High Demand for Palm Oil in End Use Industry Expected to Drive Global Sustainable Palm oil Market: Ken Research
The palm oil is an edible vegetable oil obtained from mesocarp of oil palms. The oil is made in reference to rule of round on sustainable palm oil (RSPO). RPSO is an organization which is established for transforming the markets for making a sustainable palm oil as a norm. The sustainable palm oil is red in color due to high amount of beta carotene content in it. The advantage associated to being low in cholesterol content has led to sustainable palm oil driving the primary force fueling the market growth over the sustainable palm oil market. Moreover, there have been rise in number of cardiovascular disease patients globally, this has led to surge in demand for sustainable palm oil. The palm oil wide scale applications over a variety of industries have led to production of key products such as ice cream, soaps, lipstick, detergents, and others, is also expected to propel the growth of sustainable palm oil market over the forecast period.
According to study, “Global Sustainable Palm oil Market to reach USD 29.6 billion by 2026” the key companies operating in the global sustainable palm oil market are Golden Agri-Resources Limited, United Plantation Berhad, Sime Darby Plantation Sendirian Berhad, New Britain Palm Oil Limited, Kulim Berhad, Wilmer International Limited, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, Cargill, SIPEF Group Belgium.
Based on the availability of the types of the palm oil, sustainable palm oil market is segmented into palm kernel oil, red palm oil, fractional palm oil, and white palm oil. In addition, based on application, market is segmented into food, soap, pet food, and detergents, and cosmetics. The food segment is further sub-segmented into the bakery, ice cream & other frozen desserts, confectionery products, and margarine.
The sustainable palm oil market is driven by supportive government norms & initiatives to support sustainable palm oil production, followed by rise in utilization of palm oil as an ingredient and growth in adoption in various end-user industries such as food and personal care & cosmetic. However, price volatility of palm oil and low awareness about the sustainable palm oil’s (SPO) may impact the market. Moreover, health benefits associated with palm oil and growth in initiatives in palm oil production by the market players are key opportunities for market.
Based on geography, the European region dominates the global sustainable palm oil market owing to high demand for palm oil in end use industry such as food industry in the region. Whereas, the Asian-Pacific and North-American regions are anticipated to exhibit substantial growth rate due to presence of top producer and consumer of palm oil namely Indonesia and Malaysia over the forecast period. In upcoming years, it is estimated that future of the global market will be optimistic on account of environment-friendliness of palm oil during the forecast period. The global sustainable palm oil market is valued approximately US $16.3 billion in 2019 and is likely to grow with a healthy growth rate of more than 9.17 % over the forecast period 2020 to 2026.
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Ankur Gupta, Head Marketing & Communications