Market
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According to Hamburg-based Oil World trade journal, in 2008, global production of oils and fats stood at 160 million tonnes. Palm oil and palm kernel oil were jointly the largest contributor, accounting for 48 million tonnes or 30% of the total output. Soybean oil came in second with 37 million tonnes (23%). About 38% of the oils and fats produced in the world were shipped across oceans. Of the 60.3 million tonnes of oils and fats exported around the world, palm oil and palm kernel oil make up close to 60%; Malaysia, with 45% of the market share, dominates the palm oil trade.
New regulations in 2014
The current rules for labeling content of foods in the European Union make it very difficult to determine if food contains palm oil, because the generic term "vegetable fat" can be used in the ingredients list. New rules that come into force within the EU from December 2014 will require the content of palm oil to be labeled specifically on foods.
Read more about this topic: Palm Oil
Famous quotes containing the word market:
“At market and fair, all folks do declare,
There is none like the Boy that sold Broom, green Broom.”
—Unknown. Broom, Green Broom (l. 23–24)
“It is a sign of our times, conspicuous to the coarsest observer, that many intelligent and religious persons withdraw themselves from the common labors and competitions of the market and the caucus, and betake themselves to a certain solitary and critical way of living, from which no solid fruit has yet appeared to justify their separation.”
—Ralph Waldo Emerson (1803–1882)
“But the nomads were the terror of all those whom the soil or the advantages of the market had induced to build towns. Agriculture therefore was a religious injunction, because of the perils of the state from nomadism.”
—Ralph Waldo Emerson (1803–1882)