Webinar: Palm Oil Market with Fitrian Ardiansyah & Michaelyn Baur & Monique van Wijnbergen

Check out our new video where we overview the global Palm Oil market and discuss current trends with our expert guests from the field:

• Fitrian Ardiansyah. Fitrian is speaking with us from Indonesia, he is Global Envoy for Nature-based Solutions for IDH which is a Sustainable Trade Initiative. Fitrian is also an Executive Chairman and Founder of IDH in Indonesia and Country Representative of IDH in Malaysia. He is a board member of Partnership for Indonesia’s Sustainable Agriculture (PISAgro), a regional committee member for Tropical Forest Alliance at World Economic Forum (TFA/WEF) in Southeast Asia, a chair of program coordination for LTKL (Sustainable Districts Alliance) and he is also a former board member of the Roundtable on Sustainable Palm Oil (RSPO). (  / fitrian-ardiansyah-11028a5  )
• Michaelyn Baur. Michaelyn is Managing Director at the Regional Expertise Center for Central America & the Caribbean at Solidaridad. Together with her team, Michaelyn is delivering an impact in value chains of global significance, including palm oil, sugar, coffee, cacao & livestock. Michaelyn is a former Head of Latin America and the Caribbean in Producer Services and Relations at Fairtrade International. Overall she has over 9 years of experience in the palm oil industry. Speaking with us from Vermont, USA. (  / michaelyn-baur  )
• Monique van Wijnbergen. Monique is a Sustainability & Corporate Communication Director at Natural Habitats Group. Natural Habitats Americas is producing, collecting, processing and trading the organic, fair trade and sustainable palm oil from Ecuador. They call this Palm Done Right, and evidently, the company is utilizing the vertically integrated supply chain model for the Americas. Speaking with us from the Netherlands. (  / moniquevanwijnbergen  )


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Background
In March 2021, the futures price for crude palm oil reached its highest level of 954 US$/MT in 13 years, according to the Malaysian Palm Oil Council, March 23. This is due to limited supply from manufactures as a result of the COVID-19 pandemic.

Malaysia, the world's second-largest palm oil producer, faces severe labor shortages. Since the beginning of the pandemic, the country has stopped hiring foreign workers, and the former migrants have returned to their homeland. Malaysian suppliers have asked the government to fill a 50,000 labor shortage, which could lead to a 20% drop in palm oil production. They also ask to cut product taxes and invest additional funds in the industry.

Over the next two years, the rising demand from the world's two largest importers, India and China, is expected to become the main driver for the palm oil market growth. These economies recover, and rapid urbanization contributes to an increase in the need for food products.

Falling production and rising prices for sunflower oil, as a result of the sunflower harvest failure last year, could further fuel demand for palm oil.

Increasing tariffs for container transportation and a planned reduction of palm oil consumption in Europe could hamper the market growth. The Renewable Energy Directive (RED) II and other food safety regulations could decrease palm oil imports to the European Union and phases out the use of palm oil as biodiesel. In 2017, the European Parliament adopted a resolution that bans palm oil for biofuel production due to the large-scale deforestation and labor rights violations in Indonesia and Malaysia. Also, in 2019, the European Union imposed an import duty on Indonesian biodiesel.