India’s domestic vegetable oil production likely to grow by 10-15% – expert

Published May 24, 2024

Tridge summary

Bhavna Shah, Deputy CEO of NK Proteins Pvt Ltd, has predicted a 10-15% growth in India's vegetable oils production for 2024, attributed to increased prices, favorable monsoon conditions, and high domestic yields, particularly from rapeseed. Despite this, total oil imports are expected to decrease to 16.2 million tons in 2023-24, largely due to a predicted decline in palm oil imports. There will be an increase in soybean and sunflower oil imports, however. Shah also discussed the potential of biofuels in meeting emission targets, despite challenges such as high polyunsaturated fatty acid content and low unsaturated fatty acid content in sources. She suggested that using waste vegetable oil as feedstock and efficiently utilizing biodiesel by-products could help overcome these challenges.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Bhavna Shah, Deputy CEO, NK Proteins Pvt Ltd, gave an overview of the Indian vegetable oils market at a prestigious event organized by UOB Kay Hian in Malaysia on May 20, 2024. In her presentation, she highlighted key facts about the Indian vegetable oils industry. Please see below for the highlights of her presentation. Domestic production of vegetable oils is projected to grow at a CAGR of 10-15% in 2024. The increase in production is expected due to higher prices, favorable monsoon season and high domestic yields, with rapeseed contributing significantly to this growth. Import duties on vegetable oils are expected to remain unchanged until the conclusion of the ongoing general elections. Total oil imports in 2023-24 are estimated to be around 16.2 million tons as against 17 million tons in the previous year. Palm oil imports are expected to decline in 2024 (oilseed year) as it loses market share due to small price differential with soft oils. India’s palm oil imports are likely ...

Source: UkrAgroConsult