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Palm Oil To Remain World’s Most Important Vegetable Oil In 2022

3 months ago

Germany — UFOP in Germany reports that global production of vegetable oils continues to increase in the 2021/2022 crop year to reach new record
highs.

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An expected decline in rapeseed oil output can be more than offset by production increases in palm oil, sun ower and soybean oil.

According to the recent USDA outlook, 2021/22 global production of vegetable oils will amount to 214.8 million tons. This would be an 8.21 million ton
rise compared to 2020/21. In other words, production will presumably fully cover demand of 211.8 million tons also in the current crop year.

According to investigations conducted by the Agrarmarkt Informations-Gesellschaft (mbH), palm oil is set to remain the world’s most important
vegetable oil in terms of production and consumption, with output estimated at 76.5 million tons. This translates to a 3.6 million ton rise over 2020/21.
In other words, palm oil accounts for just less than 36 per cent of total vegetable oil production.

Indonesia remains the largest palm oil producer with an output of 44.5 million tons, followed by Malaysia with 19.7 million tons and Thailand with 3.1
million tons.

Production of soybean oil is expected to grow 4 percent to 61.7 million tons based on larger harvests and could hit a new record. China remains the
most important producer with production amounting to 17.6 million tons, whereas the USA ranks second with 11.6 million tons.

Production of sun ower oil is expected to climb as much as 14 percent to 21.8 million tons in 2021/22 due to larger harvests in Eastern Europe and the
EU-27.  On the other hand, the USDA has projected a 6.0 percent decline in global rapeseed oil production to 27.4 million tons based on inadequate
rapeseed supply.

The Union zur Förderung von Oel- und Proteinp anzen e.V. (UFOP) expects the persistently high prices for sun ower oil to boost the expansion of
sun ower area for the 2022 sowing campaign.

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Source: biofuelsdigest.com

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