The global palm oil market size is expected to reach USD 78.0 billion by 2027, expanding at a CAGR of 3.1%, as per a new report by Grand View Research Inc. Factors such as increasing utilization of palm oil in food application coupled with the ascending consumption of the product as a feedstock in biodiesel are expected to be the prime market growth drivers.
The market is expected to witness an increase in the consumption of the product owing to high demand from biodiesel and lubricants sectors of the Asia Pacific region. However, declining socio-economic conditions and hazardous effect on environment associated with palm plantation expansion is expected to restrain industry growth over the forecast period.
Palm cultivation requires suitable climatic conditions and is anticipated to mainly witness growth in the equatorial region countries. The government in these countries is focusing on creating associations in order to encourage the cultivation of the product and is also offering incentives to endorse investments in the sector.
Manufacturers are looking for better alternatives to reduce the total production costs of the product to gain higher shares in the palm oil market and thus the competitive rivalry is anticipated to be high. Thus, new entrants in the industry are likely to observe high competition from the established players.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/palm-oil-market
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