Worldwide production of vegetable oils is set to reach a record high in the 2022/23 crop year, according to a report by Germany’s Union for the Promotion of Oil and Protein Plants (UFOP).
Production of both rapeseed and soyabean oils would increase, along with palm and sunflower oils, the 3 November report said.
According to the US Department of Agriculture (USDA)‘s latest outlook, global production of vegetable oils in 2022/23 would total 219.8M tonnes, an increase of 8.3M tonnes compared to the previous crop year.
The USDA expected production to cover demand – estimated at 213.6M tonnes – in the current crop year.
According to research by Agrarmarkt Informations-Gesellschaft (AMI), palm oil is set to remain the world‘s most important vegetable oil in terms of production and consumption, with global output estimated at 79.2M tonnes, an increase of 3.2M tonnes.
As a result, palm oil would account for just over 36% of global vegetable oil production.
Indonesia would remain the largest palm oil producer with an output of 46.5M tonnes, followed by Malaysia with 19.8M tonnes and Thailand with just less than 3.3M tonnes.
Soyabean oil production was expected to increase by 4.2% to 61.9M tonnes and could hit a new record, the report said. China was expected to remain the top producer with total production of 17.2M tonnes, with the USA second with just under 11.9M tonnes.
Production of rapeseed oil was expected to total 31.5M tonnes, around 8.5% more than the previous crop year, due to unexpectedly abundant yields and high oil content.
Sunflower oil production will probably expand by around 1% to 20.1M tonnes in 2022/23, according to the report, although global sunfllowerseed supply fell short of the previous year‘s figure despite an expansion in planted area.
UFOP said that farmers in Germany had also expanded their sunflower areas this year due to high sunflower oil prices.
Although not all yield expectations had been fulfilled due to the extreme heat, the German sunflower hectarage for the 2023 harvest was expected to remain stable, UFOP said.