Palm oil is the most widely accepted edible oil across the globe, produced from the pulp of fruits. This wide acceptance by key players operating in the food manufacturing and food service industry can be justified by its functional properties. Palm oil is known to offer a good balance between the taste, texture, and nutritional composition of a product. High stability over time, neutral taste and smell, smooth and creamy texture, and versatility are other factors responsible for increased penetration of palm oil across the globe. As an oil, it is versatile with over 20 derivatives, all with varying melting points, allowing it to be used across sectors and commodities.
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Different voluntary standards and certifications have emerged in the recent past to ensure that palm oil is produced in accordance with globally recognized standards, addressing various environmental and social issues. As such, high functionality, cost efficiency, and widespread availability is anticipated to trigger the growth of the palm oil market, at an expected CAGR of over 4% through 2031.
Key Take a ways from Market Study
- The global palm oil market is set to witness substantial 1.5X volume growth over the forecast period of 2021 to 2031, owing to increased demand for from food manufacturers and key players operating in the food service industry.
- Developing regions of South Asia and East Asia are expected to dominate the global market, accounting for more than 60% value share. This is attributable to higher per capita expenditure on food & beverage products along with thriving food service industry in these regions.
- The market is being benefited from several trends, including transparency and traceability, shifting consumer preference for organic and GMO-free products, increase in consumption of convenience food, and others.
- The outbreak of COVID-19 has had a major impact on the food & beverage industry, which has also led to a negative impact on commodity sales and production. However, palm oil consumption has not been highly impacted as it is regularly consumed by consumers around the globe.
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Competitive Landscape
Key players manufacturing palm oil are focusing on business expansion strategies through acquisitions, partnerships, and mergers to establish their global footprint and gain access to a wider customer base.
- In 2020, Cargill, Incorporated announced the expansion of its segregated sustainable palm oil capacity in North America. With this expansion, the company became North America’s first large-scale supplier of segregated palm oil certified by the Round table for Sustainable Palm Oil (RSPO).
- In 2019, IOI Corp Bhd announced its plan to acquire more palm plantations to strengthen its position in the global market. The company also said that it is interested in purchasing plantations close to its existing ones in Sabah and Kalimantan, Indonesia, as part of its move to invest further in its upstream business.
- In 2018, Presco PLC. completed the acquisition of 17,600 hectares located in Edo State. This acquisition was done with a view to increase its oil palm and rubber plantations. The company’s investment efforts were aimed at boosting profitability and ensuring increased returns.
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