The production of vegetable oil in the world in 2022/23 MY will be a record, – FAO

World production of vegetable oils at the end of the current season will be a record against the background of the expected high levels of the gross harvest of oilseeds, analysts say FAO in a June report. So, the output of finished products can grow for the year by 2.7%, to 253.4 million tons.

“As for certain types of oils, the projected increase in production of palm, soybean and rapeseed oils will more than compensate for the reduction in production of sunflower, olive and, to a lesser extent, coconut oil,” the materials say.

According to preliminary forecasts, the global production of palm oil will increase slightly in 2022/23 MY. Thus, in Indonesia, despite the expected increase in figures, the growth rate will be below the average for the past five years due to rains in some regions of the country at the beginning of the current calendar year, and the reduction of the area under the “mature oil palm”.

Similar developments are taking place in Malaysia. “Despite the gradual resolution of plantation labor shortages, growth rates may also remain low,” the FAO report said.

As for soybean and rapeseed oil, the expected increase in output is due to the projected increase in the yield of the respective oilseeds, while the decline in sunflower seed production in the Black Sea region will lead to a decline in global sunflower oil production.

Tags: sunflower oil, soybean oil, palm oil, rapeseed oil, olive oil