Agrovet executive: India palm oil production to triple in six years as farmers plant additional crops
A senior industry official stated on Friday that India's palm-oil production will likely triple in the next six years, as oil palm plantations expand and mature.
Palm oil is the world's largest edible oil supplier. It comes from Indonesia, Malaysia, and Thailand. India's edible oil imports, which account for almost two-thirds its total consumption, will be reduced by increasing production.
According to Sougata Nyogi, the chief executive of India's largest palm oil producer Godrej Agrovet Ltd, the production of palm oil in India is expected to increase from 400,000 metric tons to between 1.2 and 1.5 million metric tonnes by 2030-31. Farmers have been expanding their land.
Oil palm trees begin to produce fruit three to four years after they are planted, and yields increase significantly around six years.
Oil palm plantations have been growing rapidly since New Delhi began offering incentives to farmers in 2021, to reduce vegetable oil imports that cost the country $15 billion during its last fiscal year.
Niyogi said on the sidelines the Globoil India Conference that the area under oil palm farming increased to 375,000 ha (926,600 acres). This year, he expects to add an additional 80,000-100,000 hectares.
Government policies help farmers increase their planting area. He said that the new plantations will be ready to harvest in 2030-31.
India imports approximately 16 million tons per year of vegetable oils, including between 9 and 10 million tons palm oil. These are mainly imported from Indonesia, Malaysia, and Thailand.
Niyogi, a Niyogi spokesperson, said that Godrej Agrovet anticipates palm oil production will double to 250,000 tonnes by 2030-31.
He said that two years ago there was a lack of sprouts which India imported to produce seedlings. Now, however, enough sprouts were available to speed up oil palm planting. (Reporting and editing by Muralikumar Aantharaman; Reporting by Rajendra Jhadhav)
(source: Reuters)
