Palm oil top global producers 2023/24

In 2023/24, Indonesian production volume of palm oil amounted to 47 million metric tons. This is more than twice as much as the production volume in Malaysia, which had the second-highest production levels worldwide in that year. Palm oil is an edible vegetable oil commonly used for food products, detergents, and cosmetics.

Palm oil production worldwide

The leading palm oil export markets for Malaysia are India, the European Union, and China. Almost two-thirds of Malaysia's palm oil exports go to these three markets. Colombia, which ranks fourth in total palm oil production worldwide, produces nearly twice as much as any other Latin American palm oil-producing country. In Nigeria, the production of palm oil has continuously increased during the last decade. The world’s leading palm oil production company, based on market capitalization, is Wilmar International Limited. The Singapore-based agricultural company's palm oil market capitalization amounted to approximately two billion U.S. dollars in 2022.

Palm oil in Indonesia

Between 2013 and 2019, Indonesia’s palm oil production increased from around 28 million metric tons to about 47 million metric tons. Production levels have remained relatively steady in recent years at around 45 million metric tons. A breakdown of the palm oil production by Indonesian provinces shows that about one-fifth of Indonesia’s total palm oil production is manufactured in the province of Riau, which is more than in any other Indonesian province. Indonesian exports of palm oil amounted to approximately 26 million metric tons in 2022. India is by far the leading recipient of Indonesian palm oil. The share of Indonesia’s crude palm oil exports going to India amounted to more than three-quarters of its total crude palm oil exports.