KUALA LUMPUR: Demand for palm products is projected to advance due to better economic conditions in 2024.
Genting Plantations Bhd
chairman Datuk Seri Mohd Zahidi Zainuddin said it will continue to be supported by the price competitiveness of crude palm oil (CPO) against other vegetable oils.
"Palm oil prices are expected to be well supported at current levels in 2024 due to the seasonally low output cycle during the first half as well as overall supply constraints with Indonesia increasing local consumption for the food and biodiesel industry," he said in Genting Plantations 2023 integrated annual report.
He said palm oil is expected to be used in increasing quantities as global population and affluence levels continue to rise, further augmented by its versatility which lends itself to an expanding variety of food and non-food applications.
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