Thank you to everyone who attended OFI India 2017
OFI India attracted over 800 attendees and encompassed an exhibition of suppliers to the oils and fats industry as well as a Smart Short Course technical programme. Topics covered included 'Global sunflowerseed and oil production', 'India's role in world imports' and 'rice bran oil - growth story'. The presentations from the conference are available to download here. Sergey Feofilov, general director of UkrAgroConsult, congratulated OFI on “an excellent and well organised show.”
INDIA - THE WORLD'S KEY EDIBLE OIL MARKET
India is a US$2tr economy, with GDP is growing at more than 7% and a population of over 1.2bn people.
It is the world’s largest edible oil importer, with an oil and oilseed turnover of US$25bn and import-export turnover of some US$13bn.
India’s demand for edible oils is some 21M tonnes/year. It meets this with domestic production of some 7-8M tonnes and imports of 14-15M tonnes – some 70% of the country’s requirements – valued at over US$12bn.
The country’s edible oil imports have soared by almost 50% in the last five years, with imports of palm oil growing by 25% and soya oil jumping by 300%.
India’s consumption growth is pegged at 5%/year and the country is expected to be consuming around 34M tonnes of edible oil by 2025, with a projected vegetable oil imports bill of US$25bn.
Increases in the population and lifestyle changes are driving a rise in edible oil consumption, meaning interest is strong in this growing market.
India has opened up the exports of edible oils in bulk quantity in what the Hindu Business Line has described as a “major policy shift” by the government of Prime Minister Narendra Modi.
The Indian government has approved the closure of two joint ventures growing the jatropha energy crop for biofuels production.
India’s Ruchi Soya Industries has signed a three-year agreement to process and pack edible oils supplied by consumer goods company Patanjali Ayurved, the Economic Times reported on 13 February.
Process filtration equipment company Sharplex Filters (India) reported in January that it had received its first order for the world’s largest vertical pressure leaf filter (VPLF), which it designed six months ago.