(Food-Beverage-News.Com, August 01, 2024 ) InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Sustainable Palm Oil Market – (By Type (Kernel Oil, Red Palm Oil, White Palm Oil, Fractional Palm Oil), By Distribution Channel (Online, Offline), By End-User (Food, Cosmetics, Bakery Products, Margarine, Pet Food, Ice Cream, Soap And Detergents, Confectionery Products)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
Palm oil is a vastly used vegetable oil from the oil palm tree, found in many food and non-food products. However, traditional production methods have been criticized for causing environmental problems like deforestation and habitat loss. This has led to the growth of the sustainable palm oil market, which focuses on responsible production that minimizes harm to the environment and communities. The market is expanding because more people are aware of these issues. Certification programs like the RSPO (Roundtable on Sustainable Palm Oil) help promote better practices. Consumers increasingly want ethically sourced products, pushing food companies to use sustainable palm oil. As businesses commit to responsible sourcing, the market keeps growing. Collaboration among all stakeholders is important for further expanding the sustainable palm oil market worldwide. Despite some challenges, the industry is moving towards more sustainable practices to meet environmental and social needs.
List of Prominent Players in the Sustainable Palm Oil Market: • Sime Darby Berhad • Hap Seng Plantation Holdings Berhad • Kuala Lumpur Kepong Berhad • IOI Corporation Berhad • Wilmar International Ltd • Cargill, Incorporated. • SIPEF NV • Kulim Berhad • New Britain Palm Oil Ltd • Golden Agri-Resources Ltd. • Archer Daniels Midland • Univanich Palm Oil Public Company Ltd.
Market Dynamics:
Drivers- The market for sustainable palm oil has been driven by several forces, such as consumers, companies, and governments. Consumers' increasing awareness of the negative environmental impacts of conventional palm oil extraction has led to a demand for responsibly sourced palm oil. The sustainable palm oil market is also driven by growing consumer demand for environmentally friendly products, stricter regulatory policies, and increased corporate commitments to sustainability. Certifications like RSPO enhance transparency and credibility. Awareness of deforestation, biodiversity loss, and climate change impacts motivates both producers and consumers. Retailer pressure and market access incentives also play crucial roles in promoting sustainable practices within the palm oil industry.
Challenges: Sustainable palm oil production seeks to mitigate the adverse impacts that conventional palm oil production has on the environment and society. Acquiring accreditation for the sustainable production of palm oil can incur significant expenses and require a substantial amount of time. Smaller enterprises may struggle to afford these expenditures, which could hinder their ability to compete in the sustainable market. The complex interplay of environmental, social, and economic variables in the palm oil industry is the root cause of the problems. A significant problem is the ongoing destruction of habitat and deforestation brought on by the exploitation of palm oil. A decrease in biodiversity and the production of carbon emissions result from illicit logging and deforestation for palm plantations in a number of locations, despite efforts to encourage sustainable practices.
Regional Trends: The North American sustainable palm oil market is witnessing a growing demand for environmentally and socially responsible palm oil production practices. Consumers, food manufacturers, and retailers are increasingly seeking sustainable sourcing options to address concerns related to deforestation, biodiversity loss, and human rights violations associated with conventional palm oil production. Certification schemes such as RSPO (Roundtable on Sustainable Palm Oil) play a crucial role in promoting sustainable practices within the industry. Stakeholders across the supply chain are working towards increasing the availability and adoption of sustainable palm oil to support conservation efforts and meet the ethical expectations of consumers in North America. The Asia Pacific region is expected to maintain a significant market position in the sustainable palm oil industry, thanks to the implementation of innovative tactics by key industry players. Furthermore, the global sustainable palm oil market has the potential for growth due to the existence of prominent market players and the growing cooperation among these businesses to expand their position in the region.
• In Sept 2023, Sime Darby Plantation Bhd and India's Godrej Agrovet Ltd (GAVL) formed a partnership to work together on the supply of oil palm seeds and agricultural innovation. Sime Darby Plantation supplied oil palm seeds to GAVL's commercial unit and constructed a cutting-edge seed production plant in India as a component of the collaboration. The integrated plantation conglomerate had intended to supply India with 1.3 million germinated seeds in 2024, obtained from its operations in three countries, specifically Indonesia, Malaysia, and Papua New Guinea.
Segmentation of Sustainable Palm Oil Market- By Type • Kernel Oil, • Red Palm Oil, • White Palm Oil, • Fractional Palm Oil By Distribution Channel • Online • Offline By End-User • Food, • Cosmetics, • Bakery Products, • Margarine, • Pet Food, • Ice Cream, • Soap And Detergents, • Confectionery Products By Region- North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • Southeast Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
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