Palm oil is edible oil which is extracted from the reddish pulp of fruit of oil palms. Palm oil is naturally reddish in color due to this it has high carotene content. It offers low cost of production when compared to other vegetable oils. Palm oil is mainly used for cooking food besides it is also used in cosmetics, detergents, soaps, and food products. It is also used as bio-fuel and it helps to prevent many various chronic diseases like cholesterol, cancer, vitamin A deficiency, malaria, and high blood pressure.
The growth for Palm Oil & Palm Oil Derivatives market is driven due to factors like improving economic conditions, increasing living standards across the globe, growing demand for palm oil, easily available in the global market, rising health awareness about consumption of palm oil among the consumers, and widely used in manufacturing food products, cosmetics and personal care products and other industries. In addition, introduction of new products, advancement of technologies and increasing investments for R&D activities are expected to drive the market growth. However, stringent government policies, and high transport and packaging costs are expected to hinder the market growth during the forecast period.
Based on geography the Palm Oil & Palm Oil Derivatives market has been primarily divided into Asia Pacific, Middle East and Africa, North America and Latin America. Asia-Pacific regions are rapidly growing due to rising population, increasing production and consumption of palm oil, and rising investments for R&D activities are driving the Palm Oil & Palm Oil Derivatives Market in this region. North America has second largest market share in the Global Palm Oil & Palm Oil Derivatives Market followed by Europe. Middle East & Africa and Latin America regions are expected to witness high growth rate for Palm Oil & Palm Oil Derivatives Market during the forecast period.
Leading companies for Global Palm Oil & Palm Oil Derivatives market are PT Astra Agro Lestari Tbk, IOI Corp, London Sumatra, Kulim Bhd, Trade Winds Plantation, Golden Agri-Resources Ltd., Godrej Agrovet Limited, Cargill Inc., United Palm Oil Industry Public Company Limited, Godrej Agrovet Limited, Sime Darby, and Wilmar International Ltd.
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