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Palm oil Industry Report: Analysis and Forecast 2022-2027

Palm oil Industry Report: Analysis and Forecast 2022-2027

Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices by Palm Oil Industry Report

The Palm Oil was valued to be worth 86.39 MMT in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 5.0 percent, achieving a value of around 116.55 MMT by 2027.

The Palm oil industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. As people become more aware of palm oil’s health benefits and demand from end-user groups grows, the market is likely to progress. The Asia Pacific is the biggest category spender by region which is impelling the demand for the palm oil industry.

Palm Oil: Industry Definition and Segmentation

Scope

Palm oil is a vegetable oil made from the mesocarp (reddish pulp) of the fleshy fruit of the oil palm. It originates from the equatorial and generates higher oil that is predominantly used during cooking in developing economies. Unprocessed palm oil is often called red palm kernel oil because of its reddish-orange appearance. To a lesser extent, the oil is often used in cooking, cleansers, beauty products, and bioenergy.

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The palm oil industry report comprises segments:

  • By origin- Organic, and Convectional
  • By product- Crude palm oil, R&D palm oil, palm kernel oil, and fractionated palm oil
  • By application- Household cooking, Food, and beverages, oleochemicals, personal care, animal feed, and Biofuel
  • By region- North America, Europe, Asia Pacific, the Middle East and Africa, and South America

Snapshot of the Report

The regional markets for the industry can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Read Full Report with Table of Contents: – https://www.procurementresource.com/reports/palm-oil-industry-report

Category Drivers

Due to an increasing consumer focus on health and wellbeing, as well as the negative effects of partially hydrogenated oils on cholesterol levels, food, and snack manufacturers are transitioning to trans-fat-free, GMO-free palm oil. Future market expansion will be driven by the growing importance of certified sustainable palm oil (CSPO) against the backdrop of public concerns about environmental, social, and deforestation issues related to palm oil agriculture. The increased focus of developed countries on clean and green fuel, as well as its growing use as a feedstock in biofuel production, is driving demand for sustainably produced palm oil. Palm oil is the oilseed crop with the highest biofuel productivity output, second only to sugarcane in terms of productivity yield.

Category Insight by Region

Malaysia and Indonesia are the world’s largest producers of palm oil, accounting for more than 80% of global production. In 2017, India was the leading importer of palm oil, purchasing over 10 million tonnes, followed by the EU and China. The palm oil market in China, another major importer, is influenced by rising demand from industries such as food, feed, and oleochemicals. It is being used as a feedstock in the production of biodiesel in the EU, which is the world’s second-largest importer.

It’s found in about half of all routinely advertised consumer goods, fueling the industry’s growth. Other factors driving industry growth include its status as the cheapest form of vegetable oil, rising production in Indonesia and Malaysia, rising demand from the food industry for use as margarine, bakery fat, frying fat, and cooking oil, and high yields produced per hectare of palm oil plantation, as well as a shift in consumer preferences, rising disposable income, and per capita consumer spending across all geographies.

Best Procurement Practices

The global Palm Oil Industry Report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of palm oil products across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Palm oil is derived from palm tree seeds. The seeds are planted in a nursery and given daily watering and care for the first eight months of their existence before being transplanted to the plantations. The trees are irrigated and fertilised as needed while growing in the plantations. After 30 months, they are considered mature and ready for their first harvest, which occurs every 7-10 days. On trucks, harvested FFB is transported from the plantations to the mills, where it is steam sterilised. This prepares the FFB for stripping, which involves removing the palm fruit from the bunch while also deactivating any enzymes that could cause the FFB to degrade in quality.

After the FFB is removed, the palm fruit is processed into two main products: Crude Palm Oil (CPO), which is extracted from the fruit’s mesocarp or flesh, and Palm Kernel Oil (PKO), which is extracted from the hard seed in the centre. The first step is to squeeze the CPO out of the fruit’s mesocarp. The oil is next filtered and clarified to ensure it is free of impurities before being dried to meet CPO requirements. At a refinery, the CPO is converted into edible oils (cooking oil, cream, and margarine), oleochemicals (detergents and lubricants), biodiesel (fuel), and lauric acids (used in cosmetics and soaps).

The palm seeds, or remaining kernels, are broken and deshelled. The grains are crushed further to produce crude Palm Kernel Oil (PKO) and Palm Kernel Expeller Oil (PKE), while the shells are removed and sold as biofuel (PKE). Before being used in culinary goods like non-dairy creams and ice creams, the crude PKO is refined further. At the same time, the leftover PKE is frequently utilised to make animal feed.

Key Supplier Profiles included in the palm oil Industry Report

The key market players are Wilmar, Sime Darby, IOI Corporation, Kuala Lumpur Kepong, Asiatic Development, London Sumatra, Boustead, United Plantations Bhd, Asian Agri, and PT Dharma Satya Nusantara Tbk.

The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliernutms.

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Procurement Resource

Procurement Resource ensures that our clients remain at the vanguard of their industries by providing actionable procurement intelligence with the help of our expert analysts, researchers, and domain experts.