The amount of vegetable oil produced by crushing seeds, including soybeans, canola and sunflowers combined with combined oils produced from other plant parts such palm kernels and flesh has increased steadily along with growing populations and increased demand for cooking oil, consumer goods and the biodiesel. Many countries produce oil used for either domestic consumption or export. The largest producing counties are Indonesia, China, Malaysia, European Union, US, Argentina and Brazil while the largest global importers are China, India and European destinations.
Key facts about the oil and oilseeds market
- The rise in Indonesia’s palm oil production represents the most dramatic change in the global vegetable oil balance sheet during the past decade.
- Global production expansion that outpaced demand has pressured pricing and led to demand creation initiatives, including increased biodiesel mandates, which are particularly important in major producing nations.
- Palm and Palm kernel oil represent more than 40% of the global vegetable oil supply followed by soybean oil and below 30% and canola/rapeseed oil at about 15%. In recent years expansion in sunflower seed production has increase sunflower seed oil’s share to close to 10% of the global total.