The price of cooking oil may increase this year due to production and supply problems.

According to the managing director of Gemini Edibles and Fats India Limited (GEF), Pradeep Chowdhry, the prices of edible oils, currently low, may rise this year due to lower production, global economic challenges and supply constraints. “Availability of palm oil for edible oil needs has weakened because the two largest producers, Malaysia and Indonesia, divert it to biodiesel production. In total, they have already moved 12 million tons out of 70 million tons. This could lead to a price increase this -year.  pointed out that cooking oil prices are very volatile and said prices depend on geopolitical issues. “Indian edible oil players need to closely monitor the developments and adjust their strategies accordingly, Asserting that the country’s food sector has the potential to grow at a double rate in the next 10 years, he said that the edible oil sector also has huge scope.

“We are moving from trade business to brand selling. And in the brand segment we are moving to premium oils as health oils. The move is happening. It’s a great place to be for the next 10-15 years,” The country’s 24 million tonne edible oil market is growing at 4-5 percent annually, while the branded segment is growing at 10-12 percent. From this, 70 percent is branded and the rest unbranded With rapidly increasing disposable income increasing consumption of branded oil, the country will become a fully branded edible oil market in the next 5-7 years

Expansion Plan

” In the last 15 years , we have been through several challenges, the most recent being a conflict between Ukraine and Russia. This resulted in supplies drying up and prices rising to $2,700 from $1,200 in the pre-war period. He said that we can quickly use other sources like Russia and Argentina.

“This situation lasted six months. The Ukrainian channel has now been revived. We went through the worst possible sunflower scenario. The company’s field of activity is the import, processing, trade and distribution of branded (Liberty) cooking oils and special fats. Based in Hyderabad, the company mainly operates in Telangana, Andhra Pradesh, Karnataka, Odisha and Chhattisgarh. “We have majority market share in AP, Telangana and Odisha in the sunflower segment. We are not. 1 in the country with a share of 22 percent, The company, which started operating in 2010 with an annual capacity of 600 tons, today has a daily capacity of 1800 tons. “We will reach 2,000 tonnes in the next six months,” plans to set up a refinery in Telangana with an investment of ₹ 600 crore. It is carried out in three stages. The company, which had a turnover of ₹ 10,000 crore last year, expects to end the current financial year at ₹ 12,000 crore.

Leave a Reply

Your email address will not be published. Required fields are marked *