A Global Overview of Edible Oils: Top Consumptions and B2B Insights

Edible oils are fundamental to global food consumption and hold a significant role in the international B2B agro trade industry. Beyond their common use in everyday cooking, these oils are integral to various industrial applications.?

This newsletter dives into the global consumption of edible oils, focusing on their uses, significance, and B2B trade dynamics. So, let us get started.?

??1. Palm Oil??

Global Consumption: ?78.6 million metric tonnes (2022-23)

Uses:? Palm oil is the most consumed vegetable oil globally, widely used for cooking, frying, and in products like margarine, confectionery, baked goods, and ready-to-eat items. In industrial contexts, it finds applications in cosmetics, cleaning products, and biofuels.

B2B Perspective:? Palm oil is a key export for Indonesia and Malaysia, which together account for over 85% of global production. It is heavily imported by countries across Asia, Europe, and Africa.

??2. Soybean Oil??

Global Consumption: ?60.78 million metric tonnes (2022-23)

Uses:? Soybean oil is favoured for cooking, baking, and as an ingredient in processed foods. It's also used in industrial processes, including biodiesel production, and as a base for printing inks and oil paints.

B2B Perspective:? Major producers and exporters of soybean oil include Argentina (4.75 million MT), Brazil (1.85 million MT), and the European Union (900 thousand MT). China is the largest importer of soybeans, accounting for over 60% of global demand. In 2023, China imported more than 99.4 million metric tonnes of soybeans, driven largely by demand for animal feed.

??3. Rapeseed Oil ?

Global Consumption:? 31.21 million metric tonnes (2022-23)

?Uses:? Rapeseed oil is valued for its neutral flavour and high smoke point, making it ideal for cooking, salad dressings, and margarine. It also plays a role in biodiesel production and as a lubricant in metalworking.

?B2B Perspective: ?The European Union led rapeseed production in 2023/2024 with 20 million metric tons, followed by Canada, China, India, and Japan. Mexico emerged as the leading producer of rapeseed oil in Latin America in 2023 with 590,000 metric tons. The EU-27 and China are the largest consumers, with 9.9 million and 8.3 million metric tons, respectively.

??4. Sunflower Seed Oil??

Global Consumption:? 20.52 million metric tonnes (2022-23)

?Uses:? Sunflower seed oil is appreciated for its light flavour and health benefits, making it ideal for cooking, frying, and salad dressings. It is also used in cosmetics and as a biofuel feedstock.

?B2B Perspective:? Ukraine stands out as the world's leading producer and exporter of sunflower oil, with about 5.7 million metric tons exported in 2022/23, accounting for roughly 57% of global exports. India's demand for sunflower seed oil is significant, importing nearly 2.7 million metric tons in 2023. Other top importers include Turkey, Spain, Italy, and China.

??5. Palm Kernel Oil??

Global Consumption:? 8.86 million metric tonnes (2022-23)

?Uses: ?Palm kernel oil, with its high melting point, is used in confectionery, baked goods, and margarine. It also plays a role in the production of soaps, detergents, and personal care products.

B2B Perspective: ?Like palm oil, Indonesia and Malaysia are the primary producers of palm kernel oil. It is a valuable export for these nations, with significant markets in Europe and Asia. Trade dynamics are influenced by sustainability practices and shifting consumer preferences.

??6. Peanut Oil ?

Global Consumption:? 6.3 million metric tonnes (2022-23)

?Uses: ?Peanut oil is prized for its flavour and high smoke point, making it ideal for frying and cooking. It's also used in cosmetics and as a solvent in pharmaceuticals.

?B2B Perspective:? China and India are major producers and suppliers of peanut oil, with the United States also playing a significant role. Trade in peanut oil is influenced by crop yields, pricing, and regional culinary preferences.

??7. Coconut Oil ?

Global Consumption:? 3.73 million metric tonnes (2022-23)

Uses:? Coconut oil is popular in cooking and baking, particularly in tropical cuisines. It is also widely used in the cosmetics industry for hair and skin products and as a base for soaps.

?B2B Perspective:? Global production of coconut oil reached approximately 3.59 million metric tons in 2022/23, showing stability since 2012/13. The Philippines leads in coconut oil consumption, followed by the European Union and the United States.

??8. Olive Oil??

Global Consumption:? 2.48 million metric tonnes (2022-23)

?Uses:? Olive oil is renowned for its health benefits and is a staple in Mediterranean cuisine. It is used in cooking, salad dressings, and as a finishing oil. Olive oil is also employed in cosmetics and pharmaceuticals.

?B2B Perspective: ?Spain, Italy, and Turkey are leading producers and exporters of olive oil. The European Union remains a major producer and consumer market. In 2022/23, the United States was the leading importer of olive oil, with 371 thousand metric tons, followed by the European Union.

??Conclusion??

Consumption patterns of edible oils are shaped by various factors, including cost, availability, health benefits, culinary uses, and industrial applications. The B2B dynamics of edible oils involve intricate trade relationships influenced by agricultural production and consumer preferences. Understanding these factors is crucial for stakeholders in the global agro trade industry.

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