Palm oil, which is the most widely used vegetable oil worldwide, is obtained from the fruit of the oil palm tree. The palm oil is used for various purposes including cooking oil, margarines and as a mil fat replacement. It is also used in preventing vitamin A deficiency, cancer, brain disease, aging; and treating malaria, high blood pressure, high cholesterol, and cyanide poisoning. Palm oil is one of the world’s most produced and consumed oils. This cheap, production-efficient and highly stable oil is used in a wide variety of food, cosmetic and hygiene products, and can be used as source for bio-fuel or biodiesel. Most palm oil is produced in Asia, Africa and South America because the trees need warm temperatures, sunshine and plenty of rain in order to maximize production.
The report provides a comprehensive study of global vegetable oil market, global palm oil production and consumption and also the regional markets. The competition in the global palm oil market is intense among large players like IOI Corporation Berhad, Sime Darby, Wilmar International and PT Astro Agro Lestari Tbk. All these companies have been profiled in the present report highlighting their key financials and business strategies for growth.
The key factors driving the growth of the palm oil market are growing demand of biofuels, rising global population and growing economy. Some of the noteworthy trends and developments of this industry are increasing demand for sustainable palm oil, red palm oil supplementation and merger and acquisition. However, the expansion of market is hindered by adverse weather conditions, price fluctuation, impacts on environment and loss of critical habitat for endangered species.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the market. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.