Vegetable Oils Market, By Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Coconut Oil, Peanut Oil, Olive Oil, Other Types), By Application (Food, Feed, Industrial), And by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)

Published In : Mar 2023

Code : CMI5616

Pages :131

Formats :

Excel and PDF

Industry : Food and Beverages

Market News

Global Vegetable Oils Market: Key Developments

In February 2020, Bunge Loders Croklaan launched an oil portfolio for plant-based meats at NPEW ’20 across the globe.

In March 2018, Bunge Limited (“Bunge”) announced it has completed acquisition of a 70% ownership interest in IOI Loders Croklaan (“Loders”) from IOI Corporation Berhad

In March 2019, Sime Darby rebranded its Downstream Division as Sime Darby Oils, with an aim to establish itself as the largest sustainable oils and fats multinational company.

In March 2018, The Sime Darby received 100% Malaysian Sustainable Palm Oil (MSPO) certification for its 124 estates and 33 mills throughout the country, becoming the largest producer of MSPO-certified palm oil.

In October 2019, Sime Darby, along with nine other palm oil industry giants, developed radar monitoring technology to detect deforestation known as Radar Alerts for Detecting Deforestation (RADD).

In October 2019, Sime Darby Plantation Berhad launched ‘Palm Oil Experience Centre’ in Carey Island, Selangor, which is expected to serve the purpose of being an educational hub where visitors can learn more about palm oil and its complete value chain of operations.

In October 2019, In partnership with Conservation International, Sime Darby Plantation entered a partnership for sustainable palm oil, which is likely to further help SDP build a reputation as a leader in sustainability.

In October 2020 Edible Oil Limited, a joint venture between Archer Daniels Midland (ADM) and Princes Limited, invested GBP 23.6 million, upgrading its Erith factory in Kent. The major investment program is expected to increase the site’s production capacity by around 50%.

In September 2019, Archer Daniels Midland Company and Wilmar International Limited upgraded their partnership into Full-Function Joint Venture – Olenex. As a part of agreement, ADM announced to transfer a specialty oils and fats facility and a palm refining plant in Hamburg, Germany - to the new joint venture.

In July 2018, Archer Daniels Midland Company and Cargill successfully completed their transaction and formally launched SoyVenTM, their new joint venture to provide soybean meal and oil for customers in Egypt. SoyVen owns and operates the National Vegetable Oil Company soy crush facility. The plant’s daily crush capacity doubled to 6,000 metric ton to meet the increasing Egyptian demand for higher-protein soybean meal and oil, reducing the need for imports.