24-Oct-2024
Key Highlights:
In India, vegetable oils are an essential component in cooking a variety of dishes because they contribute different flavours and effectively transport heat into the food.
As a result, India imports a significant amount of edible oil to meet its needs. Among these, palm oil is the most common edible oil imported into India.
Here, in this blog, we will learn about the top palm oil importers in India and data on palm oil import in India. Moreover, it will provide insights into the top 10 palm oil importing countries.
The fruit of the palm tree, which thrives in warm, humid climates, yields palm oil, a vegetable oil. The most produced, consumed, and traded vegetable oil in the world is palm oil. It is frequently used in the production of a wide range of goods, including laundry detergent, margarine, lipstick, biscuits, candles, and chocolate. It is also widely utilized as animal feed and biofuel.
By 2032, the palm oil market is projected to have grown from its 2023 valuation of $68.15 billion to $109.39 billion. During the projection period, this translates to a compound annual growth rate (CAGR) of 5.87%.
Regarding India's role in the global palm oil market, the country's palm oil market was estimated to be worth USD 7.3 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 5.0% between 2023 and 2030.
The following factors are driving the Indian palm oil market:
India is committed to generating adequate edible oil domestically, as it is the world's largest importer of palm oil. Palm oil has long been a staple in many food and non-food products in India.
Under the National Mission on Edible Oils—Oil Palm (NMEO-OP), the Indian government aims to boost palm oil production to 1.12 million metric tons by 2025–2026, covering more than 1.0 million hectares.
Furthermore, the nation produced close to 4.0 lakh metric tons of crude palm oil (CPO) in FY23–24.
With 98% of the nation's total production, Andhra Pradesh, Telangana, and Kerala are India's top three oil palm-producing states.
In the first nine months of the 2023–2024 oil year, India imported 68,45,097 tons of palm oil, a 4% drop from the same time the year before.
According to the Solvent Extractors' Association of India, total import of palm oil in India was around 797,482 metric tons in August, a 26% decrease from July.
According to India's palm oil import data, 10,772 shipments of palm oil were imported between March 2023 and February 2024 (TTM). These imports were supplied to 223 Indian consumers by 644 foreign exporters, a -24% rise over the preceding 12 months.
In February 2024 alone, palm oil import in India had 554 cargoes during this period. This is a year-over-year growth of -24% from February 2023 and a sequential increase of -41% from January 2024.
The cancellation of 100,000 tons of palm oil amounts to around 13.3% of India's monthly imports, which average 750,000 tons.
Thailand, Malaysia, and Indonesia are India's top importers of palm oil.
Cost-conscious Because palm oil is inexpensive and ships quickly, Asian consumers have historically relied on it. However, because of the recent price increase, palm oil is now more expensive than soy oil.
Since tropical oil solidifies at lower temperatures, India often imports a moderate amount of palm oil throughout the winter.
Here is the data on palm oil imports by country:
| Top 10 Palm Oil Importing Countries |
Palm Oil Import Data |
|---|---|
|
India |
US$ 8,787.24 million |
|
China |
US$ 5,099.66 million |
|
Pakistan |
US$ 2,921.51 million |
|
United States |
US$ 2,019.14 million |
|
Netherlands |
US$ 1,527.01 million |
|
Italy |
US$ 1,500.96 million |
|
Egypt |
US$ 1,304.27 million |
|
Spain |
US$ 1,248.62 million |
|
Germany |
US$ 913.54 million |
|
Philippines |
US$ 871.52 million |
In 2023, Indian palm oil imports are more than any other country in the world, with an average monthly import of 9.4 million barrels. China was the second-largest importer, coming in second with 6.8 million barrels per month.
Additionally, get in touch with our team of experts on Exportimportdata.in if you require up-to-date information on palm oil importers in India or import of palm oil in India or need updated palm oil import data.
Check out the list of Indian palm oil importers now!
About five million metric tons of palm oil are imported by India annually from Indonesia, accounting for about 43% of its total imports. Another 25% of India's imports of palm oil come from Malaysia. The top importers of palm oil in India are listed below:
It is the top crude palm oil processor in India. In addition, the company is one of the fastest-growing "food manufacturing consumer goods" enterprises in India and the biggest importer of edible oils.
Adani Wilmar bought more palm oil in 2023 than the Netherlands, which is the fourth-largest importer of palm oil in the world (1.38 million metric tons).
Cargill produces, refines, and sells edible oils and fats, including palm oil. Plantations, mills, trade, and refining are all part of Cargill's palm oil supply chain.
At seaports and other up-country locations, Bunge India Private Limited (BIPL) is actively engaged in the trading of crude and processed soybeans, crude palm oil, and palm oil.
Additionally, the company's commitment to sustainable sourcing and high-quality products has helped it establish itself as a trustworthy supplier in the market for Indian palm oil imports.
Marico is a significant player in the palm oil business in addition to hair care, skin care, male grooming, and fabric care. The company imports a lot of palm oil to keep its extensive selection of edible oils and provide customers with high-quality products.
To lessen its reliance on market participants, K S Oils, a well-known edible oil FMCG firm with its headquarters in India, has purchased an extra 53,000 acres to establish palm oil plantations in Indonesia.
With plantations in Andhra Pradesh, Karnataka, Mizoram, Gujarat, Odisha, Tamil Nadu, and Chhattisgarh, Ruchi Soya is still one of India's biggest in Indian palm oil imports and production. It is a well-known brand of vanaspati and edible oil that is used in fried and baked foods.
GARL is currently one of the leading producers and processors of both edible and non-edible oils in India, including palm oil and related products.
It is among the top producers and suppliers of refined rice bran oil, refined soy oil, refined pure vegetable oil, premium mustard oil, pure mustard oil, and other items.
Manufacturers and purchasers in other nations are connected by an import-export business. It deals in plant machinery, industrial mixers, elevators, sugar machinery, palm oil, and saltwater filtration technology.
Another name for Sundrop Foods is Sundrop Foods India Private Limited, a privately held business engaged in the grain and oilseed milling sector.
Thus, these are the prime importers of palm oil in India. Visit Exportimportdata.in for a comprehensive list of major Indian palm oil imports, including cargo value, palm oil HS code, and other market information.
Check out Exportimportdata.in, our dedicated data-driven platform, to discover the world's leading palm oil importers and exporters.
Here on our dashboard, traders can easily access data on palm oil import in India, palm oil HS codes, palm oil importers in India, and more. Explore our premium dashboard to get county-specific HS codes, updated palm oil imports by country, and global trade data for over 130 countries.
Additionally, if you have any queries concerning India's palm oil import data or the import of palm oil in India, get in touch with our experts to arrange a free live demo!
Palm oil import in India from Indonesia
Palm oil import in India from Malaysia
Palm oil import in India from Thailand
Importers of palm oil in India from Indonesia
Export Import Data solutions is one of the best online import export websites in India that provides trade data services and trading business information. Currently, Export import data is the best import export data provider and market research companies in India.
Adani Wilmar Ltd. is the biggest importer of palm oil in India. Other top palm oil importers in India include Cargill India Pvt. Ltd, Bunge India Pvt. Ltd, Marico Ltd., and K.S. Oils Ltd.
In 2023, Indian palm oil imports are more than any other country in the world, with an average monthly import of 9.4 million barrels. China was the second largest importer of palm oil, with imports of 6.8 million barrels per month.
Based on palm oil import data, in the first nine months of the 2023–2024 oil year, India imported 68,45,097 tons of palm oil, a 4% drop from the same time the year before.
The Palm Oil HS code is 1511. Other related HS Codes are such as 15111000: Palm oil and its fractions, whether or not refined, but not chemically modified 151190: Palm oil and its fractions, whether or not refined, but not chemically modified crude oil.
As per data on palm oil imports by country, India’s import of palm oil is the highest among all the palm oil importing countries. In 2023-24, India imported palm oil worth US$ 8,787.24 million.
India has a 35.75% import tax on refined palm oil as of September 14, 2024. The previous duty on crude palm oil was 27.5%, 12.5% less than the new one.
