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:
“Talk of a divinity in man! Look at the teamster on the highway, wending to market by day or night; does any divinity stir within him? His highest duty to fodder and water his horses! What is his destiny to him compared with the shipping interests?”
—Henry David Thoreau (1817–1862)
“The market came with the dawn of civilization and it is not an invention of capitalism.... If it leads to improving the well-being of the people there is no contradiction with socialism.”
—Mikhail Gorbachev (b. 1931)
“To throw obstacles in the way of a complete education is like putting out the eyes; to deny the rights of property is like cutting off the hands. To refuse political equality is like robbing the ostracized of all self-respect, of credit in the market place, of recompense in the world of work, of a voice in choosing those who make and administer the law, a choice in the jury before whom they are tried, and in the judge who decides their punishment.”
—Elizabeth Cady Stanton (1815–1902)