The Japan Oilseed Processors Association asks related media personnel to choose the top 10 new stories involving the vegetable oil industry each year, and we will be sharing the selections here.
The spread of COVID-19 had a significant impact on social and economic conditions throughout all of 2020. In the vegetable oil industry, the slump in the food service industry has led to a significant decrease in commercial use of oil. Conversely, new changes have been observed in the industry, such as increased household demand and increased demand for premium oils due to changing eating habits.
The Top 10 News Stories in the Vegetable Oil Industry for 2020 reflect these conditions. We can only hope that more of the top 10 news reports next year are happier stories.
| Ranking | Item |
| 1 | As the result of people staying home due to COVID-19, household demand increased; however, commercial demand decreased significantly due to stagnation of the food service industry. |
| 2 | As eating habits change due to COVID-19, there is increased demand for premium oils such as olive oil, rice oil, sesame oil, perilla oil, and linseed oil. |
| 3 | In regards to global soybean supply and demand, record exports and strong oil extraction resulted in a low level of inventory carryforwards, thus causing rising soybeans futures prices on the Chicago Board of Trade. |
| 4 | The consumption of fats and oils fell due to the decrease in commercial demand, and an imbalance arose between domestic soybean meal demand and imported soybean meal. |
| 5 | Palm oil production decreased due to heavy rain caused by the La Nina ocean-atmosphere phenomenon. There is heightened risk of decreased soybean production due to drought conditions in South America. |
| 6 | Spread of COVID-19, declaration of a state of emergency, and implementation of infection prevention measures such as new lifestyle patterns and remote work. |
| 7 | Amid concerns regarding a future food crisis and lack of protein sources, food tech is attracting attention and the plant-based food market (soy meat, vegetable meat, vegetable cheese, etc.) is strengthening its presence. |
| 8 | Global vegetable oil supply and demand tightened due to strong demand in China and India, and prices for oils and fats rose significantly. |
| 9 | Initiatives for SDGs (Sustainable Development Goals) are spreading in the oils and fats industry with the aim of increasing corporate social value and becoming a corporation of choice. |
| 10 | The Tokyo Olympics and Paralympics, which had been expected to be the biggest event of the year, were postponed until the same period next year. |
Note: The Top 10 News stories for the year are chosen by votes from 9 oil production industry trade paper companies and the chairman of the Japan Oilseed Processors Association.
