PALMOILMAGAZINE, JAKARTA – During an international palm oil seminar, B.V. Mehta, Executive Director of The Solvent Extractors’ Association of India, shared his projections for India’s edible oil imports for 2023-24.
With extensive experience in the vegetable oil industry, Mehta explained how market dynamics and government policies will shape India’s future edible oil consumption.
He began by outlining India’s edible oil import trends. “In 2022-23, total imports reached 16.5 million tons,” he stated. However, for 2023-24, he expects a slight decline to approximately 16.0 million tons due to improved domestic availability. Mehta also highlighted that palm oil imports, including fractions such as PFAD and CPS, are projected to reach around 9.2 million tons, down from 9.8 million tons the previous year.
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Regarding palm oil consumption in India, Mehta noted that the HoReCa sector (Hotels, Restaurants, and Catering) plays a dominant role. “Demand for palm oil is expected to rise alongside the growing popularity of ready-to-eat foods, snacks, and bakery products,” he explained. Currently, palm oil accounts for over 38% of India’s total vegetable oil consumption, followed by soybean oil at 21%, mustard oil at 14%, and sunflower oil at 12%.
Mehta also provided a long-term outlook on India’s vegetable oil consumption. “With an estimated annual growth rate of 3%, consumption could reach 30 to 31 million tons by 2029-30,” he predicted. However, if prices remain low, growth could accelerate to 4-5% per year. He also pointed out that India consumes around 1-1.5 kg of dairy fat per capita, which is not included in these figures. (P2)
