A new sign of the global crisis: palm oil is increasingly replacing vegetable oil

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A new sign of the global crisis: palm oil is increasingly replacing vegetable oil
A new sign of the global crisis: palm oil is increasingly replacing vegetable oil
17 June, 16:59EconomyPhoto: Соцсети
Food producers are forced to return to using palm oil due to a disruption in global supplies of its preferred substitute, sunflower oil.

This unpleasant news is reported by Bloomberg. British supermarket chain Iceland, which announced it would phase out the use of palm oil in its products in 2018, has once again decided to use it in 25 of its brand's products, from chips to shampoos.

Palm oil is popular with manufacturers due to its relatively low price. However, the versatile oil palm product can lead to health problems if consumed in excess in the diet, and palm oil production has already affected the deforestation of 45% of Southeast Asia's tropical forests, including the habitat of endangered orangutan species. Therefore, many consumers choose sunflower oil, considering it more environmentally friendly and less harmful.

Russia and Ukraine are considered among the leaders in grain exports, accounting for 65% of all sunflower oil, 25% of wheat, 20% of barley and 18% of corn. The military conflict between the two countries provoked delays in harvesting, a sharp increase in the cost of fertilizers and logistical problems, as a result of which food prices rose around the world, the Evening Telegram channel writes.

As you know, back in April this year, the governments of Indonesia, India and Argentina decided to limit exports, including palm oil, in order to protect their own food stocks, further reducing the availability of ingredients from the main diet - wheat, sugar and vegetable oil.

“Sustainability commitments take a backseat to food and energy security”, - says Aurelia Britsch, director of sustainability analytics firm Sustainable Fitch.

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