Worldwide production of vegetable oils is forecast to reach a record level in the 2021/22 crop year, according to forecasts published by the Union for the Promotion of Oil and Protein Plants (UFOP) on 17 November.
An expected decline in rapeseed oil output could be more than offset by production increases in palm oil, sunflower oil and soyabean oil, the report said.
Global production of vegetable oils in 2021/22 was expected to total 214.8M tonnes, according to forecasts by the United States Department of Agriculture (USDA).
The USDA’s forecast would be a rise of 8.21M tonnes compared to the 2020/21 crop year.
Palm oil is expected to remain the world’s most important vegetable oil in terms of production and consumption with an estimated output of 76.5M tonnes, according to research by Agrarmarkt Informations-Gesellschaft, accounting for just under 36% of total vegetable oil production.
Indonesia remained the largest palm oil producer with an output of 44.5M tonnes, followed by Malaysia with 19.7M tonnes and Thailand with 3.1M tonnes, the report said.
Production of soyabean oil is expected to increase by 4% to 61.7% based on larger harvests and could set a new record, according to the report.
China remained the most important producer with total production of 17.6M tonnes, with the USA in second place with 11.6M tonnes.
Sunflower oil production was expected to rise by up to 14% to 21.8M tonnes in 2021/22 due to larger harvests in Eastern Europe and the EU-27.
UFOP said persistently high prices for sunflower oil were expected to boost the expansion of sunflower area for the 2022 sowing campaign.
For global rapeseed oil production, the USDA has projected a 6% decline to 27.4M tonnes based on inadequate rapeseed supply.