Development trend of edible oil in the world

According to the latest data released by Statista (11.02.22), In terms of consumption as a food product, from 2013/14 to 2021/2022, palm oil consumption ranks first, followed by soybean oil and canola seed oil. The global production of palm oil was around 73 million metric tons in the marketing year 2020/21, a slight increase compared to 2019/2020 ( 72.94 million metric tons). In that period, Palm oil grows mainly in Asia, Africa and Latin America. Indonesia and Malaysia are the main palm oil producers, followed by Thailand, Colombia, and Nigeria.

From a global market perspective, import volume of palm oil has increased worldwide over the past few years. According to the World Bank, in 2020, the average price for palm oil stood at 752 nominal US dollars per metric ton. It is expected to rise to about 1,009 nominal US dollars per metric ton by 2025.