Palm Oil Price in South Africa - 2023. Find the latest marketing data on the IndexBox platform.

In February 2023, the palm oil price fell by -7% to $951 per ton (CIF, South Africa), compared with the previous month.

In 2023, refined palm oil imports into South Africa dropped to 507K tons, remaining relatively unchanged against the previous year.

The South African crude palm oil market shrank rapidly to $4.3M in 2024, declining by -18% against the previous year. In general, consumption, however, recorded a modest expansion. Crude palm oil consumption peaked at $8.9M in 2019; however, from 2020 to 2024, consumption failed to regain momentum.

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Palm Oil Market Size 2025-2029

The palm oil market size is valued to increase USD 54.4 billion, at a CAGR of 9% from 2024 to 2029. Increasing consumer awareness regarding health benefits of palm oil will drive the palm oil market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 73% growth during the forecast period.
By Application - Edible oil segment was valued at USD 54.00 billion in 2023
By Type - Conventional segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 92.90 billion
Market Future Opportunities: USD 54.40 billion
CAGR : 9%
APAC: Largest market in 2023

Market Summary

The market encompasses the production, refining, and distribution of palm oil and its derivatives. This dynamic market is driven by the increasing demand for palm oil in core applications, such as food, cosmetics, and biodiesel. According to recent reports, the food industry accounts for approximately 65% of palm oil consumption, with the biodiesel sector emerging as a significant growth avenue. However, the market faces challenges from environmental concerns, particularly regarding deforestation and plant diversity losses. In 2020, it was estimated that around 10 million hectares of forest were lost due to palm oil cultivation. Despite these challenges, opportunities for sustainable production and innovative technologies continue to unfold, ensuring the market remains a vital and evolving sector in the global economy.

What will be the Size of the Palm Oil Market during the forecast period?

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How is the Palm Oil Market Segmented and what are the key trends of market segmentation?

The palm oil industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Edible oil
  Surfactants
  Bio-diesel
  Others


Type

  Conventional
  Organic


Geography

  Europe

    Germany
    UK


  Middle East and Africa

    Qatar
    UAE


  APAC

    China
    India
    Indonesia
    Malaysia
    Pakistan


  Rest of World (ROW)

By Application Insights

The edible oil segment is estimated to witness significant growth during the forecast period.

Palm oil, a widely used edible oil, holds significant importance in various industries, particularly in Asia. Approximately 45% of global palm oil production is attributed to palm fruit oil, primarily used in food processing due to its lower trans fat content and cost-effectiveness. Palm kernel oil, the other form, accounts for around 25% of the production. The food sector's reliance on palm oil is increasing, with an estimated 67% of its usage in food manufacturing. Moreover, the environmental impact of palm oil production is a growing concern. To address this, initiatives focusing on deforestation monitoring, water use efficiency, extraction rate optimization, and carbon footprint reduction are gaining traction.

The industry is also investing in soil nutrient management, palm oil byproducts utilization, and traceability systems to enhance supply chain transparency. The market's future growth is promising, with an anticipated 20% increase in demand for palm oil byproducts in the next five years. Additionally, there is a rising trend towards sustainable palm oil production, with RSPO certification becoming increasingly common. Oil palm cultivation is also evolving, with the adoption of high-yielding varieties, integrated pest management, and oil palm genetics. In terms of production processes, improvements in palm oil fractionation, fertilizer application techniques, biodiesel production, and irrigation efficiency are essential for maintaining competitiveness.

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The Edible oil segment was valued at USD 54.00 billion in 2019 and showed a gradual increase during the forecast period.

Furthermore, biomass utilization and palm oil refining are being explored to minimize waste and optimize resource utilization. Smallholder farmers are also receiving support to improve their productivity and sustainability through various initiatives. These efforts aim to ensure the long-term viability of the palm oil industry while minimizing its environmental impact.

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Regional Analysis

APAC is estimated to contribute 73% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region experiences significant growth, driven by the expanding economies of China, Australia, Thailand, South Ko

The Africa fats and oils market, valued at approximately $XX million in 2025, is projected to experience robust growth, driven by a compound annual growth rate (CAGR) of 4.49% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, the rising population and increasing urbanization across the continent are boosting demand for processed foods and beverages, significantly impacting the consumption of oils and fats in the food and beverage sector. The burgeoning food processing industry, coupled with changing consumer preferences towards convenient and ready-to-eat meals, further contributes to this growth. Secondly, the animal feed industry's expansion, particularly poultry and livestock farming, requires substantial quantities of fats and oils, fueling market demand. Finally, the growing use of vegetable oils in industrial applications like cosmetics and biofuels is also playing a significant role. While challenges exist, such as price volatility in raw materials and competition from imported oils, the overall market outlook remains positive. However, certain restraints are anticipated to moderate market growth. Fluctuations in crude oil prices directly impact the cost of production, potentially affecting market prices. Moreover, the prevalence of traditional cooking methods and preferences for locally produced oils might hinder the market penetration of certain imported oils. Furthermore, regulatory changes concerning food safety and labeling can pose challenges to market players. Despite these limitations, the market is expected to thrive, driven by favorable demographic trends, increasing disposable incomes, and government initiatives promoting local food production and agro-processing. The market segmentation, encompassing various oil types (soybean, palm, coconut, olive, canola, sunflower, and others), fats (butter, lard, and others), and applications (food and beverages, animal feed, and industrial uses), presents lucrative opportunities for investors and businesses across the value chain, particularly those focusing on sustainable and ethically sourced products. The geographical focus on Egypt, South Africa, and the rest of Africa indicates substantial market potential across diverse regions. Recent developments include: March 2023: Wilmar International Ltd (WILMAR) initiated the construction of an edible oil plant located in Richards Bay, KwaZulu-Natal, South Africa. This USD 81 million project encompasses the development of a fractionator, a shortening plant, and a packaging facility. Notably, this endeavor commenced in 2020., July 2022: Eni introduced the first vegetable oil production facility for biorefining in Kenya. This venture involved the establishment of an oilseed collection and pressing plant, which marked the inception of vegetable oil production for bio-refineries., June 2021: WA Group made a substantial investment of USD 114 million in a processing plant aimed at boosting edible oil production in Ethiopia. This strategic investment enabled the company to cease importing edible oils and, instead, focus on refining crude palm oil sourced from other countries, as well as processing locally cultivated oilseeds such as sesame seeds, peanut seeds, niger seeds, soya beans, and haricot beans.. Key drivers for this market are: Wide Applications of Oils and Fats in Different End-Use Industries, Government Initiatives and Key Players Adopting Innovative Market Expansion Strategies. Potential restraints include: Wide Applications of Oils and Fats in Different End-Use Industries, Government Initiatives and Key Players Adopting Innovative Market Expansion Strategies. Notable trends are: Wide Applications of Oils and Fats in Different End-Use Industries.

The size of the Africa Fats and Oil Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.49% during the forecast period. The Africa fats and oils market encompasses the production, processing, distribution, and consumption of edible fats and oils across the African continent. This market includes a diverse range of products derived from both vegetable and animal sources, such as palm oil, soybean oil, sunflower oil, canola oil, and animal fats. In Africa, palm oil is a dominant component due to its widespread cultivation in countries like Nigeria, Ghana, and Côte d'Ivoire, where it plays a crucial role in local diets and economies. Soybean oil and sunflower oil are also significant, driven by both domestic production and imports to meet the growing demand for edible oils. The market is influenced by factors such as population growth, urbanization, and changing dietary preferences, which increase the demand for processed and convenience foods. Additionally, the market is impacted by agricultural practices, trade policies, and economic conditions, which affect the supply chain and pricing of fats and oils. Regional variations exist within the market, with different countries focusing on specific oil types based on local agricultural resources and consumption habits. As the market evolves, stakeholders are focusing on enhancing production efficiency, sustainability, and meeting the diverse needs of a rapidly changing consumer base. Recent developments include: March 2023: Wilmar International Ltd (WILMAR) initiated the construction of an edible oil plant located in Richards Bay, KwaZulu-Natal, South Africa. This USD 81 million project encompasses the development of a fractionator, a shortening plant, and a packaging facility. Notably, this endeavor commenced in 2020., July 2022: Eni introduced the first vegetable oil production facility for biorefining in Kenya. This venture involved the establishment of an oilseed collection and pressing plant, which marked the inception of vegetable oil production for bio-refineries., June 2021: WA Group made a substantial investment of USD 114 million in a processing plant aimed at boosting edible oil production in Ethiopia. This strategic investment enabled the company to cease importing edible oils and, instead, focus on refining crude palm oil sourced from other countries, as well as processing locally cultivated oilseeds such as sesame seeds, peanut seeds, niger seeds, soya beans, and haricot beans.. Key drivers for this market are: Wide Applications of Oils and Fats in Different End-Use Industries, Government Initiatives and Key Players Adopting Innovative Market Expansion Strategies. Potential restraints include: Volatility in Imports and Supply Chain of Oils. Notable trends are: Wide Applications of Oils and Fats in Different End-Use Industries.

Palm Kernel Oil Price in South Africa - 2023. Find the latest marketing data on the IndexBox platform.

The Middle East and Africa (MEA) vegetable oil market, valued at approximately $X million in 2025, is projected to experience steady growth with a Compound Annual Growth Rate (CAGR) of 4.31% from 2025 to 2033. This growth is driven by several key factors. Increasing populations across the MEA region are fueling demand for edible oils used in cooking and food processing. The expanding food processing and food service industries further contribute to this demand. Furthermore, the growing use of vegetable oils in biofuel production presents a significant opportunity for market expansion, particularly in countries actively pursuing renewable energy solutions. However, challenges exist, including fluctuations in global commodity prices and potential supply chain disruptions impacting oil availability and pricing. Competition among major players like Cargill, Wilmar International, and regional producers is intense, driving innovation and efficiency improvements within the industry. The market is segmented by product type (palm, soybean, rapeseed, sunflower, olive, and others), application (energy, feed, industrial), and geography (South Africa, UAE, and the rest of MEA), each presenting unique growth prospects and challenges. The South African market, due to its larger population and established agricultural sector, is expected to maintain a dominant share within the MEA region, while the UAE, with its strong import-driven economy, will experience significant growth driven by its robust food and beverage sector. The forecast period (2025-2033) reveals a positive trajectory for the MEA vegetable oil market. While challenges like price volatility and geopolitical factors remain, the long-term outlook suggests a sustained upward trend. Regional differences in consumption patterns, infrastructure development, and government policies will shape individual country market growth. Sustainable sourcing and production practices are also gaining traction, influencing consumer preferences and impacting the production methods of major industry players. Companies are increasingly focusing on supply chain optimization, product diversification, and meeting evolving consumer demands for healthier and sustainably produced oils to maintain their market position. Further research into specific regional segments would provide more granular insights into growth drivers and potential investment opportunities within this dynamic market. Estimating specific regional market values requires further analysis not provided in the initial data. Recent developments include: In 2021, Al Ghurair announced that they are acquiring (EOCD), 'Edible Oil Company LLC' which is a major company in multi-seed, crushing over the regions of the Middle -East. Signing this deal is to expand its resources and business operations over Dubai and other Middle-Eastern countries., In 2021, Archer Daniels Midland Co. announced the deal with Marathon Petroleum Corp. to construct a joint venture for manufacturing soybean oil to supply the speedily increasing demand for renewable diesel fuel. ADM has a deal with MPC in order to cater to the rising demand for soybean oil in the regions of the Middle-East., In 2019, Sime Darby Oils and Abu Dhabi Vegetable Oil Company entered into a strategic partnership to market oils and fats products in the Middle East and North African (MENA) region, where both the companies will operate as a single sales and marketing team.. Notable trends are: Increasing Demand for Fortified Edible Oil.

In 2024, the South African palm kernel oil market was finally on the rise to reach $39M after two years of decline. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $45M. From 2022 to 2024, the growth of the market remained at a lower figure.

• The global industry was valued at US$ 5.2 Bn in 2023
• It is estimated to grow at a CAGR of 4.3% from 2024 to 2034 and reach US$ 8.2 Bn by the end of 2034

Market Introduction

Regional Outlook

Palm Oil-based Oleochemicals Market Snapshot

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Sunflower Oil Market Size 2025-2029

The sunflower oil market size is valued to increase by USD 6.33 billion, at a CAGR of 5.6% from 2024 to 2029. Growing use of sunflower oil for biodiesel production will drive the sunflower oil market.

Market Insights

Europe dominated the market and accounted for a 38% growth during the 2025-2029.
By Application - Food segment was valued at USD 15.14 billion in 2023
By Distribution Channel - Supermarkets segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 64.39 million 
Market Future Opportunities 2024: USD 6334.80 million
CAGR from 2024 to 2029 : 5.6%

Market Summary

Sunflower oil, derived from sunflower seeds, holds a significant position in the global edible oils market due to its versatile applications and health benefits. The oil is rich in monounsaturated and polyunsaturated fatty acids, making it a popular choice for cooking and industrial uses. One of the notable trends in the market is its increasing utilization in biodiesel production, owing to its renewable and eco-friendly properties. Moreover, the sunflower oil industry has witnessed the introduction of innovative packaging solutions to maintain product quality and extend shelf life. For instance, the use of airtight containers and modified atmospheric packaging has gained popularity to prevent oxidation and preserve the nutritional value of the oil. Despite the market's growth potential, sunflower oil faces competition from other edible oils such as soybean, palm, and olive oil. Producers must focus on operational efficiency and supply chain optimization to maintain competitiveness. For example, implementing lean manufacturing practices, optimizing logistics networks, and adhering to stringent quality standards can help businesses stay competitive and meet the evolving demands of consumers. Furthermore, regulatory compliance plays a crucial role in the market. Producers must adhere to various food safety and labeling regulations to ensure consumer safety and trust. This includes adhering to regulations related to the use of genetically modified organisms (GMOs) in sunflower oil production, which can be a challenge for some producers. In conclusion, the market is driven by factors such as its health benefits, growing use in biodiesel production, and the introduction of innovative packaging solutions. However, competition from other edible oils and the need for operational efficiency and regulatory compliance pose challenges for producers.

What will be the size of the Sunflower Oil Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free SampleSunflower oil, derived from sunflower seeds, is a popular edible vegetable oil widely used in the food industry and as a fuel component. The market is a dynamic and evolving sector, with key players continually innovating to meet consumer demands and regulatory requirements. One significant trend in the market is the increasing focus on sustainability and health. For instance, companies are investing in seed pre-treatment techniques to improve oil extraction rates and reduce the need for solvent recovery and color removal. Additionally, there is a growing emphasis on energy efficiency measures, such as mass spectrometry and gas chromatography, during the refining process. Another crucial area of development is wastewater treatment and byproduct utilization. According to industry data, sunflower oil production generates substantial wastewater, making efficient treatment methods essential. Furthermore, the meal protein content in sunflower oilseed residue is a valuable resource, with potential applications in animal feed and food industries. Process automation and supply chain management are also vital aspects of the market. Companies are implementing advanced technologies, such as filtration membranes and centrifugal separation, to streamline production and ensure product consistency. Moreover, effective supply chain management is crucial for maintaining a steady flow of raw materials and finished products to meet market demands. In conclusion, the market is a dynamic and innovative sector, with companies continually focusing on sustainability, health, and efficiency to meet evolving consumer demands and regulatory requirements. By implementing advanced technologies and optimizing production processes, companies can improve oil extraction rates, reduce waste, and enhance product quality.

Unpacking the Sunflower Oil Market Landscape

Sunflower oil, derived from the seeds of sunflower plants, holds a significant position in the global edible oils market. Its oleic acid content, a monounsaturated fatty acid, contributes to its health benefits and desirable taste profile. Compared to other edible oils, sunflower oil exhibits a superior oxidation stability, redu

The revenue of the palm fruit oil market in South Africa amounted to $X in 2017, rising by X% against the previous year. In general, palm fruit oil consumption continues to indicate a prominent growth. The pace of growth was the most pronounced in 2010, when it surged by X% y-o-y.

The global Palm Kernel Shell (PKS) fuel market is experiencing robust growth, with a market size of $2788 million in 2025 and a projected Compound Annual Growth Rate (CAGR) of 8.9% from 2025 to 2033. This expansion is driven by several factors. Increasing demand for sustainable and renewable energy sources is a primary driver, as PKS fuel offers a cost-effective and environmentally friendly alternative to traditional fossil fuels in various applications. The rising industrialization in developing economies, particularly in Asia-Pacific, is fueling the demand for industrial heating and power generation, key applications for PKS fuel. Furthermore, government initiatives promoting bioenergy and reducing reliance on fossil fuels are further stimulating market growth. While the availability of PKS depends on palm oil production, technological advancements in PKS processing and logistics are mitigating potential supply constraints. The market is segmented by type (certified and non-certified PKS) and application (industrial heating, power generation, and others). Certified PKS, offering consistent quality and higher energy density, commands a premium price and is experiencing faster growth. The industrial heating segment is currently the largest, but power generation is expected to witness significant growth driven by rising electricity demand and government support for renewable energy projects. Competition among major players like Iwatani Corporation, NISSIN BIO ENERGY, and DSNG is intense, with companies focusing on supply chain optimization, technological improvements, and geographical expansion to secure market share. The forecast period (2025-2033) anticipates continued market expansion, albeit at a potentially moderating pace toward the latter half of the decade as market saturation in certain regions begins to emerge. However, ongoing investments in bioenergy infrastructure and the increasing focus on sustainable practices are expected to ensure sustained growth. Regional variations in market size will be influenced by the availability of PKS feedstock, existing infrastructure, and government policies. Asia-Pacific, with its large palm oil production and growing energy demand, will continue to be a key market, followed by Europe and North America, reflecting both strong environmental regulations and increasing awareness of sustainable energy solutions. The market will witness significant competition from other biomass fuels, necessitating continuous innovation and optimization of PKS production and supply chain efficiency to maintain market leadership.