Palm oil is an edible vegetable oil high in saturated fats and free from trans fats. Palm oil is used in around 50% of food products available in the market. Palm oil derivatives also known as fractions are used in production of prepackaged food, cosmetics, cleaning products, hair care, soaps and other personal care products. Palm oil is also used in manufacturing of bio fuels and exhibiting as a green fuel option for motor vehicles, shipping and Aircraft fuel. Palm kernel cake, a byproduct of palm kernel oil is used as a feed in livestock.
Cost-effectiveness and edible nature of palm oil made it an effective ingredient in production of packaged food products and healthcare products. The widening application spectrum of palm oil in food, cosmetics and personal care products are resulting in significant growth of palm oil & palm oil derivatives market.
However, the environmental concerns associated with production of palm oil are limiting the market growth. Palm oil production is considered as one of the major factors of rainforest destruction in Asia and America. This is shifting the interest of consumers away from use of palm oil biodiesel, particularly in automotive applications.
Palm Oil & Palm Oil Derivatives Market is segmented on the basis of type into crude palm oil, Kernel palm oil, palm oil cake and others
Crude palm oil evolved as a largest market in the palm oil and palm oil derivatives market owing to growing consumption of crude palm oil from food and cosmetics industry as a primary oiling agent. Crude palm oil is extensively used in the manufacturing soaps, shampoos, lotions, candles, cleaning agents, and many other products. Additionally, increasing implementation of Biodiesel 20 and Biodiesel mandate in major palm producing nations associated with increasing production of biodiesel through crude are contributing to the growth of market during the forecast period. Biodiesel production from crude palm oil in Malaysia is expected to increase from 10 million tons in 2018 to 12-13 million tons in 2019 simultaneously contributing to growth of crude palm oil market
Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
Asia-Pacific palm oil & palm oil derivatives market is expected to grow at a higher CAGR during the forecast period high presence of production and consumption environment. More than 80% of palm oil production is located in the region of Myanmar and Indonesia. According to the data published in The United States Department of Agriculture, annual imports of palm oil to India increased from 2 million tons in 2010 to 6.744 million tons in 2017.
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