Palm Olein Oil: Market outlook
Palm oil is an eatable vegetable oil obtained from the mesocarp of the fruit of palm. Palm oil is one of the most abundant oil which is widely used in various industries. Palm olein is the most treasured liquid fraction of palm oil. Increasing demand for palm olein oil in food processing industry and its versatility in other end-user industry is fueling the growth prospects of the oil.
Palm olein contains higher amounts of oleic and linoleic acids compared to palm oil. Also, palm olein oil can be blended with various other vegetable oils such as sunflower, soybean, and canola oils among others to increase the cold stability and oxidative properties of the mix.
Palm olein oil is used for preventing brain disease, vitamin deficiency, cancer, and aging. It is also used to treat high cholesterol, high blood pressure, cyanide poisoning, and dementia. Palm oil is used for mass loss and for increasing the body’s metabolism making it one of the widely used vegetable oil in the world.
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However, high price instability is probable to affect the palm olein oil market as palm oil seizures the largest size of vegetable oil traded across the world and implementation of new regulations and policies alongside the backdrop of rising consciousness concerning negligent plantation practices. These dynamics are insisting farmers to surge the cost of production, thus impacting the overall palm olein oil market globally.
Biodiesel Expected to Harness the Potential of Palm Olein Oil in Foreseeable Future
Palm olein oil with its large share has become an important ingredient in the food processing and foodservice sector. Though the overall quantity of palm olein oil used remains imperceptible till date due to the cataloguing of palm olein oil underneath vegetable oil category, demand for palm olein oil in the food processing industry remains indispensable. Regardless of the presence of palm olein oil alternatives, easy availability and affordability of palm olein oil makes it the most desirable oil in the food industry.
Biodiesel has extended incredible acceptance among consumers as a potential alternative for diesel in the past years. In terms of feedstock, palm olein oil is highlighted as the traditional feedstock for biodiesel production and is supposed to be a cost-effective substitute to soybean oil.
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Global Palm Olein Oil: Key Players
Some the key players operating their business in the global Palm Olein Oil market are Cargill Inc., Grief Inc., American Vegetable Oils, Fuji Oil Holdings, Associated British Foods, Bunge Limited, Wilmar International Limited, IOI Corporation, and Ruchi Soya Industries.
- In 2018, BASF SE, the largest producer of palm oil revealed its plans to make available its palm oil based product portfolio and personal care specialties as certified sustainable.
- In 2018, Unilever disclosed its complete palm oil supply chain including source to suppliers and has become the first consumer goods company to disclose whole transparency of the palm oil supply chain.
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Opportunities for Palm Olein Oil Market Participants:
Efficient and well-organized supply chain increases the easiness of doing business, scales down the cost of production, and accelerates urban and rural consumption growth of palm olein oil due to better market access. Sustainability is todays need and palm olein oil manufacturers are trying hard to take up initiatives to bridge gap between production and consumption. Smarter utilization of natural resources, reducing plastic, reduction in carbon discharge, carbon footprint and others are some initiatives manufacturers should adopt to optimize production levels.