India: Vegetable Oils Market 2024

Vegetable Oils Market Size in India

The Indian vegetable oils market rose to $X in 2023, picking up by X% against the previous year. Overall, consumption saw a noticeable decline. Vegetable oils consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Vegetable Oils Production in India

In value terms, vegetable oils production totaled $X in 2023 estimated in export price. Overall, production saw a noticeable descent. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Vegetable oils production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Vegetable Oils Exports

Exports from India

In 2023, shipments abroad of vegetable fats and oils decreased by X% to X tons, falling for the second consecutive year after six years of growth. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports surged to $X in 2023. Over the period under review, total exports indicated a resilient increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by X%. The exports peaked in 2023 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X tons), the United States (X tons) and Japan (X tons) were the main destinations of vegetable oils exports from India, together accounting for X% of total exports. Bhutan, Italy, China, Belgium, Turkey, Germany, the United Arab Emirates, Taiwan (Chinese), South Korea and Spain lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bhutan (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the United States ($X) and Japan ($X) constituted the largest markets for vegetable oils exported from India worldwide, with a combined X% share of total exports. Bhutan, Italy, Germany, Belgium, China, Turkey, the United Arab Emirates, South Korea, Spain and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

Bhutan, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average vegetable oils export price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the export price posted a strong increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bhutan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into India

In 2023, purchases abroad of vegetable fats and oils decreased by X% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports saw a slight reduction. The growth pace was the most rapid in 2018 with an increase of X%. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, vegetable oils imports declined markedly to $X in 2023. In general, imports, however, saw a measured increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked at $X in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Sri Lanka (X tons) constituted the largest supplier of vegetable oils to India, with a X% share of total imports. Moreover, vegetable oils imports from Sri Lanka exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. The third position in this ranking was taken by Indonesia (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Sri Lanka totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Indonesia (X% per year).

In value terms, Sri Lanka ($X), Malaysia ($X) and Indonesia ($X) constituted the largest vegetable oils suppliers to India, with a combined X% share of total imports.

Sri Lanka, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the import price recorded a buoyant increase. The pace of growth appeared the most rapid in 2022 when the average import price increased by X%. Over the period under review, average import prices hit record highs in 2023 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform