Commodity Tips, India’s edible oil market crossed Rs 1.3 trillion marks in 2017
Edible oil formed over 30 percent of the Rs 4.34 trillion packaged foods market in India, compared to the 8.8 percent share held by rice, pasta, and noodles
Health-conscious Indians are driving the sale of branded edible oil, ditching ‘loose oil’ sold by the neighborhood grocery store.
According to data from market research firm Euromonitor International, the edible oil category, which had overtaken dairy to become the largest packaged food segment a few years ago, grew 25.6 percent to cross the Rs 1.3 trillion mark in 2017. This is the first time any packaged food category has crossed the Rs 1.3 trillion mark.
Diary was the second largest with Rs 1.2 trillion, 16.5 percent higher than 2016.
The packaged food market, including rice, pasta, and noodles, stood at around Rs 378 billion last year, growing 23.6 percent year on year, thanks to the downside risks associated with these kinds of foods.
In fact, edible oil formed over 30 percent of the Rs 4.34 trillion packaged foods market in India, compared to the 8.8 percent share held by rice, pasta, and noodles.
“Growth is primarily coming from new consumers, who are shifting from loose to packaged oils”, said Atul Chaturvedi, chief executive officer, Adani Wilmar, the company that sells a number of edible oil brands.