Middle East and Africa Palm Oil Market is worth USD 5.2 billion in 2024 and is estimated to grow at a CAGR of 4.49%, reaching USD 6.4 billion by 2029.
The Middle East and Africa Palm Oil market is developing at an exceptionally quick pace. Palm oil is an economically important and versatile vegetable oil used as a raw material for both food and nonfood products. Palm oil is used all over the world and is found in supermarkets ranging from sweets, baked goods, margarine, cereals, washing powders, and cosmetics. Palm oil is also used as a first-generation biofuel. It is also used in preventing vitamin A deficiency, cancer, brain disease, and aging; and treating malaria, high blood pressure, high cholesterol, and cyanide poisoning. Most palm oil is produced in Asia, Africa, and South America because the trees require warm temperatures, sunlight, and plenty of rain in order to maximize crop production. The significant drivers is improving economic conditions, rising living standards, changing eating habits in emerging countries, and growing demand for vegetable oil as a feedstock for biodiesel production. Properties such as cooking, which can be used in high temperatures; Its smooth and creamy texture and no smell make it a perfect ingredient for many recipes it is used in the bakery (especially for biscuits) and has led to a surge in growth of this industry. It has a natural perspective effect which helps the longevity of the food by resisting the oxidation that spoils them.
The edible oil segment is expected to witness strong growth in upcoming years owing to health concerns regarding trans-fat consumption.
Geographically, the market is further segmented into the Middle East and Africa. Middle East and Africa have an untapped market and key players are slowly expanding to this region which is the main reason for the growth of the market in this region.
Key players in the Middle East and Africa Palm Oil Market are Golden Agri Resources Limited, Godrej Agrovet Limited, PT Astra Agro Lestari Tbk,Cargill Inc, United Palm Oil Industry Public Company Limited, Wilmar International Limited, Sime Darby, IOI Corp, London Sumatra, Musim Mas Group, Alami Group, ADM
Frequently Asked Questions
In the Middle East, countries like the UAE, Turkey, and Saudi Arabia are major consumers and importers of palm oil, mainly from Malaysia. Africa, particularly Nigeria, Ghana, and South Africa, are significant producers, with Nigeria being a notable producer aiming for self-sufficiency
Palm oil production has been linked to several environmental issues such as deforestation, habitat destruction, loss of biodiversity, and significant carbon emissions. These concerns have led to ongoing research into more sustainable and environmentally friendly production methods.
Investments and mergers: Companies are expanding production capacities and merging to gain larger market shares
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