Global Palm Oil Market: Trends, Growth Opportunities, and Forecast 2024-2030
The global palm oil market was valued at USD 70.44 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2030. This growth can be attributed to the rapidly increasing demand for palm oil across multiple industries, including food and beverage , biofuel , energy , personal care , and cosmetics . Palm oil is a versatile product that serves as a key ingredient in many processed foods, energy production, and consumer goods, making it a highly sought-after commodity on a global scale. The market is characterized by its high level of competition and complexity , driven by a large number of players ranging from small-scale producers to large multinational corporations. These players aim to gain a competitive edge through high production volumes , superior distribution networks , product quality , and diverse competit...