Webinar: Global Palm Oil Market - Statistics, Trends, and Outlook
Join our live webinar to get insights into the global palm oil market.
Hey everybody!
We are hosting a 40-minute live webinar on the global palm oil market.
Join us to get the main macroeconomic statistics around the production and trade, and talk over the challenges of coronavirus and the nearest future of the market.
We invite speakers from the industry to share their thoughts on how they are going through this difficult time.
Listen to stories from entrepreneurs from around the world and share yours!
Background
In March 2021, the futures price for crude palm oil reached its highest level of 954 US$/MT in 13 years, according to the Malaysian Palm Oil Council, March 23. This is due to limited supply from manufactures as a result of the COVID-19 pandemic.
Malaysia, the world's second-largest palm oil producer, faces severe labor shortages. Since the beginning of the pandemic, the country has stopped hiring foreign workers, and the former migrants have returned to their homeland. Malaysian suppliers have asked the government to fill a 50,000 labor shortage, which could lead to a 20% drop in palm oil production. They also ask to cut product taxes and invest additional funds in the industry.
Over the next two years, the rising demand from the world's two largest importers, India and China, is expected to become the main driver for the palm oil market growth. These economies recover, and rapid urbanization contributes to an increase in the need for food products.
Falling production and rising prices for sunflower oil, as a result of the sunflower harvest failed last year, could further fuel demand for palm oil.
Increasing tariffs for container transportation and a planned reduction of palm oil consumption in Europe could hamper the market growth. The Renewable Energy Directive (RED) II and other food safety regulations could decrease palm oil imports to the European Union and phases out the use of palm oil as biodiesel. In 2017, the European Parliament adopted a resolution that bans palm oil for biofuel production due to the large-scale deforestation and labor rights violations in Indonesia and Malaysia. Also, in 2019, the European Union imposed an import duty on Indonesian biodiesel.
Speakers
Executive Chairman & CEO
IDH drives sustainability from niche to norm; by convening companies, civil society organizations, governments and others in public-private partnerships. Together with partners, IDH designs, co-funds and prototypes new economically viable approaches to realize green & inclusive growth at scale.
Head of Logistic & Quality Control
Astra Agro Lestari in Brief PT Astra Agro Lestari Tbk (the "Company") has been weathering the ups and downs of palm oil business for the last 31 years. It was started as a business unit of PT Astra International Tbk to develop 2,000 hectares of cassava plantation. Then it was transformed into a rubber plantation after seeing the rise of demand for rubber.
International Business Development Director and Human Rights Consultant
ILM is a manufacturer and supplier of sustainable edible and non-edible refined Palm Oil, and biodiesel, for various industries including, Food & Beverage, Animal Feed, Soaps & Detergent, Oleochemical, Pharmaceutical, Biodiesel, and other Renewable Energy sectors.
Market Analyst, Editor
For over 10 years now, IndexBox has been conducting market research, completing consulting work, and selling reports.
Managing Director, Regional Expertise Center, Central America & Caribbean at Solidaridad Network
We enable farmers and workers to earn a living income, shape their own future, and produce in balance with nature by working throughout the whole supply chain to make sustainability the norm.
Sustainability and Corporate Communication Director | Palm Oil Value Chain | International Trade & Development
Natural Habitats Americas is committed to the production, collection, processing and trading of organic, fair trade and sustainable palm oil.
