According to statistics, the global palm oil market is expected to grow at a CAGR of 3.3% from 2017-2021, and The global palm oil business market is currently worth US$59.75 billion. Based on this figure, the global palm oil consumption is forecast to reach US$59.75 billion by 2022. By the end of 2032, the global palm oil market is expected to grow at a CAGR of 4.2% to reach USD 90.1 billion.
Palm Oil Indsutry Market Prospect
Palm oil consumption accounts for 25% to 30% of the global edible oil market in terms of value. The South Asian palm oil market is leading the way, with the highest share of the global market by value at 39.7%.
Invest in Palm Oil Production Industry is The Right Time
In recent years, consumers with increasing levels of health consciousness are increasingly choosing all-natural derived cooking oils for their cooking. The absence of GMOs, gluten and dairy products in cooking oils such as palm oil is generating interest among consumers worldwide. Consumers want to know exactly what they are consuming, which is good for palm oil extraction suppliers in the foodservice industry and the palm oil pressing machine industry. (Related article: palm oil factory in nigeria>>)
Palm Oil Market Value Share End of 2022
What's more, edible oil is considered to be one of the most widely used commodities in the world. Its wide applicability has contributed to the demand for various edible oils in numerous industries. The COVID-19 pandemic has had a significant impact on the food and beverage industry, affecting the sale and production of commodities. However, consumption of edible oils has not been largely affected by the pandemic, as people around the world consume them on a regular basis. So, investing in palm oil production industry is a profitable business choice indeed. (Related article: palm oil mill business plan >>)
South Asia: Indonesia's Palm Oil Market Is Blooming Today
Indonesia has the highest market share of the palm oil industry among South Asian countries. The country is the leading palm oil producer in the region and a major exporter of palm oil to the rest of the world. The Indonesian palm oil market is currently valued at $8.35 billion and is set to exceed $14 billion by the end of 2032.
ABC Machinery is one professional manufacturer and supplier, offering factory price palm oil extraction plant and refinery equipment for sale, providing customers the best and customized palm oil production business plan with reasonable production cost. Welcome to contact us for getting the latest price list of palm oil extracting machinery to setup your palm oil making line in your local place.
What Is Driving the Global Palm Oil Production Growth?
Growing Convenience Food Consumption Drives Hot Palm Oil Sale
Over the past few decades, consumers have shown a preference for confectionery, bakery and convenience foods. Cakes, pastries and snacks are attracting more customers around the world because of their moist texture, mouthfeel and delicious taste. The use of palm oil is increasing for these delicious, hand-packaged foods. (Related article: palm oil by products>>)
The consumption of packaged and convenience foods is rapidly increasing due to the unstable modern lifestyle. Palm oil is widely used to produce different aromas and give unique flavors to foods that have a longer shelf life.
Modern Trade Styles Has Increased Palm Oil Extraction Manufacturers
The e-commerce sector in the Middle East and Africa appears to be growing at an exponential rate. In the Middle East, rising per capita income, the internet and social media have become the main drivers of online business growth. Since 2015, the Middle East and Africa have seen the fastest growth in social media users, which has helped e-commerce businesses. (Learn more: palm oil extraction factory design and layout >>)
Consumers in the Middle East and Africa have embraced digital technology, which has benefited many types of businesses, including import and export markets. Following the digital consumer awareness phase, edible oil producers are observing a positive outlook.
Emerging Economies Boosts Palm Oil Extracting Market Growth
Increasing demand for edible oil due to population growth and improving economic conditions is expected to remain a major growth driver for palm oil suppliers in the coming years. The palm oil business has greater potential as the government has approved 100% FDI in plantations and has assured considerable financial assistance to farmers in the coming years. This change is expected to boost global palm oil plantations, leading to higher margins and prospects for palm oil manufacturing companies. (Read more: palm oil factory in malaysia>>)
The increased demand for personal care products, cosmetics, household products, and packaged food and beverages is due to a rapid rise in consumerism. This trend also presents attractive potential for the use of palm oil in non-food applications.