The global palm oil market size was valued at USD 73.85 billion in 2024 and is projected to grow from USD 77.62 billion in 2025 to USD 115.56 billion by 2033, expanding at a CAGR of 5.1% during the forecast period (2025–2033). A significant rise in demand from the food and beverage, biofuel, energy, pharmaceutical, and personal care & cosmetics industries is fueling this growth.
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What is Palm Oil?
Palm oil is a widely used edible vegetable oil extracted from the mesocarp of oil palm fruits. It is the highest-yielding vegetable oil crop globally, producing 5–10 times more oil per hectare than other vegetable oil crops like soybean oil ( barchart soybean oil often compares yield per hectare between crops). Rich in vitamin A, carotenoids, and healthy fats, it supports eye health, boosts immunity, and helps reduce the risk of cardiovascular disease and premature aging.
Why is Palm Oil Bad for the Environment
Palm oil production harms the environment mainly because vast areas of tropical rainforest are cleared to make way for plantations. This deforestation destroys critical habitats for endangered animals like orangutans, tigers, and rhinos, leading to biodiversity loss. Furthermore, clearing often involves draining and burning carbon-rich peatlands, releasing massive amounts of greenhouse gases that accelerate climate change. The practice also causes soil erosion and water pollution from pesticides and fertilizers.
Is Palm Oil Bad?
There has been debate around "is palm oil bad for you?" or "is palm oil bad?", especially in Western media. However, many studies suggest that when consumed in moderation, palm oil is not inherently unhealthy. In fact, red palm oil, known for its antioxidant content, is gaining popularity as a health-boosting oil. The real concern often lies in unsustainable sourcing rather than the oil itself.
Similarly, pet owners often ask: "Is palm oil bad for dogs?" While palm oil in small quantities is usually not harmful to pets, unrefined or contaminated oils can be toxic. It's essential to monitor pet food labels and avoid processed byproducts.
Application Insights
In 2021, the food & beverage industry accounted for over 65% of market revenue. Products like shampoos, soaps, and cosmetics are also key application areas, driven by increasing demand for natural and plant-based ingredients.
- Palm kernel oil and palm seed oil are widely used in skin and hair care products for their emollient properties.
- Fractionated palm oil is favored for its heat stability and long shelf life, especially in baking and frying applications.
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List of key players in Palm Oil Market
- Wilmar International Ltd.
- IOI Corporation Berhad
- Kuala Lumpur Kepong Berhad
- United Plantations Berhad
- Kulim (Malaysia) Berhad
- IJM Corporation Berhad
- Tbk
- Univanich Palm Oil Public Company Ltd.
- Bakrie Sumatera Plantations tbk
- Asian Agri
Global Production & Export: Malaysia and Indonesia at the Core
Countries like Malaysia and Indonesia lead the world in palm oil production, contributing significantly to their gross national product. Malaysia’s palm oil mill operations, supported by firms such as Wilmar Palm Oil and Sime Darby Plantation, form the backbone of the country’s agro-based economy. Wilmar is a notable leader among palm kernel oil and fractionated palm oil suppliers worldwide.
The rise in demand for biofuels has elevated the market status of palm-based products as sustainable alternatives to crude oil in transportation and industry. Governments like those in India, through initiatives involving Oil Palm India, are heavily promoting local cultivation to reduce import dependency.
Regional Outlook
- Asia-Pacific dominates the global market, driven by high consumption in India and China. Zomi palm oil, a traditional variety used in West African cuisine, is gaining international attention due to cultural migration and rising demand for ethnic foods.
- North America is witnessing a steady shift in eating habits, pushing demand for vegetable oils like palm oil in processed foods and snacks.
- Europe, led by Denmark and other sustainability-focused nations, is investing in technology like satellite imaging to ensure deforestation-free palm oil sourcing.
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Frequently Asked Questions (FAQs)
- What is palm oil used in?
- Is palm oil bad for you?
- Is vegetable oil bad for you?
- How does palm oil compare to coconut oil?
- What's the current palm oil price trend?
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