Palm oil market projected to reach $106.5 billion by 2032 with 4.7% CAGR growth

From GlobeNewswire: 2025-01-23 09:00:00

The Palm Oil Market was valued at $70.4 billion in 2023, projected to reach $106.5 billion by 2032 with a 4.7% CAGR. Key players like Wilmar International and Sime Darby adapt to shifting demand patterns and sustainability concerns. Latin American producers see increased exports while technological innovations improve productivity.

Crude Palm Oil (CPO) dominated the market in 2023, accounting for 48% share due to its versatility and cost-effectiveness in food and biodiesel production. Food & Beverage sector led in 2023, driven by palm oil’s stability and cost advantages in processed foods. Asia-Pacific remains the market leader in production and consumption.

Africa emerges as the fastest-growing region in the Palm Oil Market with an 8% CAGR in 2023. Investments in palm oil plantations and processing facilities in countries like Nigeria and Ghana drive growth. Ongoing improvements in agriculture and infrastructure are expected to further propel the sector. Producers are adopting sustainable practices to address deforestation concerns and meet growing demand for palm oil. Market growth is fueled by palm oil’s versatility and cost-effectiveness, with advancements in technology and infrastructure enhancing productivity. The market is poised for sustained growth in the coming years, driven by consumer priorities towards sustainability.



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