The use of this land for palm oil cultivation, 85% of which is in Indonesia and Malaysia, has increased almost nine-fold from 3.3 million hectares (eight million acres) in 1970 to 28.7 million hectares in 2020.In financial terms, one report valued the worldwide palm oil industry at $62.3bn (£51.2bn) in 2021. And such is the continuing growth in demand, this figure is expected to increase to $75.7bn by 2028.
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