Global Palm Oil Market Is Anticipated To Clutch a Value US$ 51 Billion In 2032

In 2022, it is predicted that the worldwide palm oil market would generate US$ 34.33 billion. The palm oil market is anticipated to grow at a CAGR of 4.04% and reach US$ 51 billion between 2022 and 2032.

The growth of the food processing industry and the expanding population in developing countries are both responsible for the market’s development.

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Market Outlook:

The market for palm oil is anticipated to grow at a 3.9% CAGR from 2017 to 21. The advantages provided, such as reducing premature aging, increasing energy levels, improving eye vision, and lowering the risk of heart and cancer diseases, can be blamed for the market’s growth.

One of the key elements promoting the market expansion is consumers’ increasing awareness of such health benefits. Additionally, the growing food sector is increasing demand for the product because it is widely used for frying and a vital component of the preparation of healthy food. Due to these characteristics, it is projected that there were growth potential in the palm oil market throughout the aforementioned time period.

Recent Development in the Market:

In May 2022, Ruchi Soya announced the acquisition of Patanjali’s food retail business. The initiative aims to acquire Patanjali’s food retail business responsibility which comprises packaging, manufacturing, labeling, and retail trading of certain food products along with manufacturing plants located in various parts of India.

In January 2021, Cargill Inc. announced the gaining of ProPortion Foods. With the initiative, Cargill gained two further-processed protein plants in Round Rock, Texas, and Vernon, California. The Round Rock and Vernon facilities will deliver a variety of quality, fully cooked protein products for Cargill’s retail and food service channel customers.

Key Players:

• American Vegetable Oils
• Cargill Foods Inc.
• Grief Inc.
• Fuji Oil Holdings
• Bunge Limited.
• Associated British Foods
• Ruchi Soya Industries

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Regional Analysis:

 The report predicts that North America will dominate the worldwide palm market. The region is expected to earn $12 billion in 2021, accounting for 27% of global revenue. During the projected period, it is anticipated that the U.S. will contribute most to market growth.

The market has grown quickly, which can be ascribed to consumers’ increasing desire for ingesting vegetable oils. The area has a large number of unexplored market potential, which will probably give it room to grow in the future.

The report predicts that from 2022 to 2032, the Asia Pacific palm oil market would expand at a CAGR of 7%. The increased oil consumption among the growing population as well as the high demand from end-use industries like food and beverage can be linked to the regional market’s quick growth. Other significant drivers propelling the industry expansion in the anticipated time frame are the rapid population increase, shifting demographic trends, and a variety of food applications in China and India.

Key Segments of Industry:

• By Product Type :
  • Processed Palm Oil
  • Virgin Palm Oil
• By End User :
  • Foodservices
  • Food Processors
  • Retail
• By Distribution Channel :
  • Modern Trade Channels
  • Franchise Outlets
  • Specialty Stores
  • Online Channels

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