The global palm oil market size volume share by country reveals that China and India are the leading consumers, with China slightly reducing its consumption by -0.54% year-on-year in 2023, while India saw a growth of 2.18%. Notably, the Philippines demonstrated a substantial increase of 4.29%, and Madagascar showed the highest growth rate at 4.88%. In contrast, Venezuela experienced a significant reduction of -7.79%, and Papua New Guinea saw a decline of -9.38%. Year-on-year variations indicate a generally stable to increasing trend in most countries, with growth concentrated in emerging markets like Nigeria, Pakistan, and Bangladesh.
Future trends to watch for in the global palm oil market include:
- Continued growth in Asian markets, particularly India and Pakistan.
- Potential market expansions in African countries like Nigeria and Uganda.
- Environmental and sustainability concerns affecting production dynamics, especially in major producing countries like Indonesia and Malaysia.
- Impact of policy changes and trade regulations on global supply and demand.
- Innovative uses of palm oil derivatives in various industries driving demand.
Top countries in Palm Oil Market Size Volume Share by Country (Thousand Metric Tons)
# | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
---|---|---|---|---|---|---|
1 | 1 China | 16.54 | 2023 | -0.31% | -0.54% | View data |
2 | 2 India | 13.93 | 2023 | +2.11% | +2.18% | View data |
3 | 3 Indonesia | 8.83 | 2023 | +1.49% | +0.39% | View data |
4 | 4 Nigeria | 7.95 | 2023 | +0.79% | +0.19% | View data |
5 | 5 Pakistan | 4.79 | 2023 | +2.17% | +2.05% | View data |
6 | 6 Brazil | 3.48 | 2023 | +0.99% | +0.83% | View data |
7 | 7 Bangladesh | 3.32 | 2023 | +0.34% | +0.24% | View data |
8 | 8 Mexico | 2.42 | 2023 | +0.47% | +0.33% | View data |
9 | 9 Colombia | 2.19 | 2023 | +0.52% | +0.85% | View data |
10 | 10 Saudi Arabia | 2.18 | 2023 | +0.26% | +0.31% | View data |