Global Palm Kernel Oil Market
size is anticipated to witness decent growth in the forecast period. It is
majorly consumed in end-use industries such as food & beverages, personal
care, and cosmetics.
Palm kernel oil is derived from
the kernel of Elaeis guineensis. Crude palm oil is obtained from the mesocarp
of the palm crop and then palm kernel oil from the kernel. It is a semi-solid
saturated vegetable fat at room temperature and is widely consumed in
commercial cooking as it is more affordable than other oils. It is stable at
elevated cooking temperature and has longer shelf life than many other
vegetable oils.
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The product is majorly used in
preparing chocolate, ice-cream, butter, ghee and other dairy products. Global
food & beverage industry is likely to register significant growth in next
five years owing to changing food habits and increasing number of households.
This would increase consumption of the oil in cooking and will boost palm
kernel oil market during the forecast period.
Palm kernel oil is highly
saturated in nature than palm oil and is therefore used in the manufacturing of
milk lotion, cream, soap and other cosmetics products. Increasing awareness
regarding harmful nature of chemicals used in cosmetics and their side effects
is promoting usage of palm kernel oil in these products. Further, consumer’s
inclination towards naturally derived personal care and cosmetics products is
strengthening consumption of this oil in the cosmetics production. Rising
number of showrooms and retail stores, coupled with upsurge in salons, spas,
beauty product stores, and departmental stores is likely to uplift demand of
personal care and cosmetics products. Growth of cosmetic industry owing to
improved living standard of people is anticipated to expand the palm kernel oil
market in near future.
Palm kernel oil is also
extensively consumed in lubricant and biodiesel applications. One such
application includes formulation of biodiesel by using sodium hydroxide pellets
and methanol along with palm kernel oil in trans-esterification reaction. When
0.7g sodium hydroxide and 37g methanol is trans-esterified with 187g palm
kernel oil, it results in conversion of 90.53% palm kernel oil feedstock and
15.2g glycerol. Biodiesel helps in reducing greenhouse gas emission by 58 to
85%. Escalating biodiesel usage in vehicles due to its affordability and
environment friendly nature as compared to other fuels is likely to propel palm
kernel oil market between 2017 and 2024.
Based upon applications, palm
kernel oil market is segmented as cooking oil, preparation of dairy products,
soap, milk lotion, and biodiesel. Various end-user industries dealing with
these applications are cosmetics, food & beverages, personal care, and oil
& energy.
U.S. food industry is forecasted
to grow at a decent CAGR till 2024 owing to increased consumption of packaged
food and beverage products. This makes North America a significant contributor
in palm kernel oil market as it is used as a cooking oil in food preparation.
Asia Pacific is likely to register healthy growth during the forecast period
due to its developing cosmetics and personal care industry. Emerging economies
like India have witnessed increased purchasing power of people along with
improved living standard and this has contributed to a healthy cosmetic
industry in the region.
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Europe is recognized globally in
vehicle production and hubs major giants such as Volkswagen, BMW, and
Mercedes-Benz. Along with automobile manufacturing, it is indulged in research
of alternate fuels for the vehicles and has evolved with biodiesel technology.
Escalating consumption of biodiesel in Germany, Spain and other countries has
led to an upsurge in palm kernel oil market in Europe.
Prominent manufacturers in the
market include Alami Group, Musim Mas Group, Kulim Bhd, London Sumatra, IOI
Corp, PT Astra Agro Lestari Tbk, Godrej Agrovet Limited, Golden Agri Resources
Limited, Sime Darby, Wilmar International Limited, United Palm Oil Industry
Public Company Limited and Cargill Inc.
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