The global palm oil market was valued at USD 44,712.0 Million in 2019 and is projected to reach USD 102,362.0 Million by 2030, expanding at a CAGR of 5.6% during the forecast period. Palm oil is an edible vegetable oil obtained from the fruit of oil palm trees. The scientific name of the oil palm tree is Elaeis guineensis. Generally, two types of palm oil are produced; crude, derived from the fleshy fruit and palm kernel, derived from the kernel or the stone of the fruit. Palm oil is a versatile oil and has many different properties and functions, which makes it a widely used oil. Palm oil is semi-solid at room temperature. It is resistant to oxidation, which provides long shelf-life of products. It is widely used for frying application in the food industry, as it is stable at high temperatures, which helps it to maintain the crispy and crunchy texture of the food. This odorless and slight yellow colored oil does not alter the look and smell of the food.Oil palm trees are native to Africa but were brought to South-East Asia as an ornamental tree crop around 100 years ago. Presently, Indonesia and Malaysia are major producers of palm oil. They export palm oil to various countries across the globe. In the countries in Asia and Africa, palm oil is widely used for cooking. Major applications of palm oil is in the food & beverages industry and biofuel & energy applications. The oil is extensively used in the cosmetics industry and personal care products. Palm oil is an important and multipurpose vegetable oil, which is used as a raw material in food and non-food industries.
Increasing Preference for Organic Products Creating Growth Prospects
The growth of the global palm oil market is attributed to the expansion of the organic farming industry and growing consumer preferences for organic products. Several nations adopting organic farming by implementing regulations and standards. This significantly boosts the demand for organic food products, esp