Global palm oil market growth
The global palm oil market revenue is expected to expand at a significantly CAGR over the forecast period. Increasing adoption of palm oil and its derivatives in manufacturing prepackaged food, as a cleansing products, shampoos, cosmetics, and many personal care products is expected to drive growth of the global palm oil market over the forecast period.
The global market is segmented into on the basis of product, application, and region. On the basis of product, the global market is segmented into crude palm oil, palm kernel oil, palm kernel cake, and others. The crude palm oil product segment is expected to register highest CAGR over the forecast period, owing to crude oil is used as a substitute for vegetable oils such as coconut, sunflower, and groundout globally.
On the basis of application, the target market is segmented into edible oil, cosmetics, bio-diesel, lubricants, surfactants, and others. The edible oil application segment is expected to dominate and expected to continue its dominance over the forecast period.
Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to increasing research and development activities and rising adoption of palm oil in various industrial applications such food, cosmetics, etc. in various countries in the region. The market in Europe is estimated to account for significant share in the target market over the forecast period, owing to rising demand for palm oil in food sector and increasing individual preference towards high-end cosmetics and personal care products in various countries in this region.
Source: The Agriculture News
