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Palm Oil Market is currently in growth phase with 4.41% CAGR forecast between 2020 and 2026

Numerous government initiatives concerning the blending of conventional fuel with that of bio-based, additionally rapid budding usage of products as bio-based diesel to gain universal acceptance.

Rising consumers awareness for bio-based cosmetics, surfactants, and lubricants to prompt the Palm oil market growth over the forecast period 2020-2026.

Increasing demand for biofuels, nutritional benefits of palm oilis the other key factors boosting the palm oil market growth.

As well, crude palm oil remains an essential part of consumer diets in spite of ban on its enclosure in dairy products in firm countries.

Growing consumption of meat & poultry products in developing countries has driven the demand for nutritional animal feed, at a low cost, which has boosted kernel consumption in its production.

Further, technological supervision coupled with extraneous investments in the field for sustainableproduction to create adequate opportunities for key market participants across the world.

Wide usage of fatty acid byproducts for the manufacturing of cosmetics, pharmaceuticals and water treatment products to fuel the palm oil market trends.

A slight shift in consumers preferences ahead for premium personal care products to increase the market demand through 2026.

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Numerous steps to promote the adoption of palm oil by governments across the world to lookforward to global standards and engagements of the stakeholders to pose a positive impact on the market growth.

Rising prices to impact food consumption in numerous emerging economies across the globe coupled with decreasing arable land and mounting prices of oilseeds drive to generate food-security concerns during the estimated period.

Further, a slight shift in market trends towards trans-free fats owing to western influence on the cultures of emerging economies contributed to the popularity in transitioning consumer diets & lifestyles.

Additionally, transitioning consumer preferences regarding carbon-emitting fuels and sourcesleads to higher demand in biodiesel applications.

Price fluctuations and growing environmental concerns including global warming, air pollution and other weather qualmsto challenge the palm oil market growth.

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Asia Pacific to emerge the palm oil market growth during the estimated period

On the geographical front, the Asia Pacific palm oil market is set to drive the Palm oil market owing to the increased production of palm oil in recent years.

Increasing applications of palm oil in a diverse range of food, health, and otherindustries coupled with high fashion and beauty awareness to drive the market growth.

also increasing the global palm oil market size in the future.

Further, affordable prices of palm oil in developing countries of Asia Pacific region such as Malaysia, India, China, Indonesia, and other regions to trigger the market growth.Currently, the Malaysia palm oil market is the leading producer of palm oil.

Government schemes to have a positive impact on the palm oil market regionally. Besides, increasing affluence, endure gaps in prices of soy and palmare some aspectsprompting the crude palm oilsegment growth.

Increasing focus for improving import and export relations among neighboring countries of the Asia Pacific region is another factor contributing to the market growth. For instance, in 2020,  Pakistan to buy more palm oil from Malaysia aiming to help offset lost sales.

Further, Indonesia is likely to use up 8.3 million tons of palm oil to meet domestic demand for biodiesel in 2020.

Moreover, in 2020, India has raised import tax on crude palm oil to 44% from 37.5% as the world's biggest palm oil importer tries to boost local oilseed production.

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Increasing focus on campaigns,launches of schemes, and strategies among key players to drive the market share

The key players operating in the market are launching schemes, campaigns to expand services and products across the Palm Oil Market. For instance, in 2019, AIC launches a new palm oil credit purchase scheme developed in conjunction with RSPOto purchase palm oil credits on behalf of AIC members.

In addition, in 2019, ESTÉE LAUDER launches a sustainable schemeto improve farmers’ social conditions and to develop environmental conservationso that palm oil can be produced more sustainably.

Further, in 2019, BASF launched a surfactant using Roundtable on Sustainable Palm Oil (RSPO)certified ingredients that can be used in a range of personal care products.

Additionally, in 2020, Bursa Malaysia Bhd successfully launched the options contract on US Dollar denominated refined, bleached and deodorized (RBD) palm olein futures (OPOL).

Recently, in 2019, Malaysia launches 'Love my palm oil' campaignto fight anti-palm oil campaigns that are threatening the people's livelihood.

The key participants of the palm oil market include Cargill Inc., United Palm Oil Industry Public Company Limited, Wilmar International, Golden Agri-Resources, Alami Group, Sime Darby, Archer Daniels Midland Company, Boustead Group, Musim Mas Group, and PT Astra Agro Lestari Tbk among others.

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