SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Palm Oil Market - Procurement Intelligence Report.
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The extensive applications of palm oil in both the edible and the non-edible sectors will drive the spend momentum of this market at a CAGR of over 5% between 2019-2024. Palm oil commands its extensive usage in the cosmetic industry as a major ingredient in a series of hygiene products. The health-conscious demography is orchestrating the awareness about the edible applications of palm oil, the content of healthy high-density lipoprotein, tocopherols, Vitamin A, D, and E. This will fuel spend growth in the palm oil market.
In APAC, spend growth in the palm oil market will be driven by the exponential demand from the hotel and restaurant, packaged food, baby product, and personal care product industries, as well as bakeries and confectionaries. North America will command a major share in the global palm oil market owing to the increasing demand for biodiesels. The US is expected to experience an increase in the supply of oilseeds, which will result in high year-end stock reserves and production of palm oil. Palm oil suppliers are adopting digital marketing strategies to promote the various health benefits and consumption of palm oil in the region which will further contribute towards spend growth of the palm oil market in this region.
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Key Findings in the Palm Oil Market:
- Forecasts of volatilities in the price of raw materials such as palm oilseeds will have a subsequent impact on palm oil supplier’s OPEX that will skyrocket. This will have an inflationary impact on the procurement expenditure to be borne by buyers in the palm oil market.
- In response to the predicted volatilities in raw material price, palm oil suppliers are employing backward integration strategies by setting up or acquiring oilseed plantations. This strategy will enable them to ensure consistency in quality, lower prices during high-demand periods, and minimize the chances of supply shortages.
- Buyers are advised to engage with palm oil suppliers who exhibit extensive distribution and logistics capabilities for destination markets through joint ventures with global transportation players. Palm oil suppliers are expected to implement processes to ensure that transportation conditions do not hamper the product. Buyers should inspect transportation vehicles for structural integrity, cleanliness, odor, and suitability prior to engagement.
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Other key topics covered in this report are:
- Palm oil market spend segmentation by region
- Total cost of ownership analysis in the palm oil market
- Regional spend opportunity for palm oil suppliers
- Palm oil suppliers cost structure
- Palm oil suppliers selection criteria
- Palm oil suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the palm oil market
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