Global Palm Oil Market Driven by Rising Demand for Biofuels

Published Date : May 23, 2016

ALBANY, NY, May 23, 2016 - has announced the addition of a new report, titled ‘Global Palm Oil Market Report: 2016 Edition,’ to its online repository. According to the report, the global palm oil market is expected to expand swiftly in the years to come due to factors such as the rising demand for biofuels, the growing world economy, and the increasing population.

Palm oil, which is one of the most commonly used vegetable oils, is primarily obtained from the fruit of the palm tree. Palm oil is used as a cooking oil or for making margarine. Moreover, palm oil has its own medicinal benefits – it is used to prevent vitamin A deficiency, brain disease, cancer, aging, and other medical conditions. Palm oil is also used to treat malaria, high cholesterol, cyanide poisoning, and high blood pressure. This production-efficient, cheap, and highly stable oil is commonly used in a wide variety of cosmetics, food products, and hygiene products. It is also used as a primary source for biodiesel or biofuel. The growing application of palm oil is predicted to benefit the global palm oil market in the years to come. 

The majority of palm oil is produced in Asia, South America, and Africa due to the ample growth of palm trees in these regions. As palm trees require plenty of warmth, rainwater, and sunshine, their cultivation is high in these regions. Some of the prominent companies operating in the global palm oil market are IOI Corporation Berhad, Wilmar International, PT Astro Agro Lestari Tbk, and Sime Darby. With the entry of new companies, the global palm oil market is expected to be highly competitive in the near future.

Changing trends such as the rising demand for sustainable palm oil, mergers and acquisitions, and the increasing supplementation of red palm oil are some of the factors predicted to drive the global palm oil market in the near future. However, factors such as loss of critical habitat for endangered species, impact on the environment, price fluctuations, and deteriorating weather conditions are expected to restrict the growth of the global palm oil market in the near future.

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Malaysia and Indonesia are two of the major countries dealing in the production of palm oil. China, India, and many countries in the European Union are top consumers of palm oil. The increasing demand for sustainable palm oil will fuel the global palm oil market in the near future. Also, mergers and acquisitions are expected to play an important role in the growth of the global market for palm oil. With partnerships and mergers, leading players are predicted to assist new entrants in contributing more to the global market.

Leading companies in the global palm oil market are focusing on introducing new products to match the changing trends. With this, the global market is expected to register rapid growth in the near future. 

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