Iran Palm Oil Market Is Forecast To Reach $648.4 Million By 2025

Industry Insights

Demand is primarily influenced by the shift in trend towards bio-based cosmetics and the growing consumption of bio-based fuel sources to substitute declining fossil fuel reserves. The nation’s cosmetics industry is one of the largest in the Middle East. The influence of social media & Western culture has increased the pressure on individual grooming, personal care & physical appearance.

Iran palm oil market revenue by product, 2014-2025 (USD Million)

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This, in turn, has led to high demand for cosmetics, especially those conforming to sustainability trends & specifications. The termination of Western sanctions in Iran has positively affected industry growth in recent years. The removal of palm oil quota has also made it easier for traders to import the product from Malaysia and Indonesia among other nations.

Growing environmental concerns have also driven the consumption of renewable, alternative and sustainable fuel & energy sources in the automotive, manufacturing and other industries. Increasing biodiesel consumption to combat depleting fossil fuel reserves is a major influencing factor for product demand in Iran.

Product Insights

RBD products are also widely utilized for cooking, bakery, confectionery and other applications. Crude palm products also serve as a substitute for more expensive vegetable products such as coconut, sunflower, and groundnut. Its derivatives & variants are widely used for cooking and frying applications, preparation of soaps, bakery and confectionery applications.

The palm kernel sector may be broken down into palm kernel oil (PKO) and cake. PKO has specialized applications in confectionery fats as a substitute for cocoa butter. However, increasing awareness regarding high cholesterol levels due to PKO consumption has restricted industry growth.

Application Insights

Cosmetics is expected to emerge as the fastest growing segment with a CAGR of 10.9% from 2016 to 2025. The signing of an agreement between Iran and Western countries over the nuclear ambitions of the Islamic government has led to significant stabilization in the country. This has led to an improvement in the country’s business environment, attracting greater foreign investments.

The proliferation of advanced advertising campaigns and rise in the awareness regarding personal grooming & beauty has positively affected product demand in cosmetics. Furthermore, the shift in trend towards renewable & sustainable energy sources has had a positive impact on regional consumption patterns.

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Report Scope

Attribute Details
Base year for estimation 2016
Actual estimates/Historical data 2014 – 2016
Forecast period 2017 – 2025
Market representation Volume in tons and revenue in USD Million & CAGR from 2016 to 2025
Regional scope Iran
Report coverage Volume & revenue forecast, competitive landscape, growth factors and trends
15% free customization scope (equivalent to 5 analyst working days) If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization