Global Palm Oil Market Expected to Reach $87.40 Billion by 2028

The global palm oil market is forecasted to reach $87.40 billion by 2028, growing at a CAGR of 3.30% from 2023. Palm oil is a vegetable oil derived from the fruit of oil palm trees. It is available in two forms: crude palm oil obtained from the fleshy section of the fruit, and palm kernel oil produced by crushing the stone within the fruit. Originally native to Africa, oil palm trees were imported to Southeast Asia as a valuable tree crop.

The food industry has increasingly adopted refined palm oil in recent years due to its functional advantages, adaptability, and widespread availability. It has been used for cooking in Southeast Asia and tropical Africa for centuries. The market is segmented by form, end-use, production, import, and export.

Oil palm plants have a higher productivity rate compared to other vegetable crops, making them crucial for global food security and nutrition. Palm oil is also gaining popularity among consumers worldwide due to its elimination of GMOs, gluten, and milk from edible fats. Additionally, its longer shelf life and lower price compared to other vegetable oils are driving market expansion.

Major palm oil producers, such as Indonesia and Malaysia, are prioritizing sustainable and organic practices to address public concerns about agrochemicals and the demand for organic products. Indonesia dominates palm oil production, while China has become a significant importer.

Crude palm oil dominates the global market due to its lower saturated fat content. The biofuel and energy industry contributes a significant share to the end-use segment.

In conclusion, the global palm oil market is expected to experience substantial growth in the coming years. With its numerous advantages, increasing consumer demand, and focus on sustainability, the industry is likely to expand and reach new heights.

Tags: Production, palm oil, forecast, Market, food security, CAGR, импорт, export, Vegetable Oil