The global Palm Oil Market is estimated to witness positive growth during the forecast period owing to its growing demand from countries like India, Indonesia, China, and Thailand. Palm oil is a versatile raw material for food and medicines. It is affordable vegetable oil and is highly adapted for its low-fat nutrient content.
The expanding energy, food, health, and other industries are driving the growth. However, large deforestation has posed to be a major setback for the industry’s futuristic progression. Manufacturers are undertaking sustainable production techniques to combat such threats. Sustainable palm oil aims to balance amongst conservation of the community's needs, environment, viability, and economic benefit. The industry products for edible use are anticipated to rise at a steady pace owing to an increase in per capita consumption, population growth, and a shifting consumer base away from saturated animal fats.
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In November 2013, a collaboration between a group of NGOs and palm oil manufacturers launched the POIG (Palm Oil Innovation Group), which was aimed to disrupt the link between palm oil production and rapid deforestation. It is a multi-stakeholder program that engages buyers from the retail and manufacturing sectors. The initiative aims to influence the palm oil market demand for responsibly manufactured palm oil from POIG verified companies. In November 2015, Ferrero became a POIG member with a commitment to becoming 100% RSPO, Carbon Certification (ISCC), and International Sustainability verified.
Some of the major players operating in the palm oil market consist of United Palm Oil Industry Public Company Limited, Cargill Inc., Wilmar International, and Golden Agri-Resources among others. Indonesia, Africa, and Malaysia produce 85 % of overall palm oil and these regions hold a major section of the market revenue generated. This industry is also generating employment opportunities for a substantial demographic sector. Over the past few years, 590,000 workers were labored in Malaysia and it contributed to lifting millions of Malaysians out of poverty.
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