31 percent of global production of vegetable oils is expected to be used in biofuel production

20-Jul-2024 03:15 PM

New Delhi. The data that came out in the third Global Round Table Conference organized by the Indian Vegetable Oil Producers Association (IVPA) in New Delhi on July 18-19 shows that the combined production of four major edible oils - palm oil, soybean oil, rapeseed-canola oil, and sunflower oil globally during the year 2024 can be 2020.50 lakh tonnes. Out of this, 626.70 lakh tonnes or 31.02 percent is expected to be used in biofuel production and the remaining 1393.80 lakh tonnes or 68.98 percent is expected to be used for direct food purposes.

According to the data received, during the current year, 834.80 lakh tonnes of palm oil, 644 lakh tonnes of soybean oil, 307.70 lakh tonnes of rapeseed/canola oil and 234 lakh tonnes of sunflower oil are expected to be produced globally. The use of palm oil in biofuel production is expected to be 213.40 lakh tons or 25.56 percent, soybean oil 146.0 lakh tons or 22.69 percent, rapeseed/canola oil 88.80 lakh tons or 28.86 percent and sunflower oil 7.60 lakh tons or 3.25 percent.

After that, for food purpose, stock of 621.40 lakh tons (74.44 percent) palm oil, 497.90 lakh tons (77.31 percent) soybean oil, 218.90 lakh tons (71.14 percent) rapeseed/canola oil and 226.40 lakh tons (96.75 percent) sunflower oil will be available. In short, in 2024, about 140 million tons of edible oil stock will be available for direct human food purpose, while about 62.7 million tons can be used for biofuel production.

Major palm oil producers include Indonesia, Malaysia and Thailand, while Brazil, USA and Argentina are the top soybean oil producers. Sunflower oil is produced the most in Russia, Ukraine, Argentina and Romania, and canola oil is produced in Canada.