Indonesia and Malaysia are the leading producers of palm oil in the global palm oil market. They are also its major exporters. Indonesia, currently, accounts for over 50% of the global exports of the oil. A significant proportion of the export demand of the vegetable oil comes from the rising demand for palm oil as a biodiesel feedstock. Indonesia has been increasing its domestic application of palm oil as a biodiesel feedstock. In 2018, the government of Indonesia mandated the use of diesel containing 20% locally manufactured biodiesel, known as B20. This step by the government is expected to boost the local palm oil industry and reduce the country’s dependency on fuel imports, especially, amidst increasing prices of crude oil. The mandate includes all diesel users under its purview from cars to railways and power plant. It is expected to save the country almost USD 6 billion annually.
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The palm oil market might be affected by the Renewable Energy Directive (RED) by the EU which aims to phase out biofuels manufactured from raw materials associated with high land-use, like oil palm, over the next decade. This might prove detrimental to major palm oil markets like Indonesia and Malaysia as the EU is a major importer of palm oil used in the production of biodiesel. The countries might attempt to offset the projected loss by increasing their exports to countries like India and China.
In India and China, the oil finds its primary use in the food sector as a cheap cooking oil. In 2018, India was a leading consumer of palm oil, accounting for a fifth of its consumption. The use of palm oil in the country saw a substantial growth between 2000-2017, with its imports almost tripling in size. India imported almost 10 million tonnes of the oil in 2017. With the rising demand for edible oil, specifically palm oil, in India, the country is looking to expand its domestic production to meet the mounting demand.
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Wilmar International Ltd., Cargill, Incorporated, Bunge Limited, Archer Daniels Midland Company, and IOI Corporation Bhd, among others, are the key players in the global palm oil market. The EMR report looks in-depth into their market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds.
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