Global vegetable oil production on record in 2023/24

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Published Sep 28, 2023

Tridge summary

Global vegetable oil production is expected to reach a new high of 222.8 million t in 2023/24, according to estimates by the US Department of Agriculture. This production is projected to exceed the estimated demand of 217.5 million tonnes, resulting in an increase in final stocks of vegetable oils. Palm oil remains the most important vegetable oil, accounting for 35.7% of global production, with Indonesia being the largest producer.

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Original content

Sep 27, 2023 | 16:16:00 | ID: 37527 | Department: Agriculture | agricultural economics Berlin (agrar-PR) - According to USDA estimates, global vegetable oil production will increase for the third year in a row and reach new highs. According to the US Department of Agriculture, global vegetable oil production is expected to reach USDA 222.8 million t in 2023/24. That would be 6.5 million t more than in 2022/23. This means that production should more than adequately cover the demand of an estimated 217.5 million tonnes. This means that final stocks of vegetable oils worldwide will increase by around 0.1 to 30.6 million t. Palm oil remains the most important vegetable oil on the world market. Global production is expected to increase for the third year in a row and, according to research by Agrarmarkt Informations-Gesellschaft (mbH), will reach 79.5 million t. Compared to 2022/23, this is an increase of 1.9 million t. Palm oil therefore accounts for 35.7% of total global vegetable ...

Source: Agrar