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Why is palm oil the most consumed vegetable oil on the planet?

Palm oil is a common ingredient used in a range of products. It is the most consumed vegetable oil on the planet.
The fruit of the oil palm tree grows in tropical climates, and it is mainly found in Malaysia and Indonesia. 85% currently comes from here but new plantations are springing up in Africa and Latin America.
The food industry is responsible for 72% worldwide usage of palm oil. Cosmetics and cleaning products are responsible for a further 18% usage, whilst 10% globally is used for biofuels and animal feed.
In food, it's the fat ingredient in things like biscuits and margarine. In soap and cosmetics, it’s used as a fat to increase the thickness or viscosity of a product and it helps skin to retain moisture.

Sourse: https://www.ethicalconsumer.org/food-drink/palm-oil-what-it-used

• Palm oil is widely used in the food industry.
• The fruit of the oil palm tree grows in tropical climates.
• Almost 20% of palm oil is used in cosmetics and cleaning products.
• Palm oil is globally used for biofuels.
• Palm trees are mainly found in Malaysia and Indonesia.
• New plantations of palm trees appear in Africa and Latin America every year.
• Palm oil helps skin to retain moisture.