Global Palm Oil Market to Reach USD 115.56 Billion by 2033, Growing at a CAGR of 5.1%: Straits Research Report

The global palm oil market is undergoing remarkable growth. Valued at USD 73.85 billion in 2024, the market is expected to increase from USD 77.62 billion in 2025 to USD 115.56 billion by 2033, registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2025 to 2033. This expansion is primarily driven by rising demand across key sectors such as food, biofuels, personal care, and pharmaceuticals. Palm oil’s versatility and wide applicability continue to fuel this robust growth.

To explore the future of the palm oil market, unlock the full potential of the market with our in-depth report today!

Market Definition & Latest Trends

Palm oil, extracted from the fruit of the oil palm tree, is one of the most widely consumed oils globally, serving a multitude of sectors from food products to biofuels. A key market trend is the growing preference for sustainable palm oil production due to environmental concerns about deforestation. The increasing demand for organic palm oil is also gaining momentum, reflecting a shift toward healthier and eco-friendly choices.

Another notable trend is the expanding role of palm oil in biofuels and lubricants. Companies are focusing on process optimization, yield enhancement, and sustainability to meet the surging global demand.

Curious about the latest trends shaping the palm oil industry? Download your free sample to dive into the details.

Market Segmentation

The palm oil market is diversified across multiple segments, contributing to its rapid expansion:

By Nature (2021-2033)

• Organic
• Conventional

By Product (2021-2033)

• CPO
• RBD Palm Oil
• Palm Kernel Oil
• Fractionated Palm Oil

By Application (2021-2033)

• Edible Oil
• Bio-Diesel
• Lubricants
• Shampoos, Soaps and Cosmetics
• Others

By End-use (2021-2033)

• Food Industry
• Personal Care and Cosmetics Industry
• Biofuel Industry
• Pharmaceutical Industry
• Others

For a deeper dive into each segment, download your free sample now

Growth Factors and Opportunities

Several growth drivers are propelling the global palm oil market. Its low cost, high yield, and versatility compared to other vegetable oils contribute to palm oil's widespread use. Palm oil’s high stability in cooking and neutral flavor make it an indispensable ingredient in food production. Furthermore, the increasing demand for biofuels as a green energy source presents an exciting opportunity for market growth.

One of the most promising opportunities lies in the growing demand for sustainable palm oil. As companies and consumers prioritize eco-friendly practices, the need for certified sustainable palm oil (CSPO) is increasing. Businesses embracing this demand will be better positioned to lead the market.

The biofuel industry also offers substantial growth potential, with governments worldwide pushing for more renewable energy sources.

Looking to capitalize on market opportunities? Unlock your market advantage with Straits Research’s report.

Key Players in the Palm Oil Market

The palm oil market is led by several key players that continue to innovate, ensuring sustainable practices and expanding production capacities. Leading companies include:

• ADM (Archer Daniels Midland Company)
• Wilmar International Ltd.
• Sime Darby Plantation Berhad
• IOI Corporation Berhad
• Kuala Lumpur Kepong Berhad
• United Plantations Berhad
• Kulim (Malaysia) Berhad
• IJM Corporation Berhad
• PT Sampoerna Agro Tbk
• Univanich Palm Oil Public Company Ltd.
• Bakrie Sumatera Plantations Tbk
• Asian Agri

These market leaders are embracing new strategies, investing in sustainable practices, and expanding production to meet the growing demand for palm oil globally.

Stay ahead of the competition by exploring detailed profiles and strategies of these companies. Discover the key players shaping the market.

Company Details

Straits Research is a trusted provider of business intelligence, specializing in in-depth market research and advisory services. With a strong reputation for delivering comprehensive reports and analyses, Straits Research equips businesses with the insights they need to thrive in competitive environments.

• Email: sales@straitsresearch.com
• Address: 825 3rd Avenue, New York, NY, USA, 10022
• Phone: +1 646 905 0080 (US), +91 8087085354 (India), +44 203 695 0070 (UK)

To explore our comprehensive reports, visit Straits Research.

Conclusion

The palm oil market is poised for sustained growth, driven by its applications in multiple industries and increasing consumer demand for sustainable products. With a projected market value of USD 115.56 billion by 2033, palm oil remains an essential commodity in global agriculture and industry.

To stay ahead of market trends and secure a competitive edge, get your copy of the Palm Oil Market report now. Don’t miss out on future opportunities—download a free sample here to understand the full scope of the market!

For more insights, visit Straits Research.

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