Key Market Indicators
Indonesia is expected to see steady growth in palm oil consumption over the next five years, with demand estimated to reach 1.63 million metric tons by 2026. This is up from 1.52 million metric tons in 2021, representing a 1.2% year-on-year increase. Since 2017, however, Indonesian demand has fallen by 0.4% year on year. In 2021, India overtook Indonesia with 1.52 million metric tons, with India, Indonesia and Nigeria respectively ranking 2nd, 3rd and 4th. Palm oil production in Indonesia is expected to hit 51.77 million metric tons by 2026, up from 44 million metric tons in 2021. This represents an average year-on-year growth rate of 2.7%. Since 1966, Indonesian supply has risen by 6.9% annually. Malaysia, Thailand and Colombia were ranked 2nd, 3rd and 4th in this area.