Palm oil is the cheapest vegetable crop to produce in the world, and it can be found in an estimated 70% of cosmetics, and 50% of packaged food products.
Over 200+ ingredients used by the beauty industry are derived from palm oil.
In skin care and cosmetic products, palm oil derivatives are heavily used and relied upon for emulsifying (binding water and oil together), thickening, and creating the "foaming" action in many soaps and hair products. It's often used in food products as a cheap filler agent.