The Middle East and Africa Palm Oil & Palm Oil Derivatives market is predicted to reach USD 25.47 billion in 2024 and USD 31.44 billion by 2029, growing at a CAGR of 4.3% during the forecast period.
Palm oil is one of the world's most used edible vegetable oil derived from the mesocarp of the oil palms. It is different from palm kernel oil and coconut oil derived from the kernel of the oil palm and coconut palm respectively. Palm oil is very cheap compared to other vegetable oils such as soybean, groundnut, and rapeseed with various applications in food, cosmetics, lubricants, surfactants, and others. It is also used as a first-generation biofuel and prevents many diseases like cancer, aging, vitamin A deficiency, malaria, high blood pressure, and cholesterol. Palm oil is naturally reddish in color because of pigment stems from antioxidants known as carotenoids including high beta-carotene content. Palm kernel oil is the dominant source of Palm oil derivatives. Palm oil derivatives and fractions are used in the food industry as preservatives, antioxidants, and sweeteners, in industrial products such as lubricants, insect repellents, adhesives, and paints, in personal and healthcare products such as hair sprays, shampoo, conditioners, and cosmetics. It is also used in the production of renewable fuels in the transport, power, heating, and cooling sectors.
The Middle East and Africa Palm Oil & Palm Oil Derivatives Market is mainly driven by the growing health consciousness related to trans-fat consumption and wide uses in the manufacture of confectionary food, pharmaceuticals, cleaning agents, and cosmetics. In addition, low prices, rise in bio-fuel demand, improving economic conditions, product innovations along with technological advancements, changing lifestyles, and high investments by the leading companies are also driving the market. However, stringent rules for product approval and high packaging and transport costs for exporting to other countries are hampering the growth of the market.
The crude oil segment was a leading segment followed by the kernel oil and cake.
Edible oil is expected to have the largest share in the Global market followed by surfactants and lubricants. Biodiesel is the fastest growing segment due to the increasing usage of biodiesel in power and fuel generation.
The market has been geographically segmented into the Middle East and Africa. The market is growing slowly because of many problems the region faces, in terms of battles and also, the unstable economy. The private companies in the US and China are willing to invest in this market due to the rising economies and favorable government regulations.
Cargill Inc., United Palm Oil Industry Public Company Limited, Sime Darby, Wilmar International Ltd., Godrej Agrovet Limited, Golden Agri-Resources Ltd., PT Astra Agro Lestari Tbk, IOI Corp, London Sumatra, Kulim Bhd, Trade Winds Plantation are some of the notable companies in the Middle-East and Africa Palm Oil & Palm Oil Derivatives market.
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