The global vegetable oil market, valued at $212.6 billion, is led by Indonesia, Malaysia, China, USA, Brazil, Argentina, Russia, and Ukraine. Indonesia and Malaysia are the top palm oil producers, while China, the USA, and Brazil dominate soybean oil production. Russia and Ukraine lead in sunflower oil production. Despite the USA's dominance in soybean exports, Brazil is projected to account for half of the global exports by 2032. The global palm oil exports are expected to grow by 0.8% annually, while the rapeseed oil market is projected to increase from $35.9 billion in 2023 to $54.9 billion by 2032, with Russia significantly increasing its exports to China.
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The global vegetable oil market is divided by the largest producers and exporters. Historically, the leaders in the production of palm oil are Malaysia and Indonesia, soybean oil - China, the USA and Brazil, and sunflower oil - Ukraine and Russia. How have global changes affected the oil trade and what are the experts’ forecasts? Global trade in vegetable oils includes soybean, palm, rapeseed, sunflower, olive and coconut oils. Palm oil accounts for the majority of global production, followed by soybean oil, canola oil and sunflower oil. Almost a third of the world's vegetable oil production comes from Indonesia and Malaysia. They also produce 81% of the world's palm oil, according to the latest OECD-FAO estimates. The leaders in rapeseed harvesting include the European Union (EU), Canada, China, India, Australia, Russia and Ukraine. These and some other countries account for more than 90% of world production of this crop. The world's leading producers of soybean oil are China, ...