The latest estimates from the United States Department of Agriculture (USDA) indicate that global vegetable oil production is forecast to reach record levels in the 2023/24 marketing year, marking the third consecutive year of production growth. According to USDA estimates, global vegetable oil production will reach 222.8 million tons in 2023/24, an increase of 6.5 tons from the previous year.
Palm oil continues to be the most important vegetable oil in the global market, with an expected production of 79.5 million tonnes, representing 35.7% of total global vegetable oil production. Indonesia leads global palm oil production, followed by Malaysia and Thailand.
Meanwhile, global soybean oil production is expected to increase by 2.9%, reaching a new record of 61.6 million tons. China is the largest producer of soybean oil, followed by the USA.
Global vegetable oil production growth in 2023/24
At the same time, sunflower oil production is also expected to grow due to the expansion of the planted area, reaching 21.7 million tons globally.
However, although rapeseed oil production is forecast to increase in 2023/24, with a total of 33 million tonnes, rapeseed oil production is expected to decline in countries such as Argentina, Turkey and the USA, while production in the European Union (EU) and Ukraine should increase.
The report suggests that the global per capita supply of vegetable oils would be sufficient to cover food consumption, including processed products. This estimate highlights the expanding global production of vegetable oil to meet growing demand.
In summary, the outlook indicates that global vegetable oil production will continue to grow. This reflects the need to meet the growing global demand for food and derived products. Palm oil maintains its supremacy in the global market. Next we have soybean oil, sunflower oil and rapeseed oil. Each contributes significantly to the global supply of vegetable oils.
Source: Oils & Fats International
