IMARC Group’s report titled “Palm Kernel Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global palm kernel oil market growth. The global market size reached US$ 15.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.14% during 2024-2032.
Factors Affecting the Growth of the Palm Kernel Oil Industry:
- Growing Demand for Vegetable Oil:
The growing demand for vegetable oil due to changing dietary habits of individuals is offering a positive market outlook. In addition, people are increasingly preferring healthier alternatives, which is propelling the market growth. Besides this, palm kernel oil is a versatile oil at a relatively low cost and suitable for individuals seeking healthier cooking oils and food products. Moreover, it has a neutral flavor and high saturated fat content, making it suitable for various culinary purposes, such as frying and baking. Additionally, palm kernel oil is a preferred choice for food manufacturers due to its stability at high temperatures and extended shelf life.
- Thriving Cosmetic and Personal Care Industry:
The increasing utilization of palm kernel oil in the cosmetic and personal care sector is contributing to the market growth. In line with this, it is known for its moisturizing properties and has a non-greasy texture, which makes it suitable for numerous skincare and haircare products, such as lotions, creams, shampoos, and soaps. Furthermore, people are seeking natural and sustainable ingredients in their personal care products, which is impelling the growth of the market. Moreover, people are purchasing cosmetic products that are ethically sourced, reduce environmental impact, and are free from chemicals.
- Rising Consumption of Processed Food Products:
The rising employment of palm kernel oil in the food and beverage (F&B) industry is supporting the growth of the market. In addition, palm kernel oil is versatile and suitable for various culinary applications. Apart from this, it has a high melting point and resistance to oxidation, which makes it a preferred choice for frying. Furthermore, the increasing consumption of processed food products among the masses across the globe is bolstering the market growth. In line with this, palm kernel oil assists in enhancing the texture and extending the shelf life of food products.
Leading Companies Operating in the Global Palm Kernel Oil Industry:
- Astra Agro Lestari
- Cargill Incorporated
- Golden Agri Resources Ltd
- IOI Corporation Berhad
- Musim Mas
- Sime Darby Plantation Berhad (Permodalan Nasional Berhad)
- United Palm oil Industry Public
- Wilmar International Ltd
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Palm Kernel Oil Market Report Segmentation:
By Product:
- Fractionated Palm Kernel Oil
- Primary Palm Kernel Oil
Fractionated palm kernel oil represented the largest segment due to its ability to improve the texture, stability, and shelf life of food products.
By Application:
- Edible Oil
- Cosmetics
- Bio-diesel
- Lubricants
- Surfactants
Edible oil accounted for the largest market share as it has a neutral flavor and high smoke point, making it suitable for frying, sauteing, and baking.
Regional Insights:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Asia Pacific enjoys the leading position in the palm kernel oil market on account of the rising demand for processed food products among individuals.
Global Palm Kernel Oil Market Trends:
Palm kernel oil is increasingly utilized as a feedstock in the production of biofuels, particularly biodiesel. In addition, there is a rise in the need to reduce dependence on fossil fuels and mitigate environmental concerns. The renewable and cleaner-burning characteristics of palm kernel oil make it a viable option for biofuel production.
The increasing focus on sustainable and responsible palm oil production to reduce carbon footprint is strengthening the growth of the market. Consumers are increasingly seeking products made with sustainably sourced ingredients.
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