Atul Chaturvedi, president of the Solvent Extractors’ Association of India and a speaker at the Palm Oil Trade Fair and Seminar 2021, said that palm oil-producing countries should always sight their eyes on the East rather than the West.
He also added that, even if India has a price-sensitive market, they are ready to receive imports in the years after the outbreak. It will be due to the consumption of the Indian’s way of life like weddings and gatherings.
“Palm oil producers need to think about targeting their palm oil to India or China. For India, 18 percent of the household are consuming palm oil-based products, and the rest of that is utilised by soft oils. Integration between palm oil and other soft oils need to think about to increase its share in the market,”
“Besides, palm oil producers need to promote palm oil is the way to go as the oil has a slight negative publicity now. This is due to the mentioned environmentalist in the West,”
“India has been treating palm oil differently to other soft oils. For example, palm oil duties have been reduced by 10 percent. Unlike other soft oils, their duties are still the same,” mentioned Atul.
The estimated consumption of palm oil will increase for India, the same will be for China. This is due to the increasing population for both countries.