Some of the major firms in Palm kernel oil market are investing in technological advancement, product innovation, and making effort to maintain quality standards so as to retain their supremacy in the palm kernel oil market. The key players active in the global palm kernel oil market are United Palm kernel oil Industry Public Company Limited, Cargill Inc., Sime Darby, Wilmar International Limited, Godrej Agrovet Limited, Golden Agri Resources Limited, IOI Corp., PT Astra Agro Lestari Tbk, Musim Mas Group, Kulim BHD, and Alami Group among others. These players are set to boost the palm kernel oil market.
According to analysts Zion Market Research, the rising demand for biofuels was capitalized at almost USD 10.00 Billion in 2016 and is likely to reach almost USD 14.00 Billion by end of 2022, developing at a CAGR of 4.5% from 2017 to 2022.
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Rising Demand For Biofuels To Boost Growth Of Rising Demand For Biofuels
The palm kernel oil market is likely to see noteworthy development in the coming years, as per analysts at Zion Market Research. The palm kernel oil market is majorly boosted by rising demand for biofuels. Biofuels provide various benefits over traditional non renewable energy sources. Increasing awareness about the advantages of naturally derived personal care & cosmetics goods is also likely to have an optimistic affect on palm kernel oil market. On the other hand, availability of restricted cultivable land and instability in the cost of palm kernel oil can possibly act as a limitation for the development of palm kernel oil market.
On the other hand, rising initiatives supporting growth of palm kernel oil market is seen to be taking speed. For example, in October 2014, using a carefully developed research tactic, the MPOB (Malaysian Palm Oil Board) has aimed on multi-pronged nutrition tests in humans and animals to prove the nutritional value of palm oil and its goods, thereby boosting the palm kernel oil market.
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Edible Oil Sector To Dominate Palm Kernel Oil Market In The Near Future
Based on application, the palm kernel oil market is divided into cosmetics, edible oil, lubricants, biodiesel, and others including surfactants. In terms of income, edible oil sector of palm kernel oil market held almost 36% share in 2016 of the entire market. Palm kernel oil is an active washing material in household cleaners & laundry detergents and an essential raw material for surfactants. The surfactants sector of palm kernel oil market is one more essential sector and during the forecast period is likely to develop at a CAGR almost 5%. In terms of requirement, palm kernel oil market in Asia Pacific in 2016 dominated the global market chased by Europe. Indonesia is the biggest producer of palm kernel with more than 50% of the total manufacturing in palm kernel oil market. Together with Malaysia, Indonesia produces almost 85 % of the total PKE, ruling the palm kernel oil market.
The global palm kernel oil market is segmented as follows:
- Edible Oil
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- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa