North America and Europe Palm Derivatives Market
The North America and Europe palm derivatives market has witnessed continued demand over the last few years and is projected to reach USD 35,573.7 million at a CAGR of 10.67% by 2028, in terms of value. North America and Europe are the major consumers and largest importers of palm derivatives.
The growth of the palm derivatives market is attributed to the various factors. Palm oil has multiple health benefits as it reduces cholesterol level, assists in lowering the risk of heart diseases, enhances vitamin A in blood, reduces oxidative stress, and improves the health of skin and hair, among others. Palm oil is used as an ingredient both in food and non-food industries.
The oleochemical industry is highly inclined towards palm oil owing to its easier availability in comparison to other vegetable oils. Palm oil is a relatively economic option than the other vegetable oils which is anticipated to further propel the growth of the palm derivatives market in North America and Europe market, at a high pace.
The production of palm derivatives is mainly concentrated in Asia-Pacific, and most of the palms are exported to North America and Europe. In Asia-Pacific, the Philippines, Indonesia, and India are the major suppliers of palms. The prices of raw material are volatile owing to the demand and supply gap of palm. Moreover, palm oil is majorly produced in the southeastern part of Asia-Pacific and are imported in bulk quantities to North America and Europe, which also increases the dependence on Asia-Pacific for price determination.
The North American market is projected to register a significant growth rate during the forecast period of 2018–2028. One of the significant factors detrimental to the growth of palm derivatives market is the increasing demand from end-users owing to various health benefits of palm and its derivatives such as palm oil, palm kernel oil, and palm kernel cake. The rising demand for palm oil in cosmetics and personal care industries are the major factors fueling the growth of palm derivatives market in North America. The US and Mexican markets are estimated to account for a significant market share in the North America region throughout the forecast period of 2018-2028.
The consumption of palm derivatives is exceptionally high in Europe, especially in Italy, Germany, and Spain and they contribute significantly to the high market share of Europe in the palm derivatives market. It is also noteworthy that Europe is among the top importers of palm derivatives, followed by India and China. The European countries are also highly emphasizing the consumption of certified palm derivatives to support the sustainability of the commodity. Moreover, organic palm oil is used widely in the production process of biodiesel which in turn escalates the growth of palm derivatives market in Europe.
By type, the palm derivatives market has been segmented into palm oil, palm kernel oil, and palm kernel cake. Palm oil accounted for the major market share in the North American and European markets and is expected to retain its dominance throughout the forecast period from 2018–2028.
On the basis of category, the palm derivatives market has been segmented into conventional and organic derivatives.
The palm derivatives market has been segmented, on the basis of application, into food & beverages, cosmetics & personal care, biodiesel, and others
The leading market players in the North America and Europe palm derivatives market are Cargill Incorporated (US), Wilmar International Ltd (Singapore), Sime Darby Berhad (Malaysia), Golden Agri-Resources Ltd (Singapore), PT Astra Agro Lestari Tbk (Indonesia), IOI Corporation Berhad (Malaysia), London Sumatra Indonesia Tbk (Indonesia), Kulim (Malaysia) Berhad (Malaysia), Tradewinds Plantation (Malaysia), and The Clorox Company (US)
• Food & beverages manufacturers
• Palm derivatives manufacturers
• Raw material suppliers
• End users
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• Based on type, the palm oil segment is expected to account for the highest market share during the forecast period of 2018–2028. On the other hand, the palm kernel oil segment is projected to grow significantly, registering a CAGR of 11.22% during the forecast period.
• Based on application, the food & beverages segment is expected to exhibit a growth rate of 12.08% during the forecast period of 2018–2028 and expected to reach USD 17,264.5 million by the end of 2028. The cosmetics & personal care segment is projected to grow at a significant growth rate of 9.86% during the forecast period.
Regional and Country Analysis of Palm Derivatives Market—Development and Demand Forecast till 2028
As per MRFR analysis, the North America and Europe Palm Derivatives market is estimated to reach USD 35.57 billion during the forecast period 2018 to 2028, registering a CAGR of 10.67%
The report also offers a brief country-level analysis for the various regional markets.
• North America
o Rest of Europe