The decline in Europe’s demand for palm oil from Southeast Asia will be offset by the growing dynamics of the consumption of this product in India, Bangladesh, Pakistan, and a number of African countries, James Fry, chairman of the consulting company LMC International, told Reuters.
Earlier, the EU said that it intends to limit the supply of palm oil if the products do not have a certificate of the absence of deforestation in the production process.
Environmentalists welcomed the initiative, but manufacturers from Malaysia and Indonesia accused the European Union of trying to block the access of products to the European market.
“Palm oil is not enough to meet the needs of all markets, so India would be very comfortable if the EU law on deforestation was adopted. India will then have more palm oil,” Fry said.
The European Union is the third largest importer of palm oil in the world, while India and China account for over 40% of global palm oil purchases.
Also, according to James Fry, palm oil production, in particular, is actively growing in Indonesia, but all the surplus is mainly consumed domestically due to the current mandate on biodiesel fuel (B35).
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