"Palma" is growing, the pandemic has set new trends in global production and consumption of palm oil

Published 2021년 6월 24일

Tridge summary

Palm oil production is on the rise as the global economy recovers from the COVID-19 pandemic, with the market leader in vegetable oils. In the 2020/21 season, nearly 73.7 million tons of palm oil were produced globally, and this figure is projected to increase to 76.4 million tons in 2021/22. Indonesia and Malaysia are the primary producers, accounting for over 84% of the world's production. Despite an increase in value-added tax in Russia, imports of the oil have remained steady. The market price increase is attributed to the economic recovery and increased demand for soybeans in China. Countries like India, the EU, China, Pakistan, Bangladesh, and the USA are among the leading importers of palm oil.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The world production of palm oil is growing. Prices for it are rising against the backdrop of a revival of the global economy as the COVID-19 pandemic weakens.In recent years, palm oil is by far the first most popular in the global vegetable oil market. From 2011 to 2020, global palm oil production increased annually by an average of 4.1%, and world trade in it - by 3%. In the 2020/21 season, almost 73.7 million tons of palm oil were produced in the world, and in 2021/22 its output is projected to increase to 76.4 million tons. For comparison: soybean oil production is expected to be at 62.2 million tons. , rapeseed - 29.0 million tons, sunflower - 21.2 million tons. The average annual production of palm oil over the past five years exceeded the production of soybean oil by 27%, rapeseed - 2.6 times, sunflower - 3.6 times. More than 84% of all palm oil production in the world is concentrated in two countries: Indonesia (57% of world production) and Malaysia (27%). The same ...

Source: Specagro