India: Vegetable Oils Market 2024

Vegetable Oils Market Size in India

The Indian vegetable oils market shrank to $X in 2022, waning by X% against the previous year. In general, consumption showed a pronounced downturn. The growth pace was the most rapid in 2021 when the market value increased by X% against the previous year. Vegetable oils consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Vegetable Oils Production in India

In value terms, vegetable oils production reduced slightly to $X in 2022 estimated in export price. In general, production saw a noticeable descent. The most prominent rate of growth was recorded in 2021 with an increase of X%. Vegetable oils production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Vegetable Oils Exports

Exports from India

In 2022, after six years of growth, there was significant decline in overseas shipments of vegetable fats and oils, when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked at X tons in 2021, and then fell dramatically in the following year.

In value terms, vegetable oils exports expanded to $X in 2022. In general, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

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 comprising X% of total exports. Bhutan, Italy, Belgium, Turkey, the United Arab Emirates, Germany, South Korea, China, Spain and Malaysia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, 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) appeared to be the largest markets for vegetable oils exported from India worldwide, together accounting for X% of total exports. Bhutan, Italy, Germany, Belgium, Turkey, the United Arab Emirates, South Korea, China, Spain and Malaysia lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Bhutan, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the average vegetable oils export price amounted to $X per ton, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Bhutan ($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 Bhutan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into India

In 2022, after four years of growth, there was significant decline in purchases abroad of vegetable fats and oils, when their volume decreased by X% to X tons. Over the period under review, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted rapidly in the following year.

In value terms, vegetable oils imports reduced remarkably to $X in 2022. In general, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then contracted significantly in the following year.

Imports by Country

In 2022, Sri Lanka (X tons) constituted the largest vegetable oils supplier to India, accounting for 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), threefold. The third position in this ranking was taken by Indonesia (X tons), with a X% share.

From 2012 to 2022, 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, the largest vegetable oils suppliers to India were Sri Lanka ($X), Malaysia ($X) and Indonesia ($X), with a combined X% share of total imports.

Sri Lanka, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vegetable oils import price amounted to $X per ton, growing by X% against the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils import price increased by X% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 2022, 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

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