India: Linseed Oil Market 2024

Linseed Oil Market Size in India

The Indian linseed oil market totaled $X in 2022, approximately mirroring the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Linseed Oil Production in India

In value terms, linseed oil production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production posted prominent growth. The growth pace was the most rapid in 2016 with an increase of 1,010%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Linseed Oil Exports

Exports from India

After three years of growth, overseas shipments of linseed oil decreased by -59.3% to X tons in 2022. Overall, exports saw a mild downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 113% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then fell notably in the following year.

In value terms, linseed oil exports fell dramatically to $X in 2022. In general, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by 124%. The exports peaked at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

Canada (X tons), Singapore (X tons) and Nepal (X tons) were the main destinations of linseed oil exports from India, together comprising 43% of total exports. The United States, Rwanda, Saudi Arabia, Kenya, the UK, the United Arab Emirates, Australia, Kuwait, Malaysia and Sri Lanka lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kenya (with a CAGR of +84.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for linseed oil exported from India were the United States ($X), Singapore ($X) and Canada ($X), with a combined 42% share of total exports. Saudi Arabia, the UK, Kenya, Australia, the United Arab Emirates, Rwanda, Nepal, Malaysia, Kuwait and Sri Lanka lagged somewhat behind, together accounting for a further 35%.

In terms of the main countries of destination, Kenya, with a CAGR of +86.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, jumping by 19% against the previous year. Over the period under review, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 113% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (+32.4%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into India

In 2022, linseed oil imports into India fell remarkably to X tons, declining by -34.6% compared with 2021 figures. Overall, imports continue to indicate a slight shrinkage. The pace of growth was the most pronounced in 2016 with an increase of 903% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, linseed oil imports contracted to $X in 2022. In general, imports, however, saw a pronounced increase. The pace of growth was the most pronounced in 2016 with an increase of 628% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Belgium (X tons) was the main supplier of linseed oil to India, with a 92% share of total imports. Moreover, linseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Belgium totaled -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+40.6% per year) and Bangladesh (-53.9% per year).

In value terms, Belgium ($X) constituted the largest supplier of linseed oil to India, comprising 86% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 4.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+57.5% per year) and Bangladesh (-41.2% per year).

Import Prices by Country

In 2022, the average linseed oil import price amounted to $X per ton, surging by 44% against the previous year. Over the period under review, the import price saw buoyant growth. The pace of growth was the most pronounced in 2021 when the average import price increased by 57%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+27.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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