The use of palm oil throughout Europe is decreasing, as it is losing market share to other vegetable oils. A bad reputation regarding sustainability is driving end-consumers (and thus processors) to vegetable oils with a better image, such as rapeseed and sunflower oil.
Lowered consumption throughout Europe directly lowers the exports of South East Asia towards Europe, of which Malaysia and Indonesia contributed to more than 60% of the total European imports of palm oil over 2022.
The total number of European palm oil imports, however, is decreasing every year, with a -32.78% YTD YOY decrease in 2023, see figure below.
Quick tip: Get your hands on our downloadable Global 2024 outlook for the Oils and Fats industry.
