ABSTRACT:
Palm oil accounts for 21% and 47% of the global oil and fats production and trade respectively. Both Malaysia and Indonesia together are the world’s largest producers and exporters of palm oil with 84% and 90% share of world palm oil production and export, respectively. The paper outlines the increasingly dominant role that palm oil has played in the world oils and fats supply and demand equation during the past 40 years. The ascent of palm oil as a powerhouse in the global oils and fats market has been achieved by leveraging upon the techno-economic advantages of palm oil vis-à-vis competing oils as well as positive developments arising from consumer concerns on health, environment and food security. In efforts to maintain continued market growth, the future direction of the industry relating to improving competitiveness, widening the uses of palm oil, eliminating trade barriers and exploring new innovative marketing approaches will be discussed. These positive developments augur well for palm oil in its role as the driving force of the world oils and fats economy
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