Market Research Future (MRFR)’s extensive report reveals that the North America & Europe palm derivatives market is set to cross the valuation of USD 35,573.7 million by 2028. The market will expand at a strong CAGR during the forecast period (2017–2028).
Derivatives and fractions of palm oil and palm kernel oil have widespread uses in various industries like food manufacture, in personal and healthcare products and industrial products. Furthermore, palm oil and some of its derivatives can be used in the production of renewable fuels in the transport, power and heating and cooling sectors.
Strong scope in the food & beverage industry is expected to inflate the palm oil derivatives market size by the end of the forecast period. Increasing health consciousness related to trans-fat consumption has shifted consumer preferences towards healthy diet, which should drive the industry growth further. They are used in a vast range of food products which include cakes, confectionery, emulsifiers, snack foods, pastry, and margarine.
North America & Europe Palm Derivatives Market– Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the market on the basis of category, type, application, and region.
By category, the market is segmented into conventional and organic. Among these, the North America & Europe palm derivatives market segment has captured the largest market share and is expected to register a CAGR of 8.45% during the forecast period in the European region.
By type, the market is segmented into palm oil, palm kernel oil, palm kernel cake. In 2017, the palm oil segment accounted for the largest market share in Europe. Palm oil is the most common vegetable oil used in preparing various food items due to its stability at high temperatures, on the basis of which it accounts for 72% of the total market share in the Europe region.
By application, the market is segmented into food and beverages, cosmetics & personal care, biodiesel and others. Among these, foods and beverages-based application is the fastest growing segment during the forecast period with CAGR 12.08%. On the other hand, the segment of biodiesel is anticipated to account for the maximum market share during the forecast period owing to a lower price as compared to petroleum and other vegetable oils. Being an environment-friendly and cost-effective by-product of palm, it is gaining huge demand. Biodiesel account for 46% of the total market share in the European region.
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Some of the key players profiled in the report include Cargill Inc. (U.S.), Wilmar International Ltd. (Singapore), Sime Darby Berhad (Malaysia), Golden Agri-Resources Ltd. (Singapore), PT Astra Agro Lestari Tbk (Indonesia), IOI Corporation Berhad (Malaysia), London Sumatra Indonesia Tbk. (Indonesia), Kulim (Malaysia) Berhad (Malaysia), Tradewinds plantation (Malaysia), and The Clorox Company (U.S.).
By region, the market is segmented into North America and Europe.
At present, Europe holds the largest market share, and the trend is likely to continue in coming years. The striking market performance can be attributed to the high consumption of palm derivatives for the production of biodiesel and food and beverages in Europe. In addition, high investments in research and development for the production of biodiesel and the presence of leading players have been instrumental in the stupendous growth of the market in Europe.
North America is making similar strides in the North America & Europe palm derivatives market on account of rising focus on the production of biofuel from palm oil. The high production of biofuel has escalated the imports of palm derivatives to countries in North America. The region is poised to note the highest growth in the palm derivatives market during the assessment period.
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