The global palm oil market is anticipated to grow at a considerable CAGR of 4.8% during the forecast period (2023-2030). The production of palm oil is a crucial as it supports the livelihoods of several communities and government GDP, along with accomplishing various sustainable development goals (SDG), such as no poverty, zero hunger, employment, and economic growth. However, its cultivation and continuous expansion due to high and increasing demand has led to many negative effects and subsequent calls to make production sustainable. The world’s consumption of vegetable oils has more than doubled in the past two decades, from 87 million tons in 2001 to 208 million tons in 2021. To produce the same amount of oil, less than one-eighth as much land as soy is required. Palm oil accounts for 6.0% of all cultivated land for vegetable oils globally. About 90.0% of the global palm oil production is produced in Malaysia and Indonesia. The economy of both nations has been stabilized by this significant agricultural product. In 2020, Sabah, a state in east Malaysia near Borneo, produced 5 million tons of palm oil, or 6% of the total amount produced globally.
Browse the full report description of “Palm Oil Market Size, Share & Trends Analysis Report by Nature (Organic and Conventional), by Product Type (Crude Palm Oil, Refined Bleached Deodorized (RBD) Palm Oil, Palm Kernel Oil, and Fractionated Palm Oil), and by End-User (Food & Beverage, Personal Care & Cosmetics, Biofuel & Energy, Pharmaceuticals, and Others) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/palm-oils-market
Palm oil is often associated with deforestation and greenhouse gas emissions, though with global demand for vegetable oil growing, it could be a sustainable solution. Leading palm oil producers Indonesia and Malaysia are aggressively pushing sustainable palm oil production and making the switch to net-zero emissions to allay these worries. For instance, in 2019, The Indonesian government has issued a moratorium on new forest clearance for activities such as palm plantations or logging. This led to deforestation hitting a historic low in 2020. As pledged at the 1992 UN Rio Earth Summit, Malaysia will cap palm oil cultivation at 6.5 million hectares and is committed in its effort to maintain a natural forest cover of over 50% of its total land mass. Till 2021, Malaysia’s forest cover is at 55.3% with an area of 18.27 million hectares.
The Sabah region of Malaysia has introduced the Jurisdictional Certification of Sustainable Palm Oil (JCSPO). By 2025, the programme, which was launched in 2015, has a goal to produce all palm oil in an ethical and environmentally friendly manner. The program also aims of achieving 100% ethical, green-certified palm oil production by 2025. A Sustainable Palm Oil Production has several benefits such as halting deforestation, treating communities and workers fairly and protecting wildlife and the environment.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Nature
o By Product Type
o By End-User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Wilmar International Limited, IOI Corporation Berhad, and Sime Darby Plantation Berhad, among others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Palm Oil Market Report Segment
Nature
Product Type
End-User
Global Palm Oil Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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