The palm oil industry fared better in 2021 compared to 2020, despite lower crude palm oil (CPO) production due to labour shortage and a restricted supply of CPO during the COVID-19 pandemic. As the industry recovers, research and development (R&D) activities remain dedicated towards ensuring the industry is sustainable and competitive. In the upstream sector, efforts continue to be focused in increasing the CPO yield per hectare through precision agriculture, advanced genomic technologies and improved breeding programmes, control of pest and diseases, as well as farm mechanisation. In the midstream sector, there were some improvements in mill productivity, that reduce the environmental impact of the milling operations. Intensification of R&D related to palm-based biomass has the potential to contribute to higher income for the industry. In the downstream sector, food safety and the nutrition-rich value of palm oil offer the best quality for this versatile and productive oil crop, to the world. Additionally, non-food products such as biofuels, biopolymers and bio-lubricants are also gaining research traction due to global movement towards a circular economy and sustainability.