Global Palm Kernel Oil Market 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. 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.
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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.
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.
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. 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.
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.
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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.
Essential Oils Market By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024 @ https://www.globenewswire.com/news-release/2018/10/24/1626070/0/en/Essential-Oils-Market-to-exceed-USD-13-billion-by-2024-Global-Market-Insights-Inc.html