Zion Market Research, the market research group announced the analysis report titled ‘Palm Oil Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
The study concludes that the global Palm Oil Market is expected to grow at a CAGR of 7.2% between 2016 and 2021. The market revenue of $65.73 billion in 2015, is expected to reach $92.84 billion by 2021. The main drivers for the growth of the market increase in numbers of women working outside the home.
Oil palm is the most proficient oilseed crop in the world. One hectare of palm cultivated area is able to produce up to ten times more oil than other leading oilseed crops such as soybean crop. Palm oil is competitively priced against soybean, rapeseed and sunflower oil in the world‘s market for oils and fats. High palm oil consumption countries include China, India, Indonesia, and the European Union.
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Asia Pacific dominated the palm oil market in 2015 which was mainly contributed by increasing palm oil applications inedible and nonedible applications in emerging countries. China is the largest consumer of oils and fats followed by India in the region. Indonesia and Malaysia produce about 85% of the world’s palm oil. Other producer countries include Thailand. China and India are expected to be the most lucrative markets for manufacturers in Asia Pacific. Strong middle-class population in the region and steady economic growth are some other important factors helps to drive the palm oil market in the Asia Pacific region within the forecast period.
Europe and North America are expected to witness low growth on account of sluggish end-use industries in the region. The US and Canada are two of the major consumer in the North America. However, their palm oil consumption is relatively low with domestically produced soybean and corn oils dominating the edible oils market. Relatively low level of awareness of the impacts of palm oil production among consumers may restrain the market in the region in years to come.
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Latin America is expected to be the future market for palm oil market. Rising urban population, and rising middle-class consumer income witnesses new growth opportunities during the forecast period. Furthermore, rising oil palm cultivation in the region is anticipated to witness market growth in the forecast period.
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The Middle East and Africa represent a huge potential for palm oil in future. Improving economic activity is expected to boost the palm oil market in the region. African countries are expected to witness growing palm oil production capabilities as companies are focusing on these markets due to their favorable climatic conditions and available arable land for palm.
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