Palm oil is the most consumed oil but 96 per cent of this is imported. In India, soybean contributes the highest towards oilseeds production while rapeseed and mustard produce the highest edible oil due to high oil content (40 per cent). Interestingly, the Indian Council for Medical Research (ICMR) recommends 30g per person per day of edible oils - that is 12 kg per person per year. the production of oilseeds in the country could not keep pace with the increased demand. The per capita consumption which was 7.3 kg/year in 1994-95 increased to 18.3 kg/year in 2014-15. India was more or less self-sufficient to cater to that need.Īccording to government data after the 2000s, there was a boom in edible oil consumption throughout the country. International prices of edible oils are under pressure due to the shortfall in global production and an increase in export tax/levies by the exporting countries.ĭuring the 1980s and 1990s, per capita consumption of edible oils was at 6-7 kg per person per year. Sunflower oil (15 per cent of total imports) is imported mainly from Ukraine and Russia. Palm oil (crude + refined) constitutes about 62 per cent of the total edible oils imported, and is mainly sourced from Indonesia and Malaysia, while soyabean oil (22 per cent of total imports) is imported from Argentina and Brazil. The production of edible oil, however, will go up from 126.4 lakh tonnes to 228 lakh tonnes during the same period, leaving a gap of 72 lakh tonnes. The oilseeds production will also increase from 385 lakh tonnes in 2021-22 to 602.2 lakh tonnes in 2030-31.īut at the same time, the edible oil requirement in the country will go up from 267.1 lakh tonnes in 2021-22 to 300 lakh tonnes in 2030-31. Since then, vegetable oil prices have risen by almost 30 per cent in average. As with a number of other commodities, prices for many vegetable oils were at very high levels prior to the Russian invasion in February. The war in Ukraine pushed prices of agricultural products to historically high levels and raised concerns about global food security. Drought-impacted Canadian rapeseed production for 2021-22 declined 35 per cent from the previous year. Malaysia’s palm production, too, declined due to the impacts of Typhoon Rai in December 2021.
The Russia-Ukraine war has had an immense impact on the edible oil market and once again highlighted India’s vulnerability to the global edible market vagaries.Įven before the war, global vegetable oil supplies had tightened due to a drought in South America which resulted in the reduction of soybean yield. Vegetable oil prices have risen by almost 30 per cent in average since the Russian invasion of Ukraine in February this year
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