The Malaysian Palm Oil Council is optimistic about growing palm oil market share in India, EU, Central Asia and the Middle East
RBD Palm Oil
Malaysia
Published Apr 20, 2023
Tridge summary
The Malaysian Palm Oil Council (MPOC) is optimistic that Malaysia can maintain and even grow its palm oil market share in India, Europe, Central Asia and the Middle East. In its First Digital Market Forum webinar entitled ‘Navigating Market Opportunities and Challenges in 2023’ today (Apr 19), the council shared updates on the development and opportunities in some of Malaysia’s key markets with its stakeholders.
Original content
MPOC India regional manager, Bhavna Shah, said India remains an important market for palm oil as 60 per cent of its domestic edible oil consumption depended on imports. She said that out of 15.12 million tonnes of imported edible oils last year, 62 per cent was palm oil. “However, the average consumption per person is about 17.5 kilogrammes (kg) compared to the world’s average consumption of over 30 kg. Therefore, there is still a huge gap, which indicates a much bigger potential,” she said. Bhavna said India’s food consumption growth would bode well for palm oil driven by its growing Fast-Moving Consumer Goods (FMCG) industry, booming new start-ups and rising popularity of big weddings with spending amounting to US$15.5 billion (RM69 billion) this year. However, she said there would be long-term challenges as a shift towards soft oils could occur if the price gap would narrow between edible and soft oils. For Central Asia, MPOC Russia regional manager, Aleksey Udovenko, said the ...
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