Global Palm Oil Market Expected to Reach USD 77.5 Billion by 2033 - IMARC Group

January 14, 2025 | Food & Beverages

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Global Palm Oil Market Statistics, Outlook and Regional Analysis 2025-2033

The global palm oil market size was valued at USD 57.2 Billion in 2024, and it is expected to reach USD 77.5 Billion by 2033, exhibiting a growth rate (CAGR) of 3.42% from 2025 to 2033.

Palm Oil Market

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Palm oil production is transforming as farmers start using geospatial technology powered by artificial intelligence. This technology gives them better tools to monitor and manage their crops more effectively. This invention increases efficiency and encourages collaboration between technology businesses and key manufacturers, thereby supporting sustainable practices throughout the agriculture sector. For example, in May 2024, Dabeeo, one of the leading geospatial intelligence AI technology providers, launched its AI monitoring project for palm oil farms in Indonesia. The company signed an agreement with Tunas Sawa Erma Group for the project.

Moreover, combining innovative processing technology with renewable energy solutions assists nations such as India in adopting greener practices and moving toward self-sufficiency. For instance, 3F Oil Palm's first integrated oil palm processing unit in India began official operations in May 2024. This project comprises a zero-discharge wastewater and palm waste-based power plant. Furthermore, palm oil-based biodiesel offers a more sustainable energy option by reducing dependence on fossil fuels and supporting energy security and variety. Many government bodies are backing biofuel to replace traditional fuels, thereby driving up demand for palm oil, particularly in areas where policies and incentives encourage biofuel adoption. For example, India's Ministry of Petroleum and Natural Gas aimed to minimize petroleum imports by promoting indigenous biofuel generation. In response to such measures, numerous biofuel manufacturers are heavily investing in expanding their operations, which is resulting in favorable outcomes for the overall industry.

Global Palm Oil Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include India, Indonesia, China, the European Union, Malaysia, and others. According to the report, Indonesia accounted for the largest market share due to its geographic location, which is significantly enabling abundant cultivation in the country.

India Palm Oil Market Trends:

India is the world's largest importer of palm oil, widely used in cooking. In 2023, India imported over 8.1 Million Metric Tons of palm oil, largely from Indonesia and Malaysia. Rising consumer demand for inexpensive edible oils and government attempts to promote domestic palm farming through the National Edible Oil Mission show the country's reliance on palm oil imports and steps to increase local production.

Indonesia Palm Oil Market Trends:

Indonesia represents the largest share across the market. The Indonesian government has actively promoted the palm oil industry through regulations and incentives. For example, the Sustainable Palm Oil (SPO) initiative is a collaboration between the United Nations Development Program (UNDP), the private sector, the Government of Indonesia (GoI), and other non-government organizations aimed at addressing key challenges.

China Palm Oil Market Trends:

As consumers and companies become more concerned about the environment, the industry in China prioritizes sustainable sourcing. In 2022, China imported 6.9 Million Metric Tons of palm oil, largely for food processing and industrial applications. The country is transforming the palm oil sector by encouraging environmentally beneficial practices while satisfying growing local demand.

European Union Palm Oil Market Trends:

The European Union applies severe sustainability rules on palm oil imports, affecting overall supply chains. The EU Deforestation-Free Regulation, which went into effect in 2023, prohibited the production of unsustainable palm oil that contributes to deforestation. This has raised the demand for certified sustainable palm oil, encouraging producers worldwide to meet the EU's environmental standards while simultaneously expanding the market for biofuels generated from sustainable palm oil.

Malaysia Palm Oil Market Trends:

Malaysia, one of the significant palm oil producers, promotes sustainable production to preserve its competitive advantage. Malaysia's palm oil exports in 2023 were 15.7 Million Metric Tons, with more than half of them RSPO-certified. Government programs such as the Malaysian Sustainable Palm Oil (MSPO) accreditation encourage environmentally sustainable practices while also assuring market access in places such as the EU, where demand for sustainably produced palm oil is increasing.

Other Palm Oil Market Trends:

Other countries, such as Thailand, the world's third-largest palm oil producer, focus on increasing exports and achieving global sustainability goals. Thailand generated around 3.2 Million Metric Tons of palm oil in 2022, with a large share exported to neighboring countries. Thailand's campaign for sustainable practices, including support for RSPO certification among producers, has helped it acquire niche markets that value eco-friendly palm oil, such as the European Union and Japan.

Top Companies Leading in the Palm Oil Industry

Some of the leading palm oil market companies include Archer-Daniels-Midland Company, Asian Agri, Boustead Holdings Berhad, IJM Corporation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, Kulim Malaysia Berhad (Johor Corporation), PT Dharma Satya Nusantara Tbk, PT PP LONDON SUMATRA INDONESIA TBK, PT Sampoerna Agro Tbk, PT. Bakrie Sumatera Plantations tbk, Sime Darby Plantation Berhad, United Plantations Berhad, Univanich Palm Oil Public Company Ltd., and Wilmar International Ltd., among many others. Archer-Daniels-Midland Company worked with Wilmar International Limited to offer sustainable palm oil that meets RSPO Mass Balance standards.

Global Palm Oil Market Segmentation Coverage

Based on the application, the market has been classified into household cooking, food and beverages, oleo chemicals, personal care, animal feed, and biofuel, wherein household cooking represents the most preferred segment. The increasing usability of palm oil in household cooking owing to its health benefits is acting as a significant growth-inducing factor.

Report Features	Details
Market Size in 2024	USD 57.2 Billion
Market Forecast in 2033	USD 77.5 Billion
Market Growth Rate 2025-2033	3.42%
Units	Billion USD, Million Tons
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Application Region
Applications Covered	Household Cooking, Food & Beverages, Oleo Chemicals, Personal Care, Animal Feed, Bio-fuel
Regions Covered	India, Indonesia, China, European Union, Malaysia, Others
Companies Covered	Archer-Daniels-Midland Company, Asian Agri, Boustead Holdings Berhad, IJM Corporation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad, Kulim Malaysia Berhad (Johor Corporation), PT Dharma Satya Nusantara Tbk, PT PP LONDON SUMATRA INDONESIA TBK, PT Sampoerna Agro Tbk, PT. Bakrie Sumatera Plantations tbk, Sime Darby Plantation Berhad, United Plantations Berhad, Univanich Palm Oil Public Company Ltd., Wilmar International Ltd., etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Palm Oil Market Expected to Reach USD 77.5 Billion by 2033 - IMARC Group

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