Global Palm Kernel Oil Market to be Driven by Increasing Demand in the Pharmaceutical and Cosmetic Industry during the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Global Palm Kernel Oil Market Price, Trends, Growth, Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global palm kernel oil market, assessing the market based on its segments like applications, manufacturing process and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 8.8 million
- Forecast CAGR (2023-2028):5%
- Forecast Market Size (2026): USD 10.8 million
The growing use of palm kernel in various application sectors, the growing population, and the growing awareness of the benefits are all significant factors enabling the palm kernel industry to expand. Palm kernel oil is more saturated than palm oil and is used in the manufacture of milk lotion, cream, soap, and other cosmetics. As people become more aware of the hazards of chemicals used in cosmetics and their negative effects, palm kernel oil is becoming more often used in cosmetics. Additionally, growing consumer demand for naturally derived personal care and beauty products is driving demand for this oil in the cosmetics industry. Furthermore, the demand for edible oils such as palm kernel oil in the food industry is being aided by an increase in global health consciousness. Palm kernel oil is also used in lubricant and biodiesel manufacturing. One such use that is helping the market expansion of palm kernel oil is the synthesis of biodiesel using sodium hydroxide pellets, methanol, and palm kernel oil in a trans-esterification reaction. The palm kernel oil sector is expected to grow during the forecast period, mainly to the rising biodiesel use in automobiles, which is becoming more affordable and environmentally friendly than alternative fuels. The increasing demand for palm kernel in the health and pharmaceutical products, cosmetic and automobile industry is expected to drive market growth in the coming years.
Industry Definition and Major Segments
Palm kernel oil (Elaeis guineensis jaq) is a type of vegetable oil derived from the kernel of the palm seed. Palm kernel oil is a saturated vegetable fat that is semi-solid at room temperature. Due to its low cost, it is primarily used in commercial cooking. Palm kernel oil is higher in saturated fats than palm oil and is used to manufacture soap, cream, lotion, and milk. Due to the high lauric content of palm kernel oil, it is difficult to substitute palm and other vegetable or animal fats.
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By application, the market is divided into:
- Edible Oil
- Cosmetics
- Biodiesel
- Lubricants
- Surfactants
- Others
By region, the industry is categorised into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
Palm kernel oil has several health benefits, including increased energy, reduced premature ageing, improved vision, immune system stimulation, and a reduction in the risk of cancer and heart disease. Consumer awareness of these health benefits is a significant factor driving the market growth. One of the primary factors driving the market’s growth has been the increasing number of applications for palm kernel oil. The global food & beverage industry is likely to register significant growth in the next five years due to changing food habits and increasing households. The increase in the oil consumption in cooking will boost the palm kernel oil market during the forecast period. Palm kernel oil is gaining popularity in cosmetics as people become more aware of the dangers of cosmetic chemicals and their adverse effects. Additionally, growing consumer demand for naturally derived personal care and cosmetics products increases the demand for palm kernel oil in the cosmetics industry. The purchasing power and disposable income of the masses have increased significantly in recent years. This is also expected to provide a significant boost to the global market’s overall development.
The palm kernel oil market in the United States is expected to expand at a rapid pace during the forecast period. This could be a result of the increased consumption of processed foods and beverages, which has boosted the country’s food industry. North America is a significant contributor to the market growth due to increased demand for the product as a cooking oil in food production. During the forecast period, Asia Pacific is expected to grow at a respectable rate. This could be attributed to the region’s growing cosmetics and personal care industry. Europe is a global leader in car manufacturing, with many of the industry’s major manufacturers based there. Palm kernel oil will almost certainly benefit from increased demand for biodiesel in Germany, Spain, and other European countries. In Europe and North America, where changing government mandates are expanding biodiesel penetration, product demand will likely grow from the biofuel and energy end-use market.
Key Market Players
The major players in the market are Cargill Inc., Wilmar International Limited, Sime Darby, Golden Agri Resources Limited, Godrej Agrovet Limited, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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