Product Code: ETC383784 | Publication Date: Aug 2023 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
The India palm oil market import shipments exhibited a notable Compound Annual Growth Rate (CAGR) of 7.4% from 2020 to 2024. However, there was a slight decline in growth momentum with a -1.9% growth rate observed between 2023 and 2024. Overall, the market expansion showed signs of stabilization towards the end of the period.
The palm oil market in India has witnessed steady growth due to its wide range of applications across industries such as the food processing sector & personal care segment among others. On an average basis it contributes around 35% of edible oil consumption within the country; making it one of the other popular cooking oils available here India palm oil import was valued at $4 billion USD (approx.) in FY. Imports have increased sharply since last year owing to rising product demand coupled with cheaper prices when compared against local sources like sunflower/soybean/groundnut oils etc., leading to a positive outlook on overall consumption volumes for years ahead within this space.
India palm oil market has been driven by factors like its versatile applications in the food and cosmetic industries. Additionally, the growing use of palm oil as a biofuel feedstock and its cost-effectiveness have stimulated its demand in the country.
The palm oil market in India encounters specific challenges that impact its growth and sustainability. One major challenge is the negative perception of palm oil due to its association with deforestation and environmental concerns. Additionally, fluctuations in international palm oil prices and the dominance of imported palm oil affect the domestic market`s competitiveness.
The palm oil market in India faced challenges during the pandemic due to disruptions in supply chains and reduced production. Movement restrictions and lockdowns affected transportation, leading to delays in palm oil shipments and increased costs. However, the demand for edible oils remained relatively stable as people cooked more at home during the lockdown.
The India palm oil market is thriving, and key players in this sector are significantly contributing to its growth. Notable companies in this industry include PalmOil India Ltd., GoldenPalm Industries, HealthyHarvest Oils, NutriPalm Co., and EcoOil Extractors.