Palm Kernel Oil Market To Reach $18.01 Billion & Registering at a 4.9% CAGR by 2027

Palm Kernel Oil Market

The high demand for palm kernel oil in food and beverage industry as well as in biodiesel is driving the demand for the product.

NEW YORK CITY, NEW YORK, USA, November 11, 2021 /EINPresswire.com/ -- The global Palm Kernel Oil Market is forecast to reach USD 18.01 Billion by 2027, according to a new report by Reports and Data. Palm kernel oil is extracted from the seeds of the oil palm fruits. Palm kernel oil contains a high amount of lauric acid and a saturated fatty acid. It is solid at room temperature for this reason.

The raw form of the oil is yellowish-brown, and after refining, it changes to white-yellowish fat. It is commonly used in cocoa glazes, ice cream coating, ice confection, and cool-melting confectionery fillings. It is also utilized as a substantial component in the margarine production and is a basic raw material for the manufacture of oleochemical intermediate products which are used for cleaning agents and cosmetics.

The growing awareness regarding the harmful nature of chemicals used in cosmetics and their side-effects is promoting the usage of palm kernel oil in several products. Moreover, the consumer's bias towards natural personal care and cosmetics products is augmenting the application of the oil in cosmetics production. The rise in the number of retail stores and showrooms, along with surge in the spa, department stores, salons, and beauty product stores, is likely to propel the demand for the market product. An increase in the standard of living is also driving the market during the forecast period.
North America is forecasted to grow at a significant rate during the forecast period. The U.S. food industry is growing owing to the increased consumption of food and beverage products. As kernel oil is used in the preparation of food, growth in the food and beverage industry in the region is propelling the demand for the market.

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Further key findings from the report suggest
• Palm kernel oil is utilized in cooking commercially and is more affordable than other oils. It has a higher shelf life than other vegetable oils. The market product is applicable in dairy products, and with the food and beverage industry witnessing a significant growth globally, the market is expected to witness a surge in demand in the coming years.
• Palm kernel oil is used in soap as it has high myristic, lauric, and palmitic acids, which will produce a hard, cleansing bar with a full lather. The oil speeds up trace and causes soap formulas to saponify quickly.
• Online channels are witnessing a rise in demand due to the growth in e-commerce portals as the key selling medium among consumers. It also has the additional benefit of value-added services and cash-on-deliver (COD) and coupon benefits.
• The Asia Pacific is forecasted to grow at a healthy rate during the forecast period. The region is growing due to its personal care and cosmetics industry. The emerging economies like India have high purchasing power with improved living standards, which has contributed to the growth of the cosmetic industry in the region.
• Key participants United Palm Oil Industry Public Company Limited, Cargill Inc., Sime Darby, Wilmar International Limited, Golden Agri Resources Limited, PT Astra Agro Lestari Tbk, Godrej Agrovet Limited, London Sumatra, Musim Mas Group, and Alami Group, among others.

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For the purpose of this report, Reports and Data have segmented into the global Palm Kernel Oil market on the basis of application, end-user industry, distribution channel, and region:

Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• Cooking Oil
• Dairy Products
• Biodiesel
• Others

End-User Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• Personal Care and Cosmetics
• Food and Beverage
• Oil and Energy
• Others

Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• Online
• Offline

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• North America
o U.S
• Europe
o U.K
o France
• Asia Pacific
o China
o India
o Japan
• MEA
• Latin America
o Brazil
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Key questions answered by the report
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Which region held the maximum market share of the Palm Kernel Oil market?

Source: https://www.reportsanddata.com/press-release/global-palm-kernel-oil-market

Tushar Rajput
Reports and Data
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