The global vegetable oil market is dominated by Indonesia and Malaysia. The two countries are the largest producers and exporters of vegetable. They are expected to witness moderate growth in the forecast period. China and India, on the other hand, are the leading consumers of vegetable oil with food applications of vegetable oil in India projected to see an annual growth of 3.1% in the coming years. In India, the demand for vegetable oil surpasses the domestic production, and thus, the country is dependent on imports to meet the rising local demand. India is the largest importer of the oil, and the imports are expected to grow annually by 4.7% in the coming years. Currently, the country’s imports account for over 25% of the global imports of the agricultural commodity.
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Indonesia and Malaysia along with Argentina, another leading market, export a significant proportion of their vegetable oil production. However, the exports from these countries are projected to witness a decline in the coming years due to a decrease in exports to the US and the EU along with an increase in domestic applications. The biodiesel sector is especially expected to contribute to the rise in the domestic demand in major markets with governments mandating the use of diesel with a biodiesel blend. While in Indonesia, diesel used by cars, railways, and power plants are required to be blended with 20% of domestically produced biofuel since 2018, Malaysia is in the process of switching to diesel blended with 10% palm biofuel since late 2018. In Argentina too, diesel is now blended with 10% biodiesel for agriculture and on-road applications, and producers of biodiesel are demanding that the percentage be increased to 12%. With vegetable oil being the primary feedstock for biodiesel, the increasing domestic use in major markets will aid the industry growth in the forecast period. The rising local use of vegetable oil might also aid in balancing the projected reductions in exports from EU amidst concerns about deforestation. Biofuel application for vegetable oil is expected to grow by 0.3% per annum in the forecast period driven by rising demand from emerging economies.
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Cargill, Incorporated, Archer Daniels Midland Company, Louis Dreyfus Company, Bunge Limited, and Wilmar International Ltd, among others, are the key players in the global vegetable oil market as identified by the EMR report. The report offers a detailed look into their market share, capacity, and latest developments like capacity expansions, mergers and acquisitions, and plant turnarounds.
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