The apex edible oil industry associations from five major palm oil importing countries of Asia — India, Pakistan, Sri Lanka, Bangladesh and Nepal have come together to form the Asian Palm Oil Alliance (APOA).
APOA held its first general body meeting on the sidelines of the Globoil Summit being held at Agra, India.
The next meeting is expected to be held in Indonesia early next year 2023.
Globoil Summit is one of the World’s Leading Edible Oils and Agri Trade Conference, Exhibitions & Awards.
2022 also marks the 25th year celebration of Globoil India.
The APOA aims is safeguarding the economic and business interests of the palm oil consuming countries.
It will work towards increasing the consumption of palm oil in member countries.
The alliance would work towards ensuring that palm oil is recognised as a high-quality, economical, and healthy vegetable oil and to change the negative image of palm oil.
Membership of APOA would be further expanded to include companies or industry bodies associated with production or refining of palm oil across the continent.
Palm oil is currently the world’s most consumed vegetable oil.
It is used extensively in the production of detergents, plastics, cosmetics, and biofuels.
Indonesia and Malaysia together account for almost 90% of the global palm oil production, with Indonesia producing the largest quantity at over 45 million tonnes in 2021.
Top consumers of the commodity are India, China, and the European Union (EU).
India’s annual imports of edible oil is around 13-14 million tonne (MT).
Around 8 MT of palm oil is imported from Indonesia and Malaysia, while other oils, such as soya and sunflower, come from Argentina, Brazil, Ukraine and Russia.
Asia accounts for around 40% of the global palm oil consumption while Europe accounts for 12% of palm oil trade. Indonesia and Malaysia are the biggest palm oil exporters in the world.
India is the largest importer of palm oil in Asia, accounting for 15% of global imports, followed by China (9%), Pakistan (4%) and Bangladesh (2%).