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Edible oil market to be influenced by new consumption patterns

This report presents detailed data on consumption trends in the Oils category in India, analyzing consumption volumes and values at segment level.
Mumbai, Maharashtra, India ( 26/06/2014
Research on the edible oil market in India indicates that there are high hopes riding on India’s winter oilseed production, especially mustard seed which is expected to correct some of the price appreciation experienced recently. However, the recent weather changes need to be monitored as it might affect the overall production of the crop and subsequently the market. The soybean production has been low for the second consecutive month with a production of 9 million tonnes, decreasing from the estimated 9.5 million tonnes in January 2014.

The report: Oils Market in India to 2017 highlights the key drivers of the market as well as the challenges and opportunities that the market presents. Research also found that apart from the price rally in soybean, palm oil prices have also risen after a 17 month high. However, the edible oil market in India and oilseeds market is facing severe challenges as the key oilseed prices especially that of soybean has increased 14% since mid-January.

Currently, the overall import of edible oil in India stands at 11.8 million tons. Since India imports 60% of its edible oil requirements and palm oil accounts for 72% of edible oil imports, it denotes that if the price of palm oil rises internationally, it automatically affects the same in India as well. India’s dependency on imported edible oil is slated to be record high this year primarily because of the increased consumption of oilseeds mainly soybean, groundnut and mustard seeds. The overall edible oil consumption in the country is estimated to hit 65.3% as against 61.2% of the previous year.

The edible oil industry analysis found that India’s edible oil stocks as of April 1, 2014 was 39% lower this year mainly due to low opening stocks and decline in estimated imports by 4% between November to March 2014. The financials of edible oil companies is likely to improve in the coming quarters due to surging revenues as a result of increased high sea sales and refinery sales. This is expected to improve the profit margins of the companies in 2014-2015 as compared to the levels seen in 2013-2014.

A paradigm shift has been witnessed in the country’s edible oil consumption and the industry is mainly characterized by oilseeds cropping patterns, imports, exports and even interstate trades. Since the production of the crops is impacted by changes in weather, production costs, minimum support price declared by the government, the edible oil market in India is bound to undergo changes in the near future.

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