Sustainable Palm Oil Market Size Is Growing Globally by 2024

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Sarasota, FL — 11/16/2017 — Global Sustainable Palm Oil Market: Overview

The vegetable oil that can be consumed safely is obtained from the extraction of the pulp of oil palms is palm oil. Owing to the high beta-carotene component the sustainable palm oil occurs red in color. To manufacture sustainable palm oil the rules and guidance of the roundtable on sustainable palm oil (RSPO) should be followed. Manufacturers can produce certified sustainable palm oil by following environmental and social criteria set by RSPO. Palm oil contains very small amount of cholesterol. Several industries are making ultimate use of the sustainable palm oil thus increasing its demand.

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The market for sustainable palm oil can be fragmented globally into its type and application. Depending on the application, the global market is segregated into food, pet food, soap and detergents, and cosmetics. The food segment is sub-segmented into the bakery, confectionery products, ice cream & other frozen desserts, and margarine. Based on the availability of the types of the palm oil, the market is categorized into palm kernel oil, fractional palm oil, red palm oil, and white palm oil.

The factor that contributes to the market growth is the various uses of the sustainable palm oil in different applications. It is used for cooking and it can be used at high temperatures. It is widely used in the bakery owing to its creamy and smooth texture and it has no smell. The product helps in increasing the longevity of the food as it has a natural perspective effect that resists the oxidation which spoils the food. Palm oil is the highest producing vegetable oil crop thus increasing the market growth. Thus they are cheaper compared to other oils in the market. Sustainable palm oil ingredients are used in the cosmetic industry; it is used in the makeup products and other skin care products. Palm oil is used as a frying fat for many food items and also as a shortening of bakery products.

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Region-wise, the sustainable palm oil market is diversified into Latin America, North America, Eastern Europe, Western Europe, Asia-Pacific, and the Middle East and Africa. The emerging nations such as Malaysia and Indonesia contributed to the largest market share in terms of the palm oil production. Other countries that are involved in the palm oil production are Thailand, Nigeria, Columbia, and Ecuador. China dominated the sustainable palm oil market in terms of palm oil consumption which is followed by EU, Indonesia, India, and the US. The country that was the major exporter of the palm oil was Malaysia.

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Market by Competitive Players

The key market players that are operating in the sustainable palm oil market are Sime Darby Plantation Sendirian Berhad, Golden Agri-Resources Limited, Kulim Berhad, United Plantation Berhad, New Britain Palm Oil Limited, IOI Corporation Berhad, Cargill, SIPEF Group Belgium, Wilmer International Limited, and Kuala Lumpur Kepong Berhad.

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Sarah Thompson

Sarah Thompson

Sarah is a financial reporter, focusing on technology, national security, and policing. Before joining Daily Telescope she worked as a staff writer at Fast Company and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.
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