Global production and consumption of edible oils and fats is projected to increase in MY 2022/23
According to the latest report from Oil World (Germany), global consumption of oils and fats could increase by 10 million tons in 2022/23, while production is currently projected to increase by 6.9 million tons, the largest growth in five years.
Total oil and fat consumption in the US is expected to increase by 1.4 million tons this season, while a similar increase is seen in China, which is likely to be helped later this season by the start of Covid zero policy easing. Indonesia is likely to lead the growth again with an increase in vegetable oil consumption of about 2.0 million tons due to the increase in the share of biodiesel from 30% to 35% next year.
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