Online conference "Asia Grains & Oils Conference. Online Edition"
DATE
Apr 15, 2021

India to raise sunflower oil import in coming years - Sunvin Group

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APK-Inform

3783

Consumption of vegetable oil will be near record in India in 2021/22 MY, declared the President of Sunvin Group, Sandeep Bajoria within the online conference Fat&Oil Industry-2021 organized by APK-Inform on November 3.

“We expect the domestic consumption of vegetable oils to reach 22.6 mln tonnes in India this season, up sizably from 21.7 mln tonnes last year and close to the record high 22.7 mln tonnes in 2018/19 MY. We forecast the import of vegetable oils to rise by 0.5 mln tonnes y/y to 14 mln tonnes in 2021/22 MY, including 2.4 mln tonnes of sunflower oil (+0.5 mln tonnes y/y), 3.2 mln tonnes of soybean oil (+0.3 mln tonnes) and 8.4 mln tonnes of palm oil (-0.3 mln tonnes)”, – the expert informed.

He added that the Indian government has declared mission for increasing the domestic supply of vegetable oils. Therefore, they expect the government to take strong measures in this direction in coming 5 years. Hence, Sunvin Group expects the import of vegetable oils will stop rising beyond 16 mln tonnes per season for next decade.

Focusing on the market of sunflower oil, the expert said that Ukraine would supply 1.75 mln tonnes of the oil in 2021/22 MY (+0.3 mln tonnes y/y), Russia – 400 thsd tonnes (+155 thsd tonnes) and Argentina – 50 thsd tonnes (+15 thsd tonnes). Additionally, S. Bajoria said the import of sunflower oil to India would increase to the record 2.75 mln tonnes in 2022/23 MY.

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