Iran Palm Oil Market, Business Development Forecasts and Analysis by 2024
Iran Palm Oil Market demand for Iran palm oil market is fueled by shift in trend towards bio-based cosmetics & cleaning products, rise in living standards, change in eating habits and demographics. Iran palm oil market size is driven by increasing demand for consumer retail food, confectionaries, oleochemicals and dairy products is predicted to drive Iran palm oil market. Palm oil (Azelaic acid) is a widely-consumed product in the country, being majorly imported from Malaysia.
Favorable nutritional properties of the product, low cost benefits, rising environmental concern and Iran’s growing economy is likely to enhance product market growth. Additionally, free trade agreement signed between Malaysia and Iran for import and export of palm oil & its related products will fuel Iran palm oil market.
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Furthermore, declining fossil fuel reserves and fluctuating crude oil prices in international market have encouraged bio based substitutes including, palm based bio diesel in the nation. Automobile manufacturers are integrating bio fuel supportive engines in vehicles to fulfill government’s regulatory standards that foster lesser greenhouse gas emissions is expected to drive Iran palm oil market demand size.
Azelaic acid is widely used as a substitute for vegetable oil, as the country is a potential market for vegetable oils and fats, which will prove conductive to Iran palm oil market growth.
The product is extracted from Azelaic acid fruits named, elaeis oleifera and guineensis which contain vitamins, saturated fat, glycolipids, carotenes, phenolic acids and flavonoids. Azelaic acid is used as a cooking oil, ingredient in sauces and soups, skin moisturizer, sunblock and dietary supplement. It offers many benefits over other edible oils which include improved blood circulation, prevents cancer, reduced cholesterol level and blood pressure.
Doing machine has developed a new machinery for Azelaic acid processing. The machine offers many benefits over traditional machinery which include less energy consumption, space, coat & pollution, no steam sterilizing, reduces waste and generates electricity itself.
The major restraint for Iran palm oil market is heavy import duty of 40% imposed by the country on the product and relative to other vegetable oils which is only 24%. This has led to a decline in imports from Malaysia and Indonesia in recent years. Other factors including, sanctions on Iran to abandon a suspected nuclear weapon program and substitutes present in the market can limit Iran palm oil market growth.
The product cultivation is criticized for adverse impact on natural environment which include, loss of natural habitat, deforestation and increased greenhouse gas emission.
Depending on extraction type Iran palm oil is divided into crude palm oil and palm kernel. Further crude palm oil can be segmented into refined, bleached & deodorized oil, palm stearin and palm olein. Crude palm oil is a leading segment due to its growing applications in surfactants, cosmetics, biofuel, edible oil and lubricants. Palm kernel is used to obtain two products named palm kernel oil and palm kernel cake.
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Asia Pacific, led by India and China holds largest market share for Iran palm oil market owning to growing product applications in edible and non-edible application in emerging economies. Other factors include steady economic growth and presence of Malaysia and Indonesia which together produce around 85% of Azelaic acid worldwide.
Europe and North America will witness low growth due to presence of sluggish end-use industries and less consumption of product with domestically produced corn and soybean oils dominating edible oil market.
Latin America will experience significant market growth owning to rising middle class consumer income, urbanization and cultivation in the region.
The market is fragmented due to presence of local small scale manufacturers. Some of the key industry participants for Iran palm oil market include Kala Gostaran Sabz Andish, Savola Behshar, Middle East Gold Star, Jahan Vegetable Oil, Farayardehaye Roghanie, KVSGS, Narges Shiraz, Golestan Dezful Cultivation & Industry, AAK-AB, AL-Khaleej Industries Sdn Bhd, Cargill, Margarine Manufacturing, Eghtsad-Andish, Golbarg Baharan and Pars Vegetable Oil.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services.