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OILS AND FATS

Palm oil market estimated to be valued at $50 billion by 2031
Monday, 19 September, 2022, 08 : 00 AM [IST]
Our Bureau, Mumbai
The global palm oil market is poised to generate $33 billion in revenue by 2022, expanding at nearly 4% CAGR in the short-term forecast period, according to a recent report published by Fact.MR. Long-term prospects appear more lucrative, with an expected valuation of around $50 billion by 2031.

Historically, the market performed significantly well, reaching nearly $30 billion by 2020, expanding at under 4% CAGR from 2016 to 2020. Prospects dipped temporarily in the first wave of Covid-19, as the restaurant business took a hit in the initial months. However, prospects were restored as restrictions eased.
 
Manufacturers are capitalising on the ever-increasing scope of palm oil across key industries, including foodservice, food processing and pharmaceutical sectors. Furthermore, its use as a biofuel due to the presence of low sulphur and other noxious content is heightening its uptake in recent years.
 
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