Palm Stearin Market Introduction:
There has been tremendous development in the global food and beverage industry in recent past years. Palm oil is one of the most popular vegetable oil and is derived from the mesocarp of the fruit of palm fruit. Palm stearin is a cheap source of natural vegetable fat used across a wide application range in the food industry. Palm stearin derived from the palm oil by processing the oil at controlled temperature with the partial crystallization method, then the solid fraction of the palm oil is derived called palm stearin. Palm stearin has various applications in the food industry which includes the production of bakery fats like Vanaspati and margarine shortenings. Apart from applications in food industry palm stearin also have applications in the cosmetics and personal care industry. The global palm stearin market is expected to witness substantial growth in the foreseeable future attributable to its increasing applications in the food industry.
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Palm Stearin Market Drivers and Trends
Growing demand for packaged food products is expected to contribute towards increasing demand for palm stearin across the globe. Changing the lifestyle of the consumers has led to an increased demand for convenience food products. The palm oil and its fractions have various applications in food preparations for the health-conscious consumers across the globe. Increasing demand for fats and oils across several industrial domains is further expected to boost the growth of the global palm stearin market over the forecasted period. Furthermore, rising chocolate consumption across the globe has contributed to the market growth of palm stearin. Palm and palm kernel-based specialty fats are widely used in the confectionery industry because of excellent gloss retention and flavor release, these factors are responsible for boosting the growth of the global palm stearin market.
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Global Palm Stearin Market: Market Segmentation
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Palm Stearin Market Key Players:
The market participants operating in the global palm stearin market are identified across the value chain include IOI Loders Croklaan, Ciranda., Wilmar International Ltd., Natural Habitats Group, Fuji Oil Holdings Inc., Cargill, Incorporated, Manorama Group among the other palm stearin manufacturers.
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Palm Stearin Market Regional Outlook:
Palm oil is one of the highly produced vegetable oil worldwide with its production concentrated across Asia pacific. The major palm oil-producing countries include Indonesia, Malaysia, Thailand, and others. Other prominent producers of palm oil are Colombia, Nigeria, Papua New Guinea, and others. The European market is projected to hold significant market share in the palm stearin market over the forecasted period. India, European Union, and China are the largest consumers of palm oil across the globe. It is estimated that these three countries consume nearly 50% of the world’s export of palm oil.
Key Opportunities in Global Palm Stearin Market
The palm stearin has various applications in the food industry and cosmetics and personal care industry. Soft palm stearin is a semisolid version of palm stearin while the hard stearin is a solid fraction of palm stearin. Soft palm stearin is used as a versatile natural ingredient in the manufacturing of tub margarine and cocoa butter equivalent (CBE) manufacturing.
The palm stearin also has the various applications in the bakery and confectionery products such as it is used as filling and coating fat. Palm stearin also finds its applications as alternative fuel oil (biodiesel), in soaps, lubricants, surfactants, advanced detergents, paints dyes, insecticides and others. These increasing applications of palm stearin are creating lucrative opportunities for the new and existing market players in the global palm stearin market.
COVID-19 Impact on Global Palm Stearin Market
The global market has suffered the drastic falls in the last couple of weeks of March 2020, as the widespread of coronavirus continue aggressively around the globe, and all the major economies have unveiled their new measures to counter the disease, that has already infected more than 120,000 people across the globe.
The global palm stearin market is feeling the impact of COVID-19 pandemic, as the demand dropped across the globe, trade is disturbed, and production is hampered in Indonesia and Malaysia which are the top producers of the palm stearin across the globe. Manufacturers of palm stearin have to restructure their strategies to increase their sales after the end of this pandemic, but it is unlikely to recover the losses that have divested the growth of the global palm stearin market.