Palm oil has emerged as the main global source of vegetable oil due to adequate availability, versatility in usage and lower cost, as compared to other vegetable oils. The global demand for palm oil is set to continue rising, prompting an increase in the global production. The versatility of the oil, including for production of bio fuels, has made palm oil the most favored vegetable oil.
Over the last decades, the palm oil industry has been growing rapidly due to increasing demand for food, cosmetic, and hygienic products. Aside from producing palm oil, the industry generates a huge quantity of residues (dry and wet) which can be processed to produce biofuel. Driven by the necessity to find an alternative and renewable energy/fuel resources, numerous technologies have been developed and more are being developed to process oil-palm and palm-oil wastes into biofuel.
As per the report “Global Palm Oil Market (2017-2021)” by Koncept Analytics, the demand for palm oil will be driven by rising global population, accelerating economic growth and rising demand for biofuels. The key trends observed within the industry include red palm oil supplementation and increasing demand for sustainable palm oil. However, the industry is also witnessing many hindrances including loss of critical habitat for endangered species and adverse weather conditions.
The report by Koncept Analytics presents an in-depth analysis of the palm oil market on a global scale with detailed information regarding the key regional markets which includes Indonesia and Malaysia. A thorough analysis has been conducted on key market players covering their business overview, product portfolio, financial overview and business strategies.