Global: 2024 could be a critical year for the palm oil industry

Published 2023년 12월 13일

Tridge summary

The Council of Palm Oil Producing Countries (CPOPC) is preparing for the impact of the new European Union Anti-Deforestation Regulation (EUDR) and other new legislation on the palm oil industry in 2024. They are facing challenges related to negative perceptions of palm oil, forced labor legislation, and potential barriers to palm oil penetration in European countries. Despite declining exports to Europe, CPOPC remains optimistic about crude palm oil prices, citing lower production, aging palm oil, uncertain weather conditions, and strong domestic demand for biodiesel in Indonesia as supporting factors. Overall, CPOPC expects strong demand for palm oil in key markets like India, China, and Pakistan.

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Original content

The Council of Palm Oil Producing Countries (CPOPC) sees 2024 as a critical year for the palm oil industry, fueled by the upcoming implementation of the new European Union Anti-Deforestation Regulation (EUDR) and other new legislation. CPOPC deputy secretary-general Datuk Naguib Wahab said the main challenge facing the palm oil industry continues to be overcoming negative perceptions of the commodity and the imminent implementation of new legislation, namely forced labor legislation, as an upcoming regulatory challenge. “The forced labor legislation has an even greater impact on us because we have foreign workers in Malaysia. This also affects Indonesia, where there are workers migrating from one region to another,” he said during a media briefing on the challenges and opportunities of the palm oil industry in 2024. Naguib said the main challenge is to overcome negative perceptions of palm oil. “We remain deeply concerned, especially as the EUDR has not yet been fully reviewed and ...

Source: Oilworld