Palm oil losing market shr in India as buyers switching to soyoil, says SEA
This story was originally published at 18:02 IST on 21 February 2025
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MUMBAI – Palm oil's market share in India is declining as consumers are increasingly switching to lower-priced South American soyoil, according to Solvent Extractors' Association of India President Sanjeev Asthana. The global demand for soyoil has surged, driven by significant price discounts, Asthana said in a letter to association members on Friday.
The response to attractive soya oil prices has eased the tightness in palm oil. Over the past month, the price of palm oil has dropped by $80 to $100, still soya oil remains more attractive to buyers compared to palm oil, he said.
Palm oil imports to India in January were the lowest in the last 13 years at 275,000 tonnes, down from 780,000 tonnes a year ago, he said.
According to SEA data, imports of crude palm oil to India in Nov-Jan declined to 1.1 million tonnes from 1.8 million tonnes a year ago, while imports of crude soyoil jumped to 1.3 million tonnes from 491,403 tonnes during the same period. End
Reported by Shreya Shetty
Edited by Saji George Titus
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