Malaysia aims to regain palm oil market share in the EU amid a global shortage

Malaysia, the world’s second largest palm oil producer, on Friday said it plans to leverage the global edible oil shortage and “political tension in Europe” to regain market share after buyers shunned the commodity over environmental concerns. Palm oil is used to make everything from lipstick to noodles, but top producers Indonesia and Malaysia have faced boycotts after being accused of clearing rainforests and exploiting migrant workers for the rapid expansion of plantations. Some companies have introduced “palm oil-free products” in recent years, and the European Union (EU), the world’s third-biggest palm buyer, has ruled to phase out palm oil-based biofuels by 2030. But retailers like British supermarket chain Iceland, which removed palm oil from its own-brand food starting in 2018, have been forced to return to the controversial commodity in recent months due to a global edible oil shortage triggered by the Russia-Ukraine war and Indonesia’s ban on palm oil exports. Zuraida ...