Statistics show that around 900,000 people work directly or indirectly in the industry, says the study. However, in recent years, concerns about the negative impact of palm oil cultivation on the environment, as well as the rise of protectionism in the global economy, has threatened Malaysia’s palm oil industry, notes Hirschmann.
DESPITE the environmental, social and governance (ESG) concerns about the palm oil industry, it is a massive sector that has grown tremendously in production and exports, more so when crude palm oil (CPO) prices hit record highs like nowadays.
Recent reports by Statista reseacher Raudhah Hirschmann also point out that palm oil is the world’s most used edible oil and is used in many consumer goods as well as in biofuels and Malaysia is the second leading producer worldwide after Indonesia.
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