Palm Oil Market Size, Share & Trends Report

Palm Oil Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Product (Fractionated Palm Oil, Crude Palm Oil), By End-use (Pharmaceuticals, Biofuel & Energy), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-462-8
  • Number of Pages: 106
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the palm oil market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for palm oil market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of palm oil market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Palm Oil Market Categorization:

The palm oil market was categorized into four segments, namely nature (Organic, Conventional), product (Crude Palm Oil, RBD Palm Oil, Palm Kernel Oil, Fractionated Palm Oil), end-use (Food & Beverage, Personal Care & Cosmetics, Biofuel & Energy, Pharmaceuticals), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The palm oil market was segmented into nature, product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The palm oil market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-eight countries, namely, the U.S.; Mexico; Canada; Germany; the UK; France; Spain, Italy, Russia, China, India, Japan, South Korea, Malaysia, Indonesia, Brazil, Argentina, Colombia, South Africa, Saudi Arabia, Turkey, UAE, Oman, Yemen, Kenya, Nigeria, Ghana, Egypt.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Palm oil market companies & financials:

The palm oil market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • ADM: The Archer Daniels Midland Company (ADM) is engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities. The company operates through four business segments, namely agricultural services, corn processing, oilseed processing, and wild flavors & specialty ingredients.

  • Wilmar International Ltd: Wilmar International Ltd is a global manufacturer of palm oil and related products with business operations in food products, feed & industrial products, plantations, and fertilizers. Its product offerings include consumer products, specialty fats, and oleochemicals.

  • Sime Darby Plantation Berhad: Sime Darby Plantation Berhad has integrated business of upstream and oil extraction processes. Its plantations are located across PNG and Solomon Islands, Malaysia, and Indonesia. Besides plantation, the company is involved in the manufacturing and distribution of palm-oil-based biodiesel, oleochemicals, oil & fats, and other consumer products. It operates through its 11 refineries with an annual capacity of 3.8 million MT.

  • IOI Corporation Berhad: IOI Corporation Berhad is a global palm oil manufacturer with integrated business operations including plantation, manufacturing, and refining of palm oil into specialty fats & oils and oleochemicals. 64%, 24%, and 12% of its oil palm plantations are located in East Malaysia, Peninsular Malaysia, and Indonesia, respectively.

  • Kuala Lumpur Kepong Berhad: Kuala Lumpur Kepong Berhad (KLK) is a palm oil plantation company with integrated upstream and downstream business operations in resource-based manufacturing of products such as specialty chemicals, oleochemicals, and derivatives. It has international oleochemical business operations in Indonesia, Belgium, the Netherlands, Germany, Switzerland, China, and Malaysia.

  • United Plantations Berhad.: United Plantations Berhad is a plantation company with key business activities in palm oil cultivation and processing. The company has subsidiaries that are involved in palm oil processing and palm products manufacturing and distribution. It owns six palm oil mills and a subsidiary, namely Unitata refinery that manufactures specialty fats in collaboration with AarhusKarlshamn AB.

  • IJM Corporation Berhad: IJM Corporation Berhad is a global manufacturer with core business operations in plantation, construction, infrastructure, property, and industry. Principal activities of its plantation business include integrated processes of oil palm cultivation and its processing into crude palm oil, crude palm kernel oil, and expellers. It operates across ten countries with a primary focus on Malaysia, India, and Indonesia.

  • Kulim (Malaysia) Berhad: Kulim (Malaysia) Berhad is a plantation company with a key focus on palm oil plantation and processing of crude palm oil with upstream integration. Besides palm oil, the company has plantations of rubber, sentang, pineapple, and other fruits. Its core business areas include plantation, intrapreneur ventures, and oil & gas. It is also operational in property, agro-foods, and eco-tourism businesses.

  • PT Sampoerna Agro, Tbk: PT Sampoerna Agro, Tbk is an agribusiness company with primary operations in palm oil. Palm kernel and crude palm oil are the company’s key products obtained from its plantations and estates at West Kalimantan, Central Kalimantan, and South Sumatera Indonesian provinces. The company is also engaged in oil palm seeds, starch, and rubber business, with its cloned seeds marketed under the names DxP Sriwijaya Semi Klon and DxP Sriwijaya.

  • Univanich Palm Oil Public Company Ltd.: Univanich Palm Oil Public Company Ltd. is an agri-business company with primary operations in palm oil plantations and palm oil products. Its key palm oil product offerings include crude palm oil and crude palm kernel oil. Besides oil, the company has operations in palm oil seeds that are marketed under the brand name DxP Tenera Oil Palm Seeds.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Palm Oil Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Palm Oil Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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