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:
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—Unknown. Broom, Green Broom (l. 23–24)
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