its longevity and its natural perspective effect resists the oxidation that spoils the food. Furthermore, sustainable palm oil demand is escalating in the cosmetics industry where it is used in skincare and makeup products.
Growing consumer awareness about the health benefits of palm oil
Significant growth in the demand for sustainable palm oil due to rising consumer awareness regarding the positive health benefits of palm oil is projected to drive the market in the forthcoming years. It is widely used to prevent vitamin A deficiency, aging, brain disease, high blood pressure, high cholesterol, and in treating malaria. Additionally, palm oil is gaining momentum for its weight loss properties and in improving the body’s metabolism.
Restraint
Lack of awareness regarding sustainable palm oil existence
Many businesses are there are not aware of the basics of sustainability or sustainable palm oil which is estimated to hinder the growth of the sustainable palm oil market. In addition, the stringent regulations administering plantations across the geographies are likely to impede market growth in the coming years. Destruction of forests and replacing them with palm oil plantations wipe out the habitat of animals that have nowhere else to go.
Global Sustainable Palm Oil:
Key Players
-
New Britain Palm Oil Limited
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- Sime Darby
- Golden Agri-Resources Limited
- Astra Agro Lestari
- IOI Corporation Berhad
- Cargill
- KUALA LUMPUR KEPONG BERHAD
- Wilmer International Limited
- Kulim Berhad
- United Plantation Berhad
- SIPEF Group Belgium
- Other Prominent Players
Global Sustainable Palm Oil: Regions
Global Sustainable Palm Oil is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Sustainable Palm Oil in the Asia Pacific held the largest market share of XX.X% in the year 2020. The Asia Pacific will continue to dominate the global Sustainable Palm Oil. The Asia Pacific is led by Malaysia and Indonesia which are major producers of palm oil. Other countries involved in the production of palm oil include Thailand, Nigeria, Columbia, and Ecuador. China is leading the sustainable palm oil market in terms of consumption followed by the EU, Indonesia, India, and the US. Other developing nations such as Europe and North America are greatly dependent on imports from Asia Pacific regions.
Global Sustainable Palm Oil is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGthe R – the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Sustainable Palm Oil report also contains analysis on:
Sustainable Palm Oil Segments:
- By Origin
- Organic
- Conventional
- By Product Type
- Crude Palm Oil
- RBD Palm Oil
- Palm Kernel Oil
- Fractionated Palm Oil
- By End-User
- Food & Beverage
- Personal Care & Cosmetics
- Biofuel & Energy
- Pharmaceutical
- Industrial
- Sustainable Palm Oil Dynamics
- Sustainable Palm Oil Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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