Palm Oil Market Targets Contribution by Major Players during the Forecast Period 2017-2022
The palm oil market is projected to grow at a moderate pace while representing a CAGR of 3.9% during the forecast period 2017-2022.
[UKPRwire, Tue Apr 30 2019] Fact.MR has collated a market research analysis of the palm oil market and published a report titled, “Palm Oil Market Forecast, Trend Analysis & Competition Tracking: Global Market insights 2017 to 2022”. The report delivers a thorough analysis on the historical data, current market scenario and evolving regulatory framework in the palm oil market. An in-depth discussion on the market dynamics which includes drivers, restraints, trends and opportunity prevailing in the palm oil market is covered in the palm oil market report. The report foresees the global market performance of palm oil market which is backed by an exhaustive regional analysis.
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Palm Oil Market to Witness Lower Profit amid Rising Cost of Production
The growth of the palm oil market is dependent on several market sentiments and supply-demand factors. High price volatility is likely to hit the palm oil market as palm oil captures the largest volume of vegetable oil traded across the globe and enforcement of new policies and regulation against the backdrop of growing awareness regarding irresponsible plantation practices. Palm planters are expected to be the most affected stakeholders as their profit margin is influenced by weakening export outlook and increasing minimum wage policies. These factors are pushing farmers to increase the cost of production, thereby impacting the overall palm oil market outlook.
Amidst Sustainability Challenges, Palm Oil is Here to Stay in the Food Service Industry
Palm oil with its largest share in the global vegetable oils market has become a vital ingredient in the foodservice sector. Although the total amount of palm oil used remains untraceable till date owing to the labelling of palm oil under vegetable oil category, demand for palm oil in the food industry owing to its high saturated fatty acid content remains indispensable. Despite the presence of palm oil alternatives, easy accessibility and affordable cost of palm oil make it the most preferable choice in the foodservice industry. However, growing demand for transparency in food labelling and ongoing efforts to establish a traceable and sustainable palm supply chain is anticipated to add complexity for foodservice manufacturers operating in the palm oil marketplace.
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Growing Preference for Substitute Products to Influence Crude Palm Oil Prices
While palm oil dominates the vegetable oils market due to its intrinsic property of higher saturated fatty acid content, soybean, rapeseed, sunflower and other oils can be used as substitutes for palm oil. Although these liquid oil substitutes lack the solid fats similar to palm oil, hydrogenation of liquid oil can deliver consistency like solid fats of palm oil. Soybean and rapeseed oils that are partially or completely hydrogenated can provide consistency similar to palm oil and are considered close palm oil substitutes. In particular, affordable prices of soybean oil is becoming the close competitor of the palm oil market which is currently affected by sustainability factor.
Demand from Biofuel Sector to Prominently Impact Palm Oil Prices
As an affordable feedstock, palm oil dominates the biofuel sector, however, questions continue to arise regarding the greenness of biofuels over fossil fuels. Particularly in the case of palm oil, irresponsible farming practices have created sustainability issues. Across the global palm oil supply chain, stringent policies have significantly impacted the palm production. Recently, EU has revealed phase-out of palm oil from the transport fuel from 2021 with the intention to control irresponsible palm production practices. These factors combined with the volatility in the Brent crude prices are expected to influence the palm oil prices in the near future.
The competitive landscape section delivers a dashboard view of the key market players in the palm oil market. In addition, users of the report can get an insightful section to read about company profiles and their relative position in the global market landscape. Few of the key market players profiled in the palm oil market report include American Vegetable Oils, Cargill Inc., Grief Inc., Fuji Oil Holdings, Bunge Limited, Associated British Foods and Ruchi Soya Industries.
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