Global consumption of certified sustainable palm oil
Palm oil is the most widely used vegetable oil in the world. Palm oil is a versatile vegetable oil that has great potential to meet the rising European and global demand for edible oils. The value of the global palm oil market was EUR 62.7 billion in 2021, and is expected to grow at a compound annual growth rate of 5.1% in terms of revenue from 2022 to 2030. Globally, the leading palm oil consuming regions (in decreasing order) are Indonesia, India, EU-27, China, and Malaysia. From 2020 to 2021, global palm oil use increased by 2%.
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The role of Europe in sustainable palm oil
A growing palm oil market has strong economic benefits for all actors involved in the supply chain, but there are potential downsides. If not sustainably managed, demand-driven increases in palm oil production can have significant negative environmental and social effects including deforestation, peatland conversion, and poor labor and living conditions for farmers and their workers. Switching to sustainably sourced palm oil has a significant positive impact on these factors. Companies operating in Europe are largely responsible for the success of using sustainably sourced palm oil, which is reflected in two key statistics.
First, Europe is the world leader in the use of certified sustainable palm oil and accounts for 45% of the total world consumption of certified sustainable palm oil.
Second, the use of certified sustainable palm oil and palm kernel oil has become common practice in Europe, as evidenced by the share of certified sustainable palm oil and palm kernel oil imports relative to total palm oil and palm kernel oil imports. The data shows that of the oil products used in Europe, palm oil consumption is the largest (93% of total imports are certified as sustainable), followed by palm kernel oil (62%) and palm kernel oil (5%).
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BM Certification provides RSPO supply chain certification services (accreditation number ASI-ACC-098).