Palm oil market to be worth $88 billion by 2022
The global palm oil market is expected to be worth $88 billion by 2022, according to a new study con…The global palm oil market is expected to be worth $88 billion by 2022, according to a new study conducted by Grand View Research. The research organization attributes growth to growing demand for bio-fuel alternatives and replacements for partially hydrogenated oils, two trends that it expects to continue driving the market.
The report, Palm Oil Market Analysis By Derivative (Crude Palm Oil, Palm Kernel Oil, Palm Kernel Cake), By Application (Edible Oil, Cosmetics, Bio-diesel, Lubricants, Surfactants) And Segment Forecasts To 2022, found that palm oil demand was 74.01 million tons in 2014 and is expected to reach 128.2 million tons by 2022, growing at a continual annual growth rate of 7.3% from 2014 to 2022. Crude palm oil, which is used widely for cooking, accounted for more than 75% of total market volume in 2014. Additionally, the Asia Pacific region consumed the largest share of palm oil, accounting for more than 65% of total market volume in 2014.