Russia: There will be no palm oil, we will switch to margarine

Published 2022년 5월 6일

Tridge summary

Russia has imposed a temporary ban on the import of palm oil due to global shortages and price hikes, causing confectioners to shift to natural ingredients and potentially margarine. Indonesia, the world's largest palm oil exporter, has ceased exports to stabilize its domestic market. The ban could lead to an increase in confectionery prices, with cocoa bean shortages already posing a threat to the chocolate industry.

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

Original content

05/06/2022 With a complete embargo on the import of palm oil into Russia, confectioners will switch to natural ingredients and finally stop poisoning the population. This opinion was expressed by KONKURENT.RU experts. The largest supplier of palm oil in the world, Indonesia, has stopped the export of palm oil since April 28 due to shortages and rising prices. The ban was introduced until the situation in the domestic market stabilizes. The annual volume of palm oil in Russia reached a million tons, and most of it was supplied from Indonesia. In general, for many years in a row, “palm” has been ranked second after sunflower in terms of consumption in the country. The demand for palm oil is explained by its low cost and cheapness - it is 40% cheaper than other vegetable oils. Alexander Feigin, Director of the Primorsky Certification Center: “Therefore, when the opportunity arose, many people happily switched to palm oil. Especially manufacturers of confectionery. No wonder. With the ...

Source: Oilbranch