Iceland supermarket's reversal on palm oil ban proves its importance in fulfilling demand-supply gap, says Malaysian Palm Oil Board (MPOB)

Published Mar 29, 2022

Tridge summary

Iceland supermarket has reversed its ban on palm oil due to a sunflower oil shortage, acknowledging that it has no suitable replacement for certain recipes. The Malaysian Palm Oil Board (MPOB) views this as a demonstration of palm oil's importance in fulfilling global oil and fat demand-supply gaps and its functionality in the food sector. The MPOB also urges supermarkets to promote sustainable palm oil rather than banning it, as Iceland's 2018 ban was criticized for being a marketing strategy. Amid the potential edible seed oil supply crisis in the UK and Europe due to the Russia-Ukraine conflict, Malaysia offers to assist with supplying edible palm oil, ensuring sustainability.

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Original content

KUALA LUMPUR (March 29): Iceland supermarket's recent decision to reverse its ban on palm oil and return to the crop despite its skepticism over sustainable palm oil proved its importance in fulfilling the demand-supply gap of global oils and fats, the Malaysian Palm Oil Board (MPOB) said. Palm oil has also proven its versatility and functionality as an ingredient for the food sector. “In fact, Iceland managing director Richard Walker admitted that there is no other suitable alternative for the currently used sunflower oil except for palm oil for the formulation of certain recipes for processing properties or taste,” MPOB director-general (DG) Datuk Dr Ahmad Parveez Ghulam Kadir told Bernama. On Monday, a United Kingdom broadsheet Daily Telegraph reported that the supermarket company Iceland Foods Ltd had been forced to reverse a ban on palm oil amid an acute shortage of sunflower oil. Walker had reportedly expressed “huge regret” about having to row back on its pledge to remove ...

Source: Theedgemarkets