Iceland food producers reversing palm oil ban amid shortage of sunflower oil

Published Mar 29, 2022

Tridge summary

Iceland supermarket, along with other food producers, has reintroduced palm oil due to a sudden shortage of sunflower oil. The supermarket had previously pledged to remove palm oil from all its own-brand foods due to tropical deforestation concerns. The shortage is attributed to the ongoing conflict in Ukraine and Russia, which accounts for nearly 70% of the global sunflower oil supply. Malaysia, which has sustainable palm oil available, may see an increase in demand and prices due to the conflict.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

KUALA LUMPUR (March 28): The sudden shortage of sunflower oil supply has forced food producers to reverse their ban on palm oil and return to this vegetable oil as their frying fat and food ingredients. Iceland supermarket, which in 2018 pledged to remove palm oil from all its own-brand foods, made the turnaround to this wonderful crop. The supermarket had banned palm oil from its own-brand foods in a stand against tropical deforestation. Iceland managing director Richard Walker reportedly expressed “huge regret” about having to row back on its pledge to remove palm oil from all of its own-brand items. “The only alternative to using palm oil under the current circumstances would simply be to clear out our freezers and shelves of a wide range of staples including potato products. “The move was 'a last resort and a strictly temporary measure' and we will only use certified sustainable palm oil as an ingredient,” he said in a report by United Kingdom daily broadsheet newspaper the ...

Would you like more in-depth insights?

Gain access to detailed market analysis tailored to your business needs.
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.