Palm Kernel Oil Market Trend, Share, Growth, Size and Forecast 2032

Palm Kernel Oil Market Insights

According to a report from Zion Market Research, the global Palm Kernel Oil Market was valued at USD 14.68 Billion in 2023 and is projected to hit USD 21.41 Billion by 2032, with a compound annual growth rate (CAGR) of 4.28% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Palm Kernel Oil Market industry over the next decade.

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Global Palm Kernel Oil Market: Overview    

Palm kernel oil springs from the kernel of African oil palm. Crude vegetable oil is obtained from the mesocarp of the palm crop then palm kernel oil from the kernel. It's a semi-solid saturated vegetable fat at temperature and is widely consumed in commercial cooking because it is cheaper than other oils. It's stable at elevated cooking temperatures and has a longer period than many other vegetable oils. The merchandise is majorly utilized in preparing chocolate, ice cream, butter, ghee, and other dairy products. The global Cosmetics & beverage industry is probably going to register significant growth in the next five years due to changing Cosmetics habits and the increasing number of households. This can increase the consumption of oil in cooking and can boost the palm kernel oil market during the forecast period.

Palm kernel oil is plant oil derived from a palm seed. The unique crop of palm produces crude palm oil from the mesocarp and crude palm kernel oil from the kernel. Palm kernel oil is more saturated than palm oil and primarily used for edible applications, and to manufacture soap, cream, lotion, and milk. It is primarily composed of fatty triglycerides, with around 80% saturated fats and 20% unsaturated fats. Palm kernel oil can be found in a number of products, including vegetable oil, margarine, creamers, chocolate and ice cream. Depending on the amount per serving, palm kernel oil may offer some health benefits.

Growing demand for biofuels is expected to drive the market for palm kernel oil in coming future. Biofuels offer multiple advantages over conventional non renewable energy sources. Moreover, in near future with increasing production of biofuels, the prices are expected to fall. Rising awareness about the benefits of naturally derived cosmetics and personal care products is also anticipated to strengthen the market. Continuous fluctuation in palm kernel oil price may hinder market growth. Due to limited availability of cultivable land and complete dependence on the environment the price of palm kernel oil is continuously fluctuating. As production of palm kernel oil is completely dependent on the availability of palm kernel, shortage in supply of raw material can impact production of palm kernel oil which in turn can result in the rise of price. Increasing number of concept retail stores and showrooms, along with rising demand from departmental stores, beauty product stores, are likely to add the demand for the product in the next few years. Developing countries are expected to focus on the development of palm kernel oil industry in order to push their economy, which in turn is expected to act as a major opportunity for palm kernel oil market.

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Global Palm Kernel Oil Market: Growth Factors

The palm kernel oil market is probably going to ascertain noteworthy development within the coming years. The palm kernel oil market is majorly boosted by the rising demand for biofuels. Biofuels provide various benefits over traditional nonrenewable energy sources. Increasing awareness about the benefits of naturally derived care & cosmetics goods is additionally likely to possess an optimistic effect on the palm kernel oil market.

On the opposite hand, the availability of restricted cultivable land and instability within the cost of palm kernel oil can act as a limitation for the event of the palm kernel oil market. On the opposite hand, rising initiatives supporting the growth of the palm kernel oil market are seen to be taking speed. For instance, in October 2014, employing a carefully developed research tactic, the MPOB (Malaysian vegetable oil Board) has aimed at multipronged kernelrition tests in humans and animals to prove the kernelritional value of vegetable oil and its goods, thereby boosting the palm kernel oil market.

Palm Kernel Oil Market: Report Scope

Global Palm Kernel Oil Market: Segmentation

Application Segment Analysis Preview

Based on application, the palm kernel oil market is split into cosmetics, edible oil, lubricants, biodiesel, and surfactants. In terms of income, the edible oil sector of the palm kernel oil market held almost 36% share in 2016 of the whole market. palm kernel oil is a lively washing material in household cleaners & laundry detergents and an important staple for surfactants. The surfactants sector of the palm kernel oil market is another essential sector and through the forecast period is probably going to develop at a CAGR of almost 5%.

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Regional Segment Analysis Preview

In terms of requirements, the palm kernel oil market in the Asia Pacific in 2016 dominated the worldwide market, chased by Europe. Indonesia is the biggest producer of palm kernel with quite 50% of the entire manufacturing in the palm kernel oil market along with side Malaysia, Indonesia produces almost 85% of the entire PKE, ruling the palm kernel oil market.

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Palm Kernel Oil Market: Competitive Landscape

Some of the global major players in the Palm Kernel Oil Market are

• Cargill Inc.
• United Palm kernel oil Industry Public Company Limited
• Wilmar International Limited
• Sime Darby
• Golden Agri Resources Limited
• Godrej Agrovet Limited
• PT Astra Agro Lestari Tbk
• IOI Corp.
• Kulim BHD
• Musim Mas Group
• Alami Group 
• and others. 

The global Palm Kernel Oil Market is segmented as follows:

By Application

• Edible Oil
• Cosmetics
• Bio-diesel
• Lubricants
• Surfactants
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa