Rapeseed oil has great prospects in the biofuel market

In 2024, global biodiesel production may reach its highest level, while the intermediate year-on-year growth of this product will be the highest. This forecast was made by Stefan Ahrens, Managing Director of UFOP (Union for the Promotion of Oil and Protein Plants).

According to him, the development of the biofuel industry is gradually occupying its important niche and is a powerful driver for the agricultural sector. However, he notes that the use of rapeseed in the biodiesel sector is still declining.

“Rapeseed oil has great prospects to replace the lack or reduced use of palm or soybean oil in biofuel production. However, the question is, is there enough rapeseed on the market to meet the demand? In this context, the war in Ukraine has become a challenge for the industry. However, a fairly high oilseed harvest in the EU partially compensated for the reduction in the supply of Ukrainian rapeseed on the market. But the problem remains,” the expert emphasized.

The market is currently experiencing significant competition for biofuels, and the agricultural sector will also have to fight for its share, Arens said.

Tags: rapeseed oil