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 derivative from the kernel of the oil palm and coconut palm respectively. Palm oil is very inexpensive compared to other vegetable oils such as soybean, groundnut and rapeseed with various applications in food, cosmetics, lubricants, surfactants and others. It is also employed as a first-generation biofuel and preventing many diseases like cancer, aging, vitamin A deficiency, malaria, high blood pressure and cholesterol.
Palm oil is reddish in colour due to presence of pigment stems from antioxidants known as carotenoids including high beta-carotene content. Palm kernel oil is the chief source of the Palm oil derivatives. Palm oil derivatives and fractions are employed in food industry as preservatives, antioxidants and sweeteners, in industrial products such as lubricants, insect repellents, adhesives and paints, in personal and healthcare products as hair sprays, shampoo, conditioner, and cosmetics. It is also used in the production of renewable fuels in the transport, power, heating and cooling sectors.
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Globally Palm Oil & Palm Oil Derivatives market value is estimated to grow at a ample CAGR by 2023.
Drivers and restraints:
Divers that are influencing The Global Palm Oil & Palm Oil Derivatives Market are rising health consciousness related to trans-fat consumption and broad applications in the production of confectionary food, pharmaceuticals, cleaning agents and cosmetics. In addition, low costs, boost in bio-fuel demand, better economic conditions, product innovations along with technological developments, changing life-style and high investments by the leading companies.
The major restraints that are limiting the market are stringent rules for the product approval and high packaging and transport charges for exporting into other countries.
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Partition of the Market:
The Global Palm Oil & Palm Oil Derivatives Market is partition on the basis of type, application and region. Palm oil derivatives are sectioned into crude palm oil, palm kernel oil, palm kernel cake, Oleochemicals and others. The crude oil section is leading and is tailed by the kernel oil and cake. The application section comprises of the edible oil, food, cosmetics, agrochemical, bio-diesel, personal care, lubricants, surfactants and others. Edible oil is estimated to have the prominent share in the global market tailed by surfactants and lubricants. Bio diesel is fastest growing section due to the rising usage of biodiesel in power and fuel generation.
Geographically Global Palm Oil & Palm Oil Derivatives Market is partitioned into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Asia-Pacific leading the global market ahead of the North America and Europe due to the increased population and rising economies, boost in the cumulative land area of palm oil plantation, increasing palm oil yield and huge investment in R&D related activities. Middle East & Africa and Latin America are anticipated to be fastest growing in areas such as food applications and other industrial uses.
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Key players of the market:
Prominent players dominating the Global Palm Oil & Palm Oil Derivatives Market are 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 and Trade Winds Plantation.
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