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The Malaysian oil palm has seen steady progress. Started in Malaysia as an ornamental plant, it has turned into a huge industry. Oil palm production has yielded unlimited economic profits and is currently an emerging Malaysian economic sector. Malaysia currently accounts for an overwhelming contribution to the production and export of palm oil worldwide, which is 39% and 44%, respectively. From around 4.49 million hectares of land, a massive 17.73 million tons of palm oil and 2.13 tons of palm kernel oil were produced. It has been widely use as food products, cosmetics, livestock feed, as well as in bioenergy industry. This is in line with the fast-growing global demand for the palm oil products. Nevertheless, it is currently experiencing a period of slow or less growth in terms of contributing naturally to gross national productivity. Issues such as extreme weather, aging trees, and plant diseases are most prominent among the natural factors that are hindering the growth of the industry. The global pandemic of COVID-19 is also contributing to the current slow growth of palm oil sector. Malaysia has a crucial role to play in meeting the growing global need for oils and fats, as Malaysia is one of the palm oil and palm oil products' major producers and exporting countries. |
