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Iran palm oil market is expected to reach $648.4 million by 2025. according to a new report by Grand View Research. Inc.
Increasing usage in cosmetics and biodiesel industries has contributed to a significant portion of market revenue in recent years. military-technologies.net reported.
The termination of Western sanctions has had a beneficial impact on Iran`s economy. attracting higher foreign investments. Malaysia is negotiating a reduction of tariffs under a free trade agreement. which is expected to boost trade relations with Iran once again.
The removal of the import quota has had an immense impact on the Iranian industry as well. further stimulating growth in recent years.
Lower palm product prices as compared to other vegetable products such as soybean. sunflower and groundnut has also led to higher substitution in the food and beverage. cosmetics. and biodiesel industries.
Crude palm oil (CPO) is expected to remain the dominant segment occupying over 88 percent share in terms of volume in 2015.
Despite a decline in consumption levels in 2014. the product has witnessed steady recovery. gaining an edge over kernel products in the following years. CPO is widely used to derive other products such as RBD. which are then utilized in bakery. cooking and other non-food applications.
The Iran palm oil market was $232.25 million in 2015 and is anticipated to reach $615.72 million by 2025.
Refined. bleached and deodorized (RBD) oil is anticipated to emerge as the fastest growing segment. derived from CPO. with a projected CAGR of 10.2 percent in terms revenue from 2016 to 2025.
RBD has multiple uses in the food and industrial sectors. serving as an ideal substitute to other expensive vegetable-based products.
Palm kernel oil (PKO) is expected to remain a dominant sub-segment of the kernel products market. occupying over 92 percent share in terms of volume in 2015.
The hydrogenated form of PKO is high in saturates and provides a good flavor release in ice cream and confectionery. leading to its demand in these food processing applications.
Cosmetics are anticipated to grow at a CAGR of 7.6 percent in terms of revenue. Growing awareness about personal grooming and beauty. along with the proliferation of advertising campaigns has impacted Iran`s cosmetics sector and introduced new avenues for growth.
