There are two main fruit-bearing tropical palm tree species: Cocos Nucifera (which produces coconuts) and Elaesis Guineensis, or the African oil palm. The African oil palm produces the fruit from which palm oil is extracted. Oil palms reach maturity around 3-4 years of age and grow and produce fruit year-round for up to 40 years. Palm oil is the final product extracted from the harvested fresh fruit bunches (FFB) of the oil palm tree.