Processed Palm Oil is one of the most frequently used vegetable oils, and it has been farmed for millennia as a subsistence crop. Originally from West Africa, they were transported to Southeast Asia by Europeans, and now, this region dominates the global Processed Palm Oil production market.
Processed Palm Oil’s adaptability has allowed it to be utilised in a wide range of items, including cosmetics, detergents, pharmaceuticals, and food. More than half of the items sold in a typical supermarket store come from the Processed Palm Oil industry. Processed Palm Oil utilises approximately ten times less land than rival vegetable oils like sunflower or rapeseed oil, and it also yields more per hectare.
Processed Palm Oil Market: Key Takeaways
- Throughout the projection period, Europe is expected to continue its dominant position in the Processed Palm Oil industry. It is particularly appealing to key stakeholders in the Processed Palm Oil market, with a CAGR of 4.9 percent from 2017 to 2022.
- North America is tremendously important in the Processed Palm Oil business, with a potential opportunity of about US$ 5 billion in 2017. Major firms would be wise to consider this when planning their long-term strategy.
- The virgin category accounts for just a third of the revenue share in the Processed Palm Oil market by product type, and it is unlikely to overtake the processed segment anytime soon.
- By end use segment, the retail segment is expected to account for more than a third of the Processed Palm Oil market. According to studies, it can be found in more than half of all products on store shelves. The food and beverage, cosmetics, animal feed, and pharmaceutical industries all rely on Processed Palm Oil.
- The specialty shop category accounts for barely a fifth of the revenue share by distribution channel in the Processed Palm Oil market, but corporations might invest more resources to improve the prominence of these dedicated stores. Only products sold in the Processed Palm Oil market may be sold in specialty stores, promoting awareness of this multi-purpose natural oil.
How is Multiple Functionality Spurring Processed Palm Oil Uptake across Major Industries?
Processed Palm Oil is used in a range of applications, including food, personal care, and transportation fuel, particularly biodiesel, due to its numerous advantages. Processed Palm Oil is used in nearly half of packaged products, according to the World Wildlife Fund (WWF), ranging from pizzas, doughnuts, and chocolate to deodorant, shampoo, toothpaste, and lipstick.
Processed Palm Oil is extremely adaptable, with a variety of qualities and functions that make it so useful and frequently utilised. Processed Palm Oil, like sunflower oil and olive oil, is commonly used as a cooking oil in Asian and African countries. It’s good for fried foods because it’s more stable at high temperatures.