Vegetable oil production in 2023/24 expected to be up on previous year

Published 2023년 7월 11일

Tridge summary

Global vegetable oil production is expected to reach a record level in the 2023/24 crop year, with increases in production of rapeseed, soyabean, and palm oil, but a decline in sunflower oil production. The production of vegetable oils is projected to total 222.8 million tonnes, which would meet the demand of around 217.9 million tonnes. Palm oil remains the most important vegetable oil globally, accounting for over 36% of production, with Indonesia being the largest producer.

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

Original content

Global output of vegetable oils is set to increase to a record level in the 2023/24 crop year, according to a report by Germany’s Union for the Promotion of Oil and Plant Proteins (UFOP). Production of rapeseed, soyabean and palm oil would increase, while sunflower oil production was expected to decline, the 22 June report said. According to the latest outlook published by the US Department of Agriculture (USDA), 2023/24 global production of vegetable oils would total 222.8M tonnes, an increase of 6.1M tonnes compared to the previous year. This would mean production would be able to meet demand of around 217.9M tonnes with a marginal increase in ending stocks, the association said. In terms of manufacture and consumption, palm oil was set to remain the world’s most important vegetable oil – with global output estimated at 79.3M tonnes, according to research by Agrarmarkt Informations-Gesellschaft. This would be a 1.6M tonne increase compared to the previous year and would mean ...

Source: UkrAgroConsult