The global palm oil market was valued at USD 72,844.8 million in 2024. Projections indicate a rise to USD 98,906.06 million by 2030, with a Compound Annual Growth Rate (CAGR) of 5.3% from 2025 to 2030. The primary drivers of this market's expansion are the ever-increasing demand from the food, beverage, biofuel, energy, personal care, and cosmetics sectors.
Palm oil production is concentrated in the Asia Pacific region, primarily due to the ready availability of raw materials. The market is highly competitive, with numerous large- and small-scale companies vying for market share. These players leverage high production volumes, extensive distribution networks, product quality, and various strategic initiatives to gain an advantage.
Indonesia stands as the world's largest producer and exporter of palm oil, shipping its products to a global market. The Indonesian government actively supports palm oil cultivators, and the industry is a vital source of income and a key driver of development for many small and medium-scale producers in the region.
Key Market Insights:
- In 2024, the Asia Pacific region dominated the palm oil market, holding the largest revenue share of 71.18%.
- Within the Asia Pacific region, the Indian palm oil market was a major contributor, accounting for over 20.2% of the revenue share in 2024.
- The conventional segment of the market was the largest by nature, with a revenue share of 99.06% in 2024.
- By product type, the fractionated segment led the market with the highest revenue share of 39.23% in 2024.
- The food & beverages sector was the leading end-use application, with a revenue share of 65.98% in 2024.
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Market Size & Forecast
- 2024 Market Size: USD 72,844.8 Million
- 2030 Projected Market Size: USD 98,906.06 Million
- CAGR (2025-2030): 5.3%
- Asia Pacific: Largest Market in 2024
Key Companies & Market Share Insights
Major players in the market include Archer Daniels Midland (ADM), Wilmar International Ltd., Sime Darby Plantation Berhad, and IOI Corporation Berhad.
- Archer Daniels Midland (ADM): An American multinational food processing and commodities trading company, ADM operates across the agricultural supply chain, from sourcing and processing to distribution. Its products are used in food, beverages, animal feed, and industrial applications. ADM is headquartered in Chicago and operates in over 170 countries.
- Wilmar International Ltd.: A Singapore-based agribusiness group, Wilmar is involved in a broad range of activities, including oil palm cultivation, oilseed processing, and refining of edible oils. With a network of over 500 manufacturing plants and an extensive global distribution system, Wilmar serves the food, feed, and industrial markets in more than 50 countries.
Key Players
- ADM
- Wilmar International Ltd.
- Sime Darby Plantation Berhad
- IOI Corporation Berhad
- Kuala Lumpur Kepong Berhad
- United Plantations Berhad
- Kulim (Malaysia) Berhad
- IJM Corporation Berhad
- PT Sampoerna Agro, Tbk
- Univanich Palm Oil Public Company Ltd.
- PT. Bakrie Sumatera Plantations tbk
- Asian Agri
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Conclusion
The global palm oil market is experiencing significant growth, driven by increasing demand from a diverse range of industries including food, beverages, personal care, and biofuels. The Asia Pacific region leads this market, both in production and consumption, with major manufacturers benefiting from the local availability of raw materials. Indonesia is a dominant player, acting as the largest producer and exporter of palm oil, and the industry is a key source of income and development for many in the country. The market is highly competitive, with numerous companies striving for an edge through high production, extensive distribution networks, and quality products.
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