The global Palm Oil Market is expected to earn US$ 34.33 billion in 2022. The palm oil market is expected to increase at a CAGR of 4.04% between 2022 and 2032, reaching US$ 51 billion.
The rising population in emerging nations, as well as the rise of the food processing sector, are both responsible for the market’s development.
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Market Outlook:
From 2017 to 2021, the palm oil market is expected to develop at a 3.9% CAGR. The benefits given, such as reduced premature aging, increased energy levels, improved eye vision, and reduced risk of heart and cancer illnesses, can be attributed to the market’s expansion.
Consumers’ growing knowledge of such health advantages is one of the primary factors driving market growth. Furthermore, the booming food industry is raising demand for the product because it is frequently used for frying and is an essential component of healthy food preparation. Because of these qualities, it is expected that the palm oil market would develop throughout the aforementioned time period.
Recent Development in the Market:
Ruchi Soya announced the acquisition of Patanjali’s food retail business in May 2022. The project seeks to purchase Patanjali’s food retail business, which includes packaging, manufacturing, labeling, and retail trading of specific food products, as well as manufacturing units situated throughout India.
Cargill Inc. announced the acquisition of ProPortion Foods in January 2021. Cargill obtained two more-processed protein factories as a result of the program, in Round Rock, Texas, and Vernon, California. Cargill’s retail and food service channel clients will benefit from a wide range of quality, fully cooked protein products produced in the Round Rock and Vernon plants.
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:
According to the survey, North America will lead the global palm market. In 2021, the area is estimated to generate $12 billion, accounting for 27% of worldwide sales. The United States is expected to contribute the most to market growth throughout the forecast period.
The market has expanded rapidly, which can be attributed to consumers’ rising willingness to use vegetable oils. The area has a huge amount of untapped market possibilities, which will most likely allow it to develop in the future.
According to the analysis, the Asia Pacific palm oil market would grow at a CAGR of 7% between 2022 and 2032. The rapid expansion of the regional market may be attributed to increased oil consumption among the rising population, as well as strong demand from end-use sectors such as food and beverage. Other key drivers fueling market progress in the predicted time frame are China’s and India’s fast population growth, altering demographic patterns, and a range of culinary applications.
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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