India is still the main importer of palm oil

Published 2021년 12월 22일

Tridge summary

The global palm oil market has seen a 11.5% increase in production over the past five seasons, reaching a projected 76.5 million tonnes for the 2021/22 marketing year. Indonesia and Malaysia are the largest producers, contributing over 84% of the world's production, with Thailand, Colombia, and Nigeria also significant contributors. Palm oil consumption has risen annually, especially in the food industry and as motor fuel, with Indonesia and India being the top consumers. Despite the COVID-19 pandemic, sales have increased to 47.9 million tons in the 2020/21 season, with Indonesia and Malaysia being the leading exporters.

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

Original content

The global palm oil market, like any other segment of the global agricultural market, is going through a difficult time due to the COVID-19 pandemic. 2020/21 MY in the palm oil sector turned out to be extremely saturated: lockdowns, chaotic consumer demand, a price rally and a shortage of labor on the plantations. What and how has changed in the global palm oil market over the past few seasons? Production Palm oil is produced from the fruit of the oil palm and belongs to the category of tropical oils. It is traditionally used for the manufacture of perfumery and cosmetic products and in the food industry for the production of bakery, confectionery, ice cream, nut pastes, chocolate, margarines, etc. It has a neutral taste and smell, a semi-solid structure and does not need hydrogenation. According to USDA analysts, over the past five seasons (from 2016/17 MY to 2020/21 MY), global palm oil production has grown by 11.5%. Although production peaked in the 2018/19 season (74.1 million ...

Source: Oilworld