Palm Oil Market: A Comprehensive Analysis and Forecast, 2032
Persistence Market Research forecasts that the global palm oil market is poised to achieve a value of US$ 59.75 billion by the year 2022, displaying an expected Compound Annual Growth Rate (CAGR) of 4.2%. Furthermore, projections indicate that the market is likely to surpass US$ 90.1 billion by the year 2032. Accounting for a significant share of 25% to 30% in the global edible oil market, palm oil consumption is notably influenced by the South Asia market, commanding the highest value share at 39.7%. The period between 2017 and 2021 witnessed a steady 3.3% CAGR in the global palm oil market. Changing consumer preferences, driven by a growing emphasis on health consciousness, favor the consumption of pure and naturally extracted edible oils, particularly those devoid of genetically modified organisms, gluten, or dairy. The surge in demand for transparency and traceability in the food and beverage manufacturing sector aligns with consumers' preferences for high-quality products,