Palm
oil is a versatile and important raw material for food, personal care, and
other commodity products. The volatility in crude prices, comparatively high
hydrocarbon fuel prices along with strong efforts globally to reduce greenhouse
gas emissions, demand for biofuels from the transport sector have significantly
increased. This is mainly owing to palm oil’s competitiveness in productivity
and prices. Rising demand for organic food products, cosmetics, detergents and
other naturally ingredient rich or derived commodities, popularity of palm and
palm kernel oil have increased exponentially over the past decade.
The global
palm oil market is anticipated to reach USD 147.59 billion by 2026 according to
a new study published by Polaris Market Research.
The significant increase in output
of the product was mostly influenced by the continued global expansion of
planted areas of oil palm. The fact became more apparent when oil palm was
featured and considered as a crucial socio-economic harvest in most of its
producing countries. The rising market of the product in the worldwide oils
& fats industry has been accomplished by leveraging its techno economic
advantages compared with the other vegetable oils along with some of the other
developments in respect to environment, health, and security of supply
globally. These positive factors and developments associated with the product
will continue influencing its dominant role globally in the fats & oils
demand and supply equation.
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Palm oil offers the maximum output
value in comparison to other major oilseed crops, such as soya bean, rapeseed,
and sunflower. Indeed, the overall annual value per hectare for the product at
USD 1135 is highly remunerative than the rapeseed at USD 696, soya bean at USD
543 and sunflower at USD 334. Therefore, in an market space in most nations,
where the agricultural or farming land has been shrinking with increasing
urbanization owing to industrialization, which is also coupled with the most
important fact that inside the agricultural industry oilseeds compete with
different grains for larger arable land available, cultivation of oil palm
seems to be the most obvious and potential option to satisfy the needs growing
oils & fats globally.
Asia Pacific is the leading
regional palm oil market in terms of consumption and production of palm oil.
Indonesia and Malaysia are the leading global producers of palm oil. Indonesian
palm oil market cultivation expanded significantly owing to the encouragement
of Indonesian Government’s foreign investment plans. The trade along with
economic liberalization as well as deregulation of policy and
de-bureaucratization created an attracting investment climate.
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In
Malaysia, palm oil market is well developed and a diversified market. Aside the
smallholders and plantations sectors, the processing sector is
well-established, that encompasses the refining, milling, crushing and also the
oleochemical subsectors. The regional demand for palm oil is meet with a small
part production from these two countries and the rest is exported to the USA
and Europe.
Some of the leading industry
participants include Wilmar International, Univanich Palm Oil Public Company
Limited, United Palm Oil Industry Public Company Limited,, Sime Darby
Plantations, Siat Group of Companies, PT Indofood Sukses Makmur Tbk, PT
Astra Agro Lestari Tbk, Musim Mas Group, MM VitaOils Sdn Bhd,, Kuala Lumpur
Kepong Berhad, Kempas Edible Oil Sendirian Berhad, IOI Group, Intercontinental
Specialty Fats, Golden Agri Resources Ltd, Genting
Plantations, Fuji Vegetable Oils Inc, Dekel Oil, Carotino
Group, California Oil Corp, Boustead Group, Alami Group, and
ADM.
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