During the first half of 2023, crude palm kernel oil price forecast in Asia experienced fluctuating trends, mainly lingering at the lower end. Some reversals occurred during the quarter shift due to increased consumption during Ramadan. The decline in prices was largely attributed to heightened outputs from key producers Indonesia and Malaysia. Europe mirrored similar market trends, with prices falling in the first quarter due to easier imports. However, they showed some upward fluctuations in the second quarter due to increased consumption. North America also followed global price trends, with prices remaining low but supported by favorable supply-demand dynamics.
Definition
Crude Palm Kernel Oil is a type of vegetable oil extracted from the kernel (seed) of oil palm fruits. It is commonly used in various industries, including food production, cosmetics, and personal care products. The oil's high content of saturated fats makes it suitable for cooking and as an ingredient in many consumer goods.
Key Details About the Crude Palm Kernel Oil Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Crude Palm Kernel Oil in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
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Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Crude Palm Kernel Oil Price chart, including India Crude Palm Kernel Oil price, USA Crude Palm Kernel Oil price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Crude Palm Kernel Oil Price Trend:
The price trend of crude palm kernel oil (CPKO) can be impacted by various industrial uses and factors. Palm kernel oil is a key commodity in the global vegetable oil market and is derived from the kernels of oil palm fruit. Its versatile properties make it valuable for a wide range of industrial applications, which in turn influence its price trend. Here are some of the key industrial uses impacting the price trend of crude palm kernel oil:
Food Industry: Crude palm kernel oil is widely used in the food industry for various purposes such as frying, baking, and as an ingredient in processed foods. Demand from the food industry, particularly in emerging markets with growing populations and changing dietary habits, can significantly affect the price trend.
Cosmetics and Personal Care Products: Palm kernel oil is commonly used in the production of cosmetics, soaps, shampoos, and other personal care products due to its moisturizing properties and stability. Fluctuations in demand from the cosmetics industry, influenced by consumer preferences and market trends, can impact the price of CPKO.
Biofuel Production: With increasing emphasis on renewable energy sources and sustainability, palm kernel oil is also used in the production of biodiesel. Government policies promoting biofuel usage, as well as changes in the price of competing feedstocks such as soybean oil and rapeseed oil, can influence the demand for CPKO in the biofuel sector.
Animal Feed Industry: Palm kernel meal, a by-product of CPKO extraction, is commonly used as animal feed due to its high protein content. Trends in the livestock industry, including changes in feed formulation and animal population sizes, can affect the demand for palm kernel meal and consequently impact the price of CPKO.
Industrial Applications: Apart from the aforementioned sectors, crude palm kernel oil finds applications in various other industries such as pharmaceuticals, lubricants, and oleochemicals. Developments in these industries, including technological advancements and regulatory changes, can influence the demand for CPKO and its price trend.
Macroeconomic Factors: Macroeconomic factors such as currency exchange rates, global economic growth, and geopolitical events can also affect the price trend of crude palm kernel oil. For instance, a weakening of the local currency in palm oil-producing countries can make CPKO more competitive in the global market, potentially leading to higher exports and price increases.
Overall, the price trend of crude palm kernel oil is influenced by a complex interplay of industrial uses, market dynamics, and external factors. Understanding these factors is crucial for stakeholders in the palm oil industry to make informed decisions and manage risks effectively.
Key Players:
- Cargill
- Wilmar International Ltd
- BASF SE
- Bunge Loders Croklaan (Bunge Limited)
- Natures Natural India
- IOI Corporation Berhad
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