InfoSAWIT, JAKARTA – In a presentation at an international palm oil seminar, Executive Director of The Solvent Extractors’ Association of India, B. V. Mehta, revealed projections for India's edible oil imports for the 2023-24 fiscal year.

With a strong background in the vegetable oil industry, Mehta explained how market dynamics and government policies will shape the future of edible oil consumption in India.

He began by providing an overview of India's edible oil imports. "In 2022-23, total edible oil imports reached 16.5 million tons," he stated. However, for 2023-24, he estimates this figure will slightly decrease to around 16.0 million tons, thanks to better domestic availability. Mehta also emphasized that palm oil imports, including palm oil fractions such as PFAD and CPS, are expected to reach around 9.2 million tons, down from 9.8 million tons the previous year.

As for palm oil consumption in India, Mehta noted that it is dominated by the HoReCa (Hotel, Restaurant, and Catering) sector. "Demand for palm oil is expected to rise as the demand for ready-to-eat foods, snacks, and bakery products increases," he explained. He added that palm oil consumption in India now accounts for over 38% of total vegetable oil consumption, followed by soybean oil at 21%, mustard oil at 14%, and sunflower oil at 12%.

In his presentation, Mehta also projected long-term trends for vegetable oil consumption in India. "With a growth rate of around 3%, vegetable oil consumption in India could increase to 30 to 31 million tons by 2029-30," he said.

However, if prices remain low, this growth could reach 4% to 5% per year. He also noted that India consumes about 1-1.5 kg of milk fat per capita, which is not included in these figures. (T2)

For more details, read the January 2025 edition of InfoSAWIT Magazine.