Africa’s palm oil sector to see prices falling in 2023 as output rises

Published 2023년 3월 24일

Tridge summary

The global palm oil market is projected to grow to US$67.6bn by 2028, with Indonesia, Malaysia, and Thailand as the leading producers, despite concerns about environmental damage and human rights abuses. Africa, led by Nigeria, is also increasing its production, as global demand rises due to China's relaxed Covid-19 restrictions and India's increased imports. However, global supplies are expected to tighten in the next six months due to palm oil's large discount compared to other soft oils.

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

Original content

Although palm oil production has been linked to environmental damage and human rights abuses, it remains an important industry providing jobs and contributing to economic growth in several countries in Africa. The global palm oil market size reached US$53.1bn in 2022 and looking forward, the market is expected to reach US$67.6bn by 2028, exhibiting a CAGR of 4.11% during 2022-2028, according to the recent study titled “Palm Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. Indonesia is the largest producer of palm oil, followed by Malaysia and Thailand, with several other African and South American countries also producing significant amounts. The production of palm oil has resulted in devastating environmental damage and human rights abuses, despite providing income to rural communities in poorer nations, notably in Africa. Africa’s top producers, led by Nigeria, may see a marginal rise in production in 2023 just as global demand is ...

Source: UkrAgroConsult