Palm oil in China: Consumption growth expected in food sector as government moved to phase out GM soybean oil
Palm oil demand and consumption in the Chinese food sector was expected to see significant growth next year as the government clamped down on the use of genetically modified (GM) products, especially common in the soybean area.
Data from the Malaysian Palm Oil Council (MPOC) revealed that China imported an additional 438,747 MT of palm oil from Malaysia to reach 1.85mn MT in total between January to August 2020, representing a rise of 31.1%.
According to experts, one of the main drivers here was an estimated rise in demand for palm oil within China’s food sector.
‘China’s consumption of palm oil is expected to rise by around 3.5% next year, and within this the food sector is going to be a major contributor,” Beijing Heyirong Group and commodities trade expert Zhou Shiyong told the audience at an MPOC webinar on the palm oil market in China.
