According to the report by Expert Market Research (EMR), the global palm kernel oil market is projected to grow at a CAGR of 3.5% between 2024 and 2032. Aided by the heightening consumption of palm kernel oil in the food sector, the market is expected to grow significantly by 2032.
Palm kernel oil, derived from the kernel of the oil palm fruit, is a key ingredient in various applications, ranging from culinary uses to industrial products. Its unique properties, such as high saturation level and stability at high temperatures, make it a popular choice in food, cosmetics, and pharmaceutical industries. The palm kernel oil market growth is primarily driven by the increasing global demand for vegetable oils and the versatility of palm kernel oil.
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The food industry remains the largest consumer of palm kernel oil, where it is widely used in the manufacturing of margarine, confectionery fats, and snack foods. Its ability to enhance flavour and texture, along with its cost-effectiveness, has made it a preferred choice in food processing.
The cosmetics industry is another significant contributor to the palm kernel oil market demand. The oil is valued for its moisturising properties and is commonly used in soaps, lotions, and other personal care products. Its natural composition, including vitamins and antioxidants, makes it beneficial for skin and hair care.
In the pharmaceutical sector, palm kernel oil is utilised as an excipient and a base for suppositories. Its compatibility with various drug formulations and stability at different temperatures makes it an effective component in medicinal products.
The growing demand for sustainable and ethically sourced palm kernel oil is influencing market dynamics. With increasing awareness about environmental and social impacts of palm oil production, manufacturers are focusing on sustainable practices. This includes adhering to standards set by organisations like the Roundtable on Sustainable Palm Oil (RSPO), which ensures responsible production that minimises the impact on the environment and communities.
The Asia Pacific region accounts for a significant portion of the palm kernel oil market share, with Indonesia and Malaysia being the leading producers. The favourable climatic conditions and established palm oil industry in these countries contribute significantly to the market.
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Palm Kernel Oil Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Edible Oil
- Cosmetics
- Biodiesel
- Lubricants
- Surfactants
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global palm kernel oil market. Some of the major players explored in the report by Expert Market Research are as follows:
- Cargill Inc.
- Wilmar International Limited
- Sime Darby
- Golden Agri Resources Limited
- Godrej Agrovet Limited
- Others
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