Asia-Pacific Palm Oil Market Has Experienced an Upsurge in Consumption Volume by more than 1.05 MMT in 2021: Makreo Research
Despite the viral outbreak, the Asia Pacific Palm Oil market grew positively in 2020 due to the rising global need for food. When compared to 2020, the market had enormous growth in 2021.
- (1888PressRelease) November 24, 2022 - Asia-Pacific palm oil market holds prominent position in global palm oil demand and supply in presence of both major consuming countries and major producing countries. Palm oil is a high-yielding crop that provides 36% of the world's oil while occupying only 9% of the acreage dedicated to oil production. As a result, manufacturers have turned to this option to supply the growing demand for vegetable oil. Asia Pacific Palm Oil market revenues are expected to cross USD ~billion by 2027 from USD ~ billion in 2022 at a CAGR of more than 5.0% during the period.
Contribution to Asian Economies
Palm oil contributes significantly to the economies of many countries across Asia. Expansion of the palm oil industry has resulted in significant economic growth and poverty alleviation in Indonesia and Malaysia. It also has created job opportunities, elevation of income, and development of rural infrastructure throughout in these countries.
Asia Contribution to Global Palm Oil Market
In addition to Indonesia, India, and China being major consumers of palm oil worldwide, Asia consumes approximately 60% of the world's palm oil. A combined 4.3 million people in Indonesia and Malaysia depend on palm oil for their primary source of income. These two countries produce 86% of the world's palm oil.
India and China Positioning in Asia-Pacific Palm Oil Consumption
Most palm oil produced in 2021 was exported to larger markets, including India and China, because domestic consumption was very small compared to production. There was a strong surge in consumption of palm oil in India in 2020.
Makreo research has published study titled “Asia-Pacific Palm Oil Market Forecast to 2028: Production & Consumption Trends”. This is a detailed evaluation that helps the reader to review past, present and future outlook of the industry. Palm oil is one of the most consumed vegetable oils and rely majorly upon two producing countries Indonesia and Malaysia. To assess the regional performance, it is important to understand the country level performance in detail therefore we have studied major producing countries as well as major consuming countries.
The report examines the palm oil Market revenue and categorizes into:
- Demand by country
-India Palm Oil Market
-Indonesia Palm Oil Market
-China Palm Oil Market
-Thailand Palm Oil Market
-Pakistan Palm Oil Market
- Market by major producing countries
-Indonesia Production of Palm Oil
-Malaysia Production of Palm Oil
-Thailand Production of Palm Oil
- Demand by End User
-Food & Beverages
-Personal Care Products
-Energy (including Biofuel)
- Market by Nature
-Voluntary sustainability standards (VSSs)
-Conventional
For more information on the research report, refer to below link:
https://www.makreo.com/report/asia-pacific-palm-oil-market-forecast-to-2028-production-consumption-trends
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