Author: Vineet Pandey - Business Consultant, Report ID - DS1313005, Published - December 2024
Segmented in Type (Crude Palm Oil, Palm Kernel Oil, Fractionated Palm Oil), Application (Food, Biofuel, Personal Care, Industrial Use) and Regions - Global Industry Analysis, Size, Share, Trends, and Forecast 2023 – 2033
One of the versatile and commonly utilized vegetable oils globally is palm oil due to its significance in industries like food production and personal care products and its cost effectiveness combined with high yield per hectare; it plays a vital role in the agricultural economies of regions, like Southeast Asia. The market, for Palm oil was estimated at $78.4 billion in 2023. It is anticipated to increase to $116.4 billion by 2030 with projections indicating a growth to around $154.3 billion by 2035. This expansion represents a compound annual growth rate (CAGR) of 5.8% over the forecast period.
In the few years the palm oil industry has made great progress emphasizing sustainability and transparency. Initiatives such as using certified sustainable palm oil (CSPO) and innovative oil extraction methods seek to harmonize economic development, with environmental conservation ushering in a more sustainable tomorrow.
Absolute Growth Opportunity = $59.4B
•The Palm Oil market is projected to grow from $78.4 billion in 2023 to $137 billion in 2033. This represents a CAGR of 5.8%, reflecting rising demand across Food Industry, Personal Care and Cosmetics and Biofuel Production.
•The Palm Oil market is set to add $59.4 billion between 2023 and 2033, with manufacturer targeting Biofuel & Personal Care Application projected to gain a larger market share.
•With High yield and cost efficiency, and Rising demand for biofuels, Palm Oil market to expand 76% between 2023 and 2033.
The rising use of RSPO certified palm oil opens up avenues for producers to tap into high end markets.
Advancements in extracting and refining oil contribute, to minimizing waste and environmental harm while boosting the industrys sustainability efforts.
The production in this region is mainly controlled by Indonesia and Malaysia - with more than 85 percent of palm oil output coming from them due, to the influence of extensive plantations and initiatives supported by the government.
In Europes food and biofuel industries the focus is shifting towards RSPO certified palm oil as a key import commodity – aligning with stricter regulations to meet consumer demands effectively
The increase in palm oil production is driven by its productivity levels and cost effectiveness well as its broadening range of uses; however issues like deforestation worries and fluctuating prices continue on as obstacles for the industrys sustainability and progress into the future hinges greatly on sustainable practices and advancements, in technology.
October 2024
Wilmar International introduced a platform utilizing blockchain technology to improve transparency, in tracing palm oil origins.
March 2024
In Southeast Asia Cargill broadened its palm oil processing operations that are certified by the RSPO.
January 2024
Unilever committed to sourcing palm oil free from deforestation by 2030 and has established standards, for the industry.
In the industry the focus on sustainability and transparency is evident, through Wilmars platform and Unilevers efforts to eliminate deforestation.
As a core segment of the Bio-Based C&M industry, the Palm Oil market develops in line with broader industry shifts. Over recent years, transitions such as Sustainability Push and Blockchain Traceability have redefined priorities across the Bio-Based C&M sector, influencing how the Palm Oil market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
The sector is moving towards using certified palm oil (CSPO) which is helping to lessen its environmental footprint and enhance consumer confidence.
Blockchain technology enhances transparency, in supply chains by fostering accountability and trust among those involved.
The chart below highlights how external events including emerging market developments, regulatory changes, and technological disruptions, have added another layer of complexity to the Bio-Based C&M industry. These events have disrupted supply networks, changed consumption behavior, and reshaped growth patterns. Together with structural industry transitions, they demonstrate how changes within the Bio-Based C&M industry cascade into the Palm Oil market, setting the stage for its future growth trajectory.
Sime Darby
IOI Group
Wilmar International
Cargill
Food Industry
Biofuel Producers
Personal Care Manufacturers
| Application Area | Industry | Leading Providers | Provider Strategies |
|---|---|---|---|
Food Industry | Processed Foods | Wilmar International, Nestlé | Sustainable sourcing and refining innovations |
Biofuels | Renewable Energy | IOI Group, Cargill | Efficient refining processes for biodiesel production |
Personal Care | Cosmetics | Unilever, Procter & Gamble | Deforestation-free supply chain commitments |
Industrial Use | Lubricants | Golden Agri-Resources, Musim Mas | High-yield processing techniques for diversified applications |
Elevate your strategic vision with in-depth analysis of key applications, leading market players, and their strategies. The report analyzes industry leaders' views and statements on the Palm Oil market's present and future growth.
Palm oil byproducts are highly regarded for their qualities and are commonly found in soaps, lotions and shampoos. Key players in the market such as Unilever and Procter & Gamble are dedicated to ensuring their supply chains are free, from deforestation to promote sustainability.
Palm oil plays a role as a primary ingredient in biodiesel production to support the use of renewable energy sources worldwide for achieving sustainability goals. A significant focus is put by companies like IOl Group and Cargill, in enhancing refining techniques to boost biofuel output.
Palm oil plays a role in the food industry as it is commonly found in processed foods as well as baked goods and snacks for its cost effectiveness and long shelf life benefits. Corporations such, as Wilmar International and Nestlé are emphasizing procurement methods to meet the demands of environmentally conscious consumers.
Palm oil continues to hold a position in the worldwide oil market because of its versatility and economic advantages despite the increasing popularity of alternatives, like soybean and sunflower oil.
Palm Oil
Soybean Oil / Sunflower Oil / Coconut Oil
Palm oil continues to hold a position in the worldwide oil market because of its versatility and economic advantages despite the increasing popularity of alternatives, like soybean and sunflower oil.
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This market research methodology defines the Palm Oil market scope, gathers reliable data, and validates findings using integrated primary and secondary research. Our systematic framework ensures precise market sizing, growth trend analysis, and competitive benchmarking.
We begin secondary research by defining the targeted market at macro and micro levels. As part of the Bio-Based C&M ecosystem, we analyze Palm Oil across Food, Biofuel, and Personal Care Applications. Our team gathers data systematically from country level ministerial sources, industry associations & federations, trade databases, company annual & quarterly reports and other credential sources, enabling us to map global and regional market size, pricing trends, regulatory standards, and technology advancements.
We benchmark competitors such as Wilmar International, Cargill, and Sime Darby by reviewing company financial statements, and regulatory filings. Our secondary insights identify key market drivers and constraints, forming the analytical foundation for primary research.
We conduct structured interviews and surveys with industry stakeholders, including Plantation Owners, Processors and Refiners, and End User. Our geographic coverage spans Americas (40%), Europe (30%), Asia-Pacific (25%) and Middle East & Africa (5%). Our online surveys generally achieve a response rate of above 65%, and telephone interviews yield 60%, resulting in above 92% confidence level with a ±7% margin of error.
Through targeted questionnaires and in-depth interviews, we capture purchase intent, adoption barriers, brand perception across Segment Type. We use interview guides to ensure consistency and anonymous survey options to mitigate response bias. These primary insights validate secondary findings and align market sizing with real-world conditions.
Our data analysis framework integrates Top-Down, Bottom-Up, and Company Market Share approaches to estimate and project market size with precision.
In Top-down approach, we disaggregate global Bio-Based C&M revenues to estimate the Palm Oil segment, using historical growth patterns to set baseline trends. Simultaneously, in Bottom-up approach, we aggregate Country-Level Demand Data to derive regional and global forecasts, which provide granular consumption insights. By reconciling both approaches, we ensure statistical precision and cross-validation accuracy.
We evaluate the supply chain, spanning Plantation Owners (Sime Darby, IOI Group), Processors and Refiners (Wilmar International, Cargill), and End User. Our parallel substitute analysis examines Soybean Oil, Sunflower Oil, and Coconut Oil, highlighting diversification opportunities and competitive risks.
We benchmark leading companies such as Wilmar International, Cargill, and Sime Darby, analyzing their capabilities in pricing, product features, technology adoption, and distribution reach. By assessing company-level revenues and product portfolios, we derive market share comparisons, clarifying competitive positioning and growth trajectories across the ecosystem.
Our integration of data triangulation, supply chain evaluation, and company benchmarking, supported by our proprietary Directional Superposition methodology enables us to deliver precise forecasts and actionable strategic insights into the Palm Oil market.
We cross-reference secondary data with primary inputs and external expert reviews to confirm consistency. Further, we use stratified sampling, anonymous surveys, third-party interviews, and time-based sampling to reduce bias and strengthen our results.
Our methodology is developed in alignment with ISO 20252 standards and ICC/ESOMAR guidelines for research ethics. The study methodology follows globally recognized frameworks such as ISO 20252 and ICC codes of practice.
| Report Attribute | Details |
|---|---|
| Market Value in 2024 | USD 83.0 billion |
| Revenue Forecast in 2033 | USD 137 billion |
| Growth Rate | CAGR of 5.8% from 2024 to 2033 |
| Base Year for Estimation | 2023 |
| Industry Revenue 2023 | 78.4 billion |
| Growth Opportunity | USD 59.4 billion |
| Historical Data | 2018 - 2022 |
| Growth Projection / Forecast Period | 2024 - 2033 |
| Market Size Units | Market Revenue in USD billion and Industry Statistics |
| Market Size 2023 | 78.4 billion USD |
| Market Size 2026 | 92.9 billion USD |
| Market Size 2028 | 104 billion USD |
| Market Size 2030 | 116 billion USD |
| Market Size 2033 | 137 billion USD |
| Market Size 2035 | 154 billion USD |
| Report Coverage | Market revenue for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends |
| Segments Covered | Type, Application |
| Regional scope | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa |
| Companies Profiled | Wilmar International, Cargill, Sime Darby, IOI Group, Golden Agri-Resources, Unilever, Procter & Gamble, Nestlé, Kuala Lumpur Kepong, ADM, Musim Mas and Felda Global Ventures |
| Customization | Free customization at segment, region or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement which is almost equivalent to 10% of report value |
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