Professional Documents
Culture Documents
Project Guide
Prepared By
Samir Patel
Rajendra Patel
S.V.INSTITUTE OF MANAGEMENT
Acknowledgements
With immense pleasure we would like to express our sincere thanks and
gratitude to Prof. Bhavin Pandya, Project Guide & Faculty Member, S.V.
Institute of Management, for having given us this privilege of working under
him and completing the study and for the valuable advice, guidance,
precious time and support that he offered.
We know that food, cloth and shelter are the three basic requirements in the
life cycle of a human being. Clothing and Shelter are important, but the most
important is food, without which a living being can’t survive.
India is one of the world's leading producers of oil seeds and oil,
contributing to 9.3% of world oilseed production and is the fourth largest
oilseed producing country in the World next to USA, China, and Brazil,
harvesting about 25 million tons of oilseeds per annum.
The edible oil industry is now one of the leading sustainers of the positive
annual economic growth rates India has enjoyed for over a decade now.
India’s demand for edible oil has been growing at a rate of 8-9 per annum.
The national demand for edible oil gives investment opportunities into the
edible oil industry. Trained, trainable as well as unskilled labour is readily
available for prospective investors in the sector to utilize.
Chapter 1:
Introductions
1) Executive Summary
2) Introduction
3) Research Study
Research Objectives
Research Methodology Adopted
Chapter 2:
Industry Description
Chapter 3:
World Market of Edible Oil
Global Scenario
Global demand and supply situation
Major Producers of Edible Oil
Chapter 4:
Comprehensive Study of Indian Market
Executive Summary
The Management Research Project has been undertaken to study the
international market of Edible oil industry and to analyze comprehensively
the Indian Market scenario. The research study was conducted to find out the
factors which would influence the major developments taking place in this
industry, at both the global as well as domestic level. This study was also
conducted to understand the Import-Export scenario and government
influences.
India is one of the world's leading producers of oil seeds and oil,
contributing to 9.3% of world oilseed production. It produces the largest
number of commercial varieties of oil seeds over nearly 28.4 million
hectares of land. The major edible oils produced in India are groundnut,
rapeseed, Soya, cottonseed, sesame seed, castor seed, sunflower, safflower
etc.
India is the fourth largest oilseed producing country in the World next to
USA, China, and Brazil, harvesting about 25 million tons of oilseeds per
annum. The edible oil sector occupies a distinct position in Indian economy,
as it provides job to millions of people, achieves on an average a domestic
turn over of about US $ 10 billion per annum and earns foreign exchange of
US $ 90 million per annum.
Soybean is the third largest oilseed crop in India next to Groundnut &
Mustard and accounts for 25% of the total oilseeds produced in the country
in a year. Soya oil contributes about 10% of total vegetable oils produced in
the country. Groundnut is the most widely consumed and traded edible oil
determining edible oil economics. India is the world’s second largest
producer of groundnut, next only to China. But groundnut being primarily a
Kharif (monsoon) crop is vulnerable to vagaries of monsoon and also
speculative activities.
In 1996, the Government set up a Technology Mission on oil seeds, to
increase production of other oil seeds and oil, and to reduce dependence on
imports.
The strategy followed was:
Timely and adequate rain is expected to result in an all time high oilseed
production of 142.4 lakh tonnes during the current year as compared to
earlier record of 132.3 lakh tonnes in 1998-99 and 88.1 lakh tonnes for the
year 2002-03 estimated.
The total oilseeds crop (inclusive of nine major oilseeds and also copra and
cottonseed) for this kharif season is estimated at 207.2 lakh tonnes giving
marketable surplus for crushing 154.8 lakh tonnes and Kharif Oil availability
47.3 lakh tonnes compared to last year 140.5 , 100.9 and 33.1 lakh tonnes
respectively.
According to trade estimates during the 2003-04 season, Gujarat is expected
to top the kharif groundnut oilseed production at 33 lakh tonnes in shell out
of the total 56 lakh tonne (in shell) estimate.
Based on the marketable surplus and oil recovery rates, the total oil
availability of this kharif crop is estimated at 47.4 lakh tonnes, as against
previous kharif's 33.10 lakh tonne.
The highest oil will be recovered from groundnut and Soya bean, both at
10.5 lakh tonne each, followed by rice bran oil at 6.5 lakh tonne, cottonseed
oil at 5.2 lakh tonne and copra at 4.2 lakh tonne. Rest will be recovered from
balance oilseed crops.
India’s winter groundnut output is expected to top 5.5 million tones with the
crop in good shape after sufficient rains. Incessant rain for a week in the
groundnut-growing region of western Gujarat had threatened to damage the
crop, but the rains have since stopped. Saurashtra grows nearly half of
India’s winter groundnut-crop, which is sown in May-June and harvested in
October-November. Groundnut output in the 2002 winter season fell to 3.03
million tones, by the country’s worst draught in 15 years.
Besides the normal monsoon, attractive oilseed prices in the last season had
prompted farmers to allot more land to groundnuts. A larger area of
Southern Andhra Pradesh, which grows nearly 20% of India’s winter
groundnut, was being used for the cultivation of the oilseed.
Research Study
Research Objectives
Sources : Publications
• Oil World
• The Economic Times
• Business World
Government Departments
• The Edible Oil Wing of the
Department of Food & Public
Distribution
Trade Associations
• Solvent Extractions
Association of India (SEA)
Limitations
• It may be difficult to determine the
accuracy of the data because the
Methodology used in collecting the data
may be unknown.
• Time and Cost might be the
limitations.
Chapter 2 Industry Description
One very basic difference between the way of looking at Edible-Oils and the
Industrial Oil technician's viewpoint should be understood. When he sees
dark color, it represents the presence of "impurities" -- material that prevents
the oil from being light colored, odorless and bland in taste. From our
viewpoint, those "impurities" look desirable -- the things, which impart
color, odor and flavor, are NUTRIENTS. It is both tragic and ironic that the
removal of nutrients should be equated with "purity". Tragic because if those
nutrients were present they would contribute to the health of the consumer.
Ironic because establishing the desired "purity" really results in producing
poor quality food.
Choice of oil
New methods of production, transportation and refining, mean that oils are
available to suit any and every need. Given such a range of options, what
factors should determine the choice of particular oil?
The choice of oil as a food ingredient, or for cooking or frying, will usually
involve a compromise. The factors that will need to be taken into account
may include:
• Price: Like all other products, this will be governed by the laws of
supply and demand. Supplies of oil-bearing crops will depend on
acreage planted, the quality of the crop and, of course, the weather.
Demand for all oils will inevitably grow in line with the increase in
the world's population. Prices will reflect this fundamental demand, as
well as being influenced by a whole host of technical factors, such as
currency movements and the availability of transport and refining
capacity.
• Intended use: The specific characteristics of some oils mean that they
have a relatively limited number of uses, while others are extremely
versatile and lend themselves to being substituted one for another.
• Taste
• Appearance
• Nutritional and health concerns: All oils are made from three main
types of fatty acids: saturated, monounsaturated and polyunsaturated.
For the most part, the human body is able to manufacture all the
different types of fat it needs from the fat and other nutrients in the
diet. The only fatty acids which need to be eaten are the so-called
essential fatty acids or EFAs - linoleic and linolenic - (also known as
Omega-3 and Omega-6 fatty acids). The overwhelming conclusion of
current dietary research is that while the intake of saturated fats is
both unhealthy and unnecessary, a minimum of 3% of calorie intake
should be in the form of EFAs. There is an increasing body of
opinion, based, for example, on the evidence of diets high in Olive Oil
that the monounsaturated fats may be either neutral or benign.
(Source: www.cybgroup.co.uk)
Types of Edible Oils (History & Description)
Cottonseed Oil
Countries of origin
Europe -
Africa Sudan
Asia India, Pakistan
Australia -
Cottonseed oil is versatile oil prized by chefs for its unique ability to allow
the flavor of foods to come through. Whether making salad dressing or deep-
frying, cottonseed oil has many applications, such as snack foods,
mayonnaise, pastries, baked goods, margarine, shortening and oil blends.
Noted as slightly nutty or buttery flavored oil, cottonseed oil is well
regarded for its ability to avoid overpowering the flavor of foods and its
composition prevents an unpleasant greasiness on food.
Along with oil, linters, hulls and meal are also produced in the processing of
cottonseed. Products such as paper, diapers, mattress padding and even
currency are manufactured from linters. Dissolved cellulose derived from
cottonseed linter pulp is used for products such as plastics, rocket
propellants, rayon, pharmaceutical emulsions, cosmetics and photography
and x-ray film.
Linseed Oil
Countries of origin
Africa Egypt
Asia India
Australia -
Linseed comes from the family Linaceae, Genus Linum, which includes the
vast majority of the herbs and shrubs found in temperate and sub-tropical
regions bordering the Mediterranean Sea. Linseed/flax, linium usitassium is
certainly not a new crop. Flaxfibre and linen have been discovered with
remains of Stone Age man and it is known that flax was a well-established
crop in the Nile Valley around 1000 BC.
In terms of EU support for both linseed and fibre flax, a subsidy system of
one sort or another has been in operation since 1976. In the early days of the
scheme, France was the single biggest producer of linseed. French
production fell away significantly towards the end of the 1970s and it was
not until linseed began to be grown in the UK during the early 1980s that
linseed's EU fortunes were revived to any extent.
Countries of origin
Europe -
America -
Australia -
Palm kernel oil is very similar to coconut oil in fatty acid composition and
properties. The two trees also look rather similar, both are called "palms" but
they belong to different genera. Coconut palm is "Cocos nucifera", while the
oil palm, which gives both palm oil (PO) and PKO is "Elaeis guineensis".
This tree is generally believed to have originated in the jungle forests of East
Africa and there is some evidence that palm oil was used in Egypt at the
time of the Pharaohs, some 5000 years ago.
The palm fruit looks like a plum. The outer fleshy mesocarp gives the palm
oil, while the kernel (which is inside a hard shell) gives palm kernel oil. It is
rather strange that the two oils from the same fruit are entirely different in
fatty acid composition and properties. In palm oil, most of the fatty acids are
C16 (i.e. have 16 carbon atoms) and higher, while in palm kernel oil, they
are C14 and lower.
Palm kernel oil and its hydrogenated and fractionated products are widely
used either alone or in blends with other oils for biscuit doughs and filling
creams, cake icings, ice-cream, imitation whipping cream, substitute
chocolate and other coatings, sharp-melting margarines, etc.
Malaysia, absorbing over half a million tonnes per annum for her oleo
chemical industry, no doubt helped palm kernel oil prices, but it cannot be
the main reason since, in spite of that, in the last five years world exports of
palm kernel oil increased by 33%, as opposed to 25% for coconut oil. The
good news for buyers is that the rate of Malaysia's oleo chemical expansion
is bound to slow down and her palm kernel oil exports should start rising
again.
Future Prospects
In world terms, palm kernel oil is still smaller than coconut oil by about one
third, but the future belongs to it. It is a co-product of palm oil, it has lower
cost of production and it is rising at a much faster rate. Furthermore, the
coconut producing countries have exactly the climate and soil conditions
required for replanting with oil palms which are more profitable. In the
working lifetime of most readers of this article, palm kernel oil will become
the major lauric oil.
Countries of origin
Europe -
America Brazil
Australia -
Peanuts (groundnuts) are pulses, the seeds of the leguminous plants (Arachis
hypogaea) and belong to the same botanical family as beans, peas and
lentils.
The peanut, while grown in tropical and subtropical regions throughout the
world, is native to the Western Hemisphere. It probably originated in South
America and spread throughout the New World as Spanish explorers
discovered the peanut's versatility. When the Spaniards returned to Europe,
peanuts went with them. Later, traders were responsible for spreading
peanuts to Asia and Africa before making their way to North America.
Peanut kernels range in oil content from about 43% to 54%, depending on
the variety of the peanut and the seasonal growing conditions. Peanuts
supply one-sixth of the world’s vegetable oil. Peanut oil is excellent quality
cooking oil with a high smoke point (440º Fahrenheit), neutral flavour and
odor. It allows food to cook very quickly with a crisp coating and little
absorption. Peanut oil is liquid at room temperature. Highly aromatic 100%
peanut oil and peanut extract are high value products with a strong roasted
peanut flavour and nut aroma. These products have applications in flavour
compounds, confections, sauces and baked goods.
Rapeseed Oil
Countries of Origin
Europe Belgium
Africa -
America Canada
Australia -
Although the crop was grown in Europe in the 13th Century, its use was not
extensive until the development of steam power, when it was found that
rapeseed oil would cling to water and steam-washed metal surfaces better
than any other lubricant. In fact, the need for Canadian rapeseed production
arose from the critical shortage of rapeseed oil that followed the World War
II blockage of European and Asian sources of rapeseed oil in the early
1940s. The oil was urgently needed as a lubricant for the rapidly increasing
number of steam engines in naval and merchant ships.
Rapeseed oil for edible purposes was not fully exploited by Western nations
until the end of World War II. The merits of the crop as a source of food
were acknowledged by the agricultural industry who felt success could be
achieved if proper processing techniques could be adopted.
The first edible rapeseed oil extract in Canada was in 1956/57. This event
marked the beginning of a rapidly expanding industry. All of the rapeseed
varieties grown produced oils containing large amounts of eicosenoic and
erucic acids, which are not considered essential for human growth.
Soya bean Oil
Countries of Origin
Africa -
Australia -
The Soya bean is one of the oldest vegetables known to man. Soya beans
have been grown and consumed for more than 5000 years in China and the
Far East. They are, however, a relative newcomer to the Western consumer,
particularly when looking at Soya food consumption only. Soya bean has
proved adaptable to a wide variety of climatic conditions. Although sub-
tropical in origin, cultivation now extends much farther. Soya beans only
arrived in the United States in 1804 and were a relatively minor crop until
the 1920s. Since then, commercial growing has been continuously
increasing.
Soya foods, for example, Soya milk, Soya nuts, tofu and tempeh, are the
most visible form of soy containing foods to the consumer. Soya beans and
Soya bean products have a much wider application area. They contain all
components necessary for optimal food and feed application. Soya is not
only an excellent source of vegetable protein (34 - 39%, with a balanced
composition containing all the essential Amino acids) and of vegetable oil
(18 - 20%, containing all the essential fatty acids), it is also rich in fibre,
carbohydrates, phytoestrogens, steroids, vitamins and minerals. The
functional properties of soy protein based ingredients and the versatility of
Soya bean oil based components add to its widespread use.
Other Uses
Countries of origin
Asia China
Australia -
The history of world sunflower production in the last 20 years has been
directly related to the political changes in the Soviet Union. The former
Soviet Union was the largest producer of sunflower seed and also the largest
consumer of sunflower oil. It was also a leader in the research and
development of the crop. However, in the last few years, Argentina has
become the largest producer of sunflower seed and international based seed
companies have taken the hybrid seed and new genetics to all corners of the
earth.
The decline in sunflower production in the former Soviet Union regions has
limited the growth of sunflower as it relates to other oilseeds. From 1992/93
to 1997/98, the world's growth in sunflower production was just under 9
percent. This compares poorly to the other major oilseed crops, such as
rapeseed's 24 percent growth and Soya bean's 23 percent growth.
However, the changing role of country production has not impacted the
volume of sunflower oil exports as dramatically when compared to the other
oilseeds. The percentage increase of sunflower oil exports during the five
year period of 1992/93 to 1997/98 was 39 percent, compared to rape oil of
42 percent and Soya bean oil of 48 percent. The difference, of course, is that
Argentina and the US export a majority of the sunflower oil that they
produce; the former Soviet Union only exported limited volumes to several
of their trading partners, such as Cuba.
Of those oils in common daily use, Sunflower has the highest level of
polyunsaturates and which are effectively all of the more stable, linoleic
variety. The actual level can vary from below 60% to over 70%, with the
highest levels being found in crops grown in areas experiencing the largest
variation between day and night-time temperatures.
Sesame Oil
Countries of origin
Europe Turkey
Australia -
Sesame seed is believed to be one of the oldest seeds to have been used as a
condiment, as well as for the home-based production of oil. The English
word sesame traces back to the Arabic word of simsim, the Coptis semsem
and the early Egyptian word semsent. The earliest records mentioning the
use of sesame seed as a spice come from the Assyrian myth which claims
that the gods drank sesame wine the night before they created the earth. A
more common name is Sesamum Indicum L. which clearly links the sesame
seed to India. Sesame domestication began in Africa and, more particularly,
in what is now known as Sudan. It traveled eastwards to Japan, leaving a
clear trail in Egypt, India and China and westward to Latin America along
with the slaves. China and India are today the largest producers of sesame
seed. It is already known that some 5000 years ago, the Chinese were
burning sesame as a source of light and used it to produce soot for their ink
blocks.
The coconut palm (Cocos nucifera, L) is commonly called the "Tree of Life"
because of its myriad uses. All parts of the palm, from the roots to the leaves
and particularly its fruit, have special uses as a provider of food, beverage,
shelter, animal feed and as an important raw material for various industries
like the oleochemical industry. Traditionally, it requires little attention
throughout its life span of over 50 years, thus the reference as a "lazy man's
crop". Commercial farms, however, are tended and developed for improved
productivity. The coconut palm reaches a height of 20 meters or higher for
the tall varieties, while dwarf varieties grow up to 3 meters upon maturity.
The palm is propagated through seed nuts, normally from elite parents.
These are stored in a shade to germinate in loose and friable soil provided
with adequate moisture and drainage facilities. The sprouted seed nuts are
transferred into polybags to allow proper selection of seedlings.
Furthermore, the seedlings in polybags are protected from shock and other
damages when transplanted in the fields.
Olive Oil
Countries of origin
Africa -
Asia -
Australia -
Olive cultivation began 6000 years ago on the Mediterranean coast of Syria
and Palestine. From there, it spread to Anatolia (via Cyprus) and to Egypt
(via Crete). In the 16th Century BC, the Phoenicians took the olive to the
Greek Islands. Later, between the 14th and 12th Centuries BC, they
introduced it to the Greek mainland where its cultivation spread. By the 6th
Century BC, the olive was cultivated the length and breadth of the
Mediterranean region, from Tripoli to Tunisia, from Sicily and Calabria in
Southern Italy to Liguria in the North. When the Romans arrived in North
Africa, the Berbers knew how to graft wild olives and olive cultivation
spread through all the Roman territories. The olive crossed the seas with the
discovery of the American continent in 1492.
By 1560, olive trees were being grown in Mexico and then in Peru,
California, Chile and Argentina. More recently, it has continued to spread
and is now grown in South Africa, Australia, Japan and China.
Liquid oil extracted from the germ (seed) of maize. The crop is widely
grown and some local production is available in many countries, including
the UK and Europe. However, the only source of real international
importance is the USA.
Fish Oil
Produced from the flesh of fish with oil content between 0.5% and 15%,
depending on fish species and point of fish's life cycle oil is extracted.
In its crude state Fish Oil is totally liquid but contains certain fatty acids that
are so highly unsaturated and therefore unstable that they can give rise to
flavour reversion problems "within hours", even after traditional refining.
Consequently, the vast majority of Fish Oil is hydrogenated. The most
common uses of Fish Oil are in the production of economy retail margarines
and economy bakery magarines and fats, as well being used as a shallow-
frying medium.
Animal Fats
Lard
Pigs which have been subjected to ante and post mortem veterinary
inspection and certified free from disease are slaughtered for meat
production, in the course of that much of the fat is removed. Predominant
sources are the kidney and back fats which are passed through a rendering
process to produce what we know as Lard.
First quality, freshly rendered material with low acidity, good color and a
mild, traditional flavour is commonly referred to as "packers" lard, which
can be simply cleaned/filtered and used directly for packing. Other qualities,
which are too high in acidity or otherwise fail to meet the tighter analytical
specifications, are subjected to full refining treatment prior to edible use.
Tallow
Tallow is produced in the same way as Lard. Whilst the word can cover
material derived from various animals, the name is more commonly reserved
for the fat obtained from cattle and referred to as Beef Tallow. It has a firmer
consistency than Lard and melts at higher temperatures.
• Almond • Poppyseed
• Arachis • Pumpkinseed
• Borage • Safflower
• Castor • Salmon
• Cod Liver • Sesame
• Evening Primrose • Shark Liver
• Flaxseed • Sild
• Grapeseed • Walnut
• Halibut Liver
• Wheatgerm
• Hazelnut
Source:
www.cybgroup.co.uk
www.tis-gdv.de
Chapter 3: World Market of Edible Oil
Global Scenario
Vegetable oils
Vegetable oils are extracted from the fruits, flowers and seeds of
plants, and essentially have the same constituents but its proportions
may vary. The principle vegetable oils are soybean, palm, rapeseed,
sunflower, corn, groundnut and cottonseed. Approximately 40% of
the world’s edible oil requirements are met by Soya oil and crude
palm oil (CPO), accounting for 17% and 23% of the total
consumption respectively (GK Goh Research, 4 August 1999).
Leading vegetable oil producers are the United States, the European
Union and China, whereas major producers of CPO are Malaysia and
Indonesia, followed by Nigeria, Argentina and Brazil. CPO, when
converted into olein and stearine and its downstream derivatives,
brings further added value. Thus CPO is mainly used to produce
refined, bleached and deodorized palm oil (RBDPO), a major
ingredient in margarine, shortening, and ice cream. RBDPO is further
fractionated to produce RBD olein and RBD stearine, a by-product of
the fractionation process. RBD olein is used mainly in the
manufacture of cooking oil and margarine and is used in industrial
frying or processed foods like potato chips, French fries, instant
noodles and other snack foods. RBD stearine is primarily used in the
manufacturing of soaps and detergent and in the manufacture of
margarine and shortenings for food.
Source:
• Oil World Annual 2001, 2000, 1999, 1998 & Oil World Weekly (22 March & 5 April 2002)
• MPOB - For data on Malaysia.
Global demand and supply situation
Although demand for oils and fats was affected by the Asian
economic crisis, Oil World, the leading forecaster of supply and
demand in the edible oils industry still projected a growth of 3.2% and
4.1% for 1999 and 2000 respectively. These forecasts assume an
expected recovery of the Southeast Asian economies as well as a
decrease in demand for animal fat due to concern over its high
cholesterol content. Historically, demand for edible oil has increased
in line with population growth. The average growth in global demand
for palm oil has been 7.6% per year from 1991 to 1996 (ING Barings
Research Report, June 1999).
Linseed Oil
Canada remains the world's largest producer of linseed and is the single
biggest exporting country. It has also been the provider of many European-
grown varieties, although in recent years Hungary has also emerged as a
strong presence in the development of linseed varieties, particularly for
winter sowing.
The largest palm kernel oil producing country by far is Malaysia, which
accounts for more than 52.8% of world production, while two countries,
Malaysia and Indonesia together, account for about 80% of production and
90% of exports. No other country produces more than 8% or exports more
than 3%.
Peanut Oil
Demand for peanuts has been steady in North America and Europe, although
under competition within a dynamic snack market. Two significant factors
affecting peanuts in the world market are (1) consumer concerns for
nutritious foods and (2) stricter import standards for food safety and quality.
Rapeseed Oil
In the United States, nearly 400,000 farmers grow Soya beans on more than
29 million hectares of land. At a record of $17.7 billion, Soya beans are the
second most valuable US cash crop after corn. The United States exports
almost half of its Soya bean production to the world market. It is also the
world's largest consumer of Soya beans, Soya bean meal and Soya bean oil.
A growing world population, rising incomes and changing diets around the
world are pushing up the market for Soya beans and derived products.
Vegetable protein and vegetable oils replace or add to animal protein and
fats. Eating more eggs and meat requires the production of more animal
feed.
The European Union is the major importer whilst China is the strongest
growing market for Soya beans, meal oil. Southeast Asian countries, Turkey
and the Turkish Republics, are the other major growth markets for Soya
beans, meal and oil.
Sunflower Oil
The former Soviet Union was the largest producer of sunflower seed and
also the largest consumer of sunflower oil. It was also a leader in the
research and development of the crop. However, in the last few years,
Argentina has become the largest producer of sunflower seed and
international based seed companies have taken the hybrid seed and new
genetics to all corners of the earth. From 1992/93 to 1997/98, the world's
growth in sunflower production was just under 9 percent. This compares
poorly to the other major oilseed crops, such as rapeseed's 24 percent growth
and Soya bean’s 23% growth.
However, the changing role of country production has not impacted the
volume of sunflower oil exports as dramatically when compared to the other
oilseeds. The percentage increase of sunflower oil exports during the five
year period of 1992/93 to 1997/98 was 39 percent, compared to rape oil of
42 percent and Soya bean oil of 48 percent. The difference, of course, is that
Argentina and the US export a majority of the sunflower oil that they
produce; the former Soviet Union only exported limited volumes to several
of their trading partners, such as Cuba
China and India are today the largest producers of sesame seed. The largest
producers in Asia are China and India; in Africa it is Sudan followed by
Nigeria while, in Central America, it is Mexico and Guatemala.
Coconut Oil
World production of coconut averaged 9.65 million metric tons, copra terms
(1992-96 average), which is equivalent to about 51.068 billion nuts. Of this
total, close to 70% is supplied by the major producers’ viz. Indonesia, India
and the Philippines. Of the three leading producers, the Philippines is the
biggest supplier to world trade in the form of coconut oil, which accounts for
some 80% of her total coconut production. Indonesia and India use the bulk
of their production internally, both as food nuts and as coconut oil.
Coconut is widely traded in the world market in the form of coconut oil.
Coconut oil accounted for 6.39% of world vegetable oils market during the
90's.
Olive Oil
India has a vibrant private sector driven edible oil industry. With the right
macro-economic policies now in place, the sub-sector has made a huge turn
around and it is no longer an eyesore.
The edible oil industry is now one of the leading sustainers of the positive
annual economic growth rates India has enjoyed for over a decade now.
India’s demand for edible oil has been growing at a rate of 8-9 per annum.
The national demand for edible oil is projected to reach over 110.25 lakh
MT in 2005 up from 100.96 lakh MT in 2001. National production as of
2001 stood at 54.54 lakh MT making India a net importer of edible oil to the
tune of over 46.92 lakh MT. This gives investment opportunities into the
edible oil industry. Trained, trainable as well as unskilled labour is readily
available for prospective investors in the sector to utilize.
Importance of Edible Oils in the Country’s Economy
Oilseeds and edible oils are two of the most sensitive essential commodities.
India is one of the largest producers of oilseeds in the world and this sector
occupies an important position in the agricultural economy covering an area
of 24.38 million hectares and accounting for the production of 20.87 million
tonnes of oilseeds during the year 1999-2000. India contributes about 9% of
the world oilseeds production, about 7% of the global production of protein
meal and is the 4th largest edible oil economy in the world. Export of oil
meals, oilseeds and minor oils for the financial year 1999-2000 slightly
declined from 3.96 million MTs in 1998-99 to 3.15 million tons in 1999-
2000. However, in terms of value, realization has gone up from Rs.3180/-
crores to Rs.3327/- crores. The share of India in the world oil meal export
market is about 7%.
Types of oils commonly used in India
Inhabitants of northern plain are basically hard fat consumers and therefore
prefer Vanaspati, a term used to denote a partially hydrogenated edible oil
mixture. Vanaspati has an important role in our edible oil economy. Its
production is about one million MT annually. It has around 13% share of the
edible oil market. It has the ability to absorb a heterogeneous variety of oils
which do not generally find direct marketing opportunities because of
consumers’ preference for traditional oil such as groundnut oil, mustard oil,
sesame oil etc. For example, newer oils like Soya bean, sunflower, ricebran
and cottonseed and oils from tree and forest sources have found their way to
the edible pool largely through vanaspati route.
About 70% of these filtered oils produced are by the organized and semi-
organized sector plants producing from 2000-10000 MT per month. It is
often branded by large manufacturers. The lower quality and generally lower
cost filtered oil produced is mainly by the small scale village based
processors. The oil is mostly sold loose directly to the consumers from a
variety of containers, often within 2-3 days of production. These local
crushers will produce between half and two MTs per month. This
decentralized production and marketing pattern may account for around 20%
of all edible oils in the country. The share of raw oil, refined oil and
vanaspati in the total edible oil market is respectively 42.0%, 42.7% and
13.4%.
Developments in the Industry
All agricultural activities in the country will be guided under the Plan for the
Modernization of Agriculture (PMA). The PMA is part of the Government
of India’s broader strategy of poverty eradication contained in the Poverty
Eradication Action Plan (PEAP). Strategically the PMA objectives include:
• Deepening decentralization
• Reduction in public sector activities in favour of the private sector
• Adoption of productivity enhancing technologies
Local Market
The local market for oil in India is comprised of households, baking
and confectionery industry, and the food service industry. Most urban
areas have a range of cooking oils in shops and markets.
National demand for vegetable oil is growing at 8-9% p.a. Demand
for vegetable oil is expected to reach 110.25 lakh MT in 2005. This is
an indicator of potential investment in the sub sector.
Future of Indian Edible oil Industry
The political arena has a huge influence upon the regulation of businesses,
and the spending power of consumers and other businesses.
Political Factors include Government regulations and legal issues and define
both formal and informal rules under which the firm must operate.
There has been a persistent gap between demand and domestic availability
of edible oils. The Government, with a view to avoiding scarcity of this item
and consequential rise in prices, has been allowing import of edible oils. In
pursuance of the policy of liberalization of the Government, there have been
progressive changes in the Import policy in respect of edible oils during the
past few years. Edible oil which was in the negative list of imports was first
decanalised partially in April, 1994 with permission to import edible
vegetable palmolein under OGL at 65% duty. This was followed by
enlarging the basket of oils under OGL import in March, 1995, when all
edible oils (except coconut oil, palm kernel oil, RBD Palm Oil and RBD
Palm Stearin), were brought under OGL import at 30% duty, and then
further reduction in duty to 20% plus 2% surcharge in the regular budget for
the year 1996-97. Another surcharge of 3% was later imposed bringing the
total duty to 25%. In order to increase imports and to curb the high domestic
prices, this duty was further reduced by 10% in July, 1998. In order to
harmonize the interests of domestic oilseeds growers, consumers and
processors and to regulate large import of edible oils to the extent possible,
the duty structure on edible oils has been revised four times in a span of 14
months. The latest revision was effected on 1.3.2001. The custom duty on
CPO meant for vanaspati manufacture has been raised from 25% to 75%
except in case of sick vanaspati units where duty was kept a 55%. However,
vide Notification No. 44/2001-Custom dated 26.4.2001 issued by the Deptt.
of Revenue, Ministry of Finance, entries relating to concessional rate of
custom duty @ 55% on Crude Palm Oil (CPO) for sick vanaspati units has
been omitted. Now, there is a uniform rate of duty @ 75% on CPO for all
the vanaspati units, whether sick or otherwise.
The duty on refined oil has been raised to 85% (basic) except in the cases of
refined Soya bean Oil and refined Mustard Oil where the duties are 45%
(basic) and 75% (basic) respectively,. Special Additional Duty (SAD) is
levied on import of refined oils at the rate of 4%.
(i) Exports of all oilseeds such as HPS groundnut, sesame seeds, sunflower
seeds, mustard seeds, etc. when exported for consumption purpose, have
been made free without any quantitative/licensing requirements.
(ii) Free import of Soya bean in split/cracked form has been allowed. Free
import of rapeseed/sunflower has also been allowed, subject to quarantine
requirement. Import duty on Edible oil is 45%.
(iii) Export of vegetable oils such as coconut oil, cottonseed oil, corn oil,
Kardi oil, linseed oil, mustard oil, Niger seed oil, palm oil, palm kernel oil,
rapeseed oil, Riceb ran oil, salad oil, sunflower oil, sesame seed oil, Soya
bean oil have been made free.
(i) Edible oils including edible mustard oil will be allowed to be sold only in
packed form from 15th December, 1998.
(iii) The packer will have to have his own analytical facilities or adequate
arrangements for testing the samples of edible oils to the satisfaction of
the government.
(iv) Only oils which conform to the standards of quality as specified in the
Prevention of Food Adulteration Act, 1954 and Rules made there under will
be allowed to be packed.
(v) Each container or pack will have to show all relevant particulars so that
the consumer is not misled, so also the identity of the packer becomes clear.
(vi) Edible oils shall be packed in conformity with the Standards of Weights
and Measures (Packaged Commodities) Rules, 1977, and the Prevention of
Food Adulteration Act, 1954 and Rules made there under
(vii) The State Governments will have power to relax any requirement of the
packaging order for meeting special circumstances.
All units packing edible oils, namely, oils specified in the Prevention of
Food Adulteration Act and Rules there under, including vanaspati, bakery
shortening and margarine are covered under this Order. Some of the
important requirements to be complied with are that the packers will have to
have facilities to pack and store edible oils under hygienic conditions. They
have to have properly equipped analytical laboratory or arrangement of a
common laboratory so as to enable to test the quality of oil for checking its
conformity to the prescribed standards of quality
Eligibility to carry on the Packing Activity
Every person who intends to carry on the business of a packer shall make an
application to the registering authority in the form specified in Schedule-II
together with the fee to be paid to the State Governments, in such manner as
may be specified by the State Government
These two Orders were issued at a time when the vanaspati industry was at a
primitive stage and strict control over manufacture and distribution of the
product was required. The controls exercised were very stringent and
covered both the manufacturer and the dealer.
The term "Vegetable Oil Products" means any product obtained for edible
purposes by subjecting one or more edible oils to any or a combination of
any of the processes or operations namely, refining, blending, hydrogenation
or interesterification and winterization (process by which edible fats and oils
are fractionated through cooling) and includes any other process which may
be notified by the Central Government in the official Gazette. In short
"Vegetable Oil Products" include refined edible oils, vanaspati, margarine,
bakery shortening, fat spread including blended edible oils with refined
edible oils as one of the components
iii) Solvent Extracted Oil, De-Oiled Meal and Edible Flour (Control)
Order, 1967
In the process of rationalization, the Solvent Extracted Oil, De-oiled Meal
and Edible Flour (Control) Order, 1967, known as SEO Control Order, has
also been reviewed and amendments are being proposed. Under the existing
Order, the Solvent Extracted Product Units have to obtain five different
types of licenses. This is now proposed to be reduced to one. Similarly, the
period of validity of license is also proposed to be increased and procedure
for getting a license is being simplified. Under these proposed amendments
also, stringent controls will be exercised at the manufacturing stage only
All units who are producing vegetable oils by use of solvent, for example,
food-grade hexane and having well equipped laboratory to check the quality
of oil according to the prescribed standards of quality are eligible for SEO
License. For the purpose they have to submit the application to the Edible
Oils Commissioner in the form specified under Schedule-II
No. Only those who are having SEO License or Registered User Certificate
(RU) issued by the Directorate of Vanaspati, Vegetable Oils and Fats can
buy and use solvent extracted oils. Registered User Certificate can be issued
for solvent extracted oils meant for human consumption when it is called RU
(Edible) Certificate or it can be issued for industrial purposes when it is
called RU (Industrial) Certificate
A major step which is likely to have salutary effect on the future prospect of
the industry has been the exemption of oilseeds and edible oils from the
purview of the Pulses, Edible Oilseeds and Edible Oils (Storage Control)
Order, 1977 with effect from 10th November, 1997. However, the State
Government/UT Administrations have been advised that if they find it
appropriate, they can regulate the storage, distribution, etc. of edible oils and
oilseeds subject to certain conditions, in terms of the provisions under
Section 5 of the Essential Commodities Act.
There has been further reduction in duty on fatty acids and crude palm
stearin from 40% to 32%. However, a surcharge as special custom
duty on imported stocks @ 2% has been levied.
Economic factors affect the purchasing power of potential customers and the
firm’s cost of capital. The following are examples of factors in the macro
economy.
Economic growth:
For year the raison d etre of Indian policymaking was raising food grains
production. And not without reason feeding rapidly rising mouths apart, the
performance of the sector had all along influenced the growth pattern of our
Gross Domestic Product (GDP) decisively as well.
But all this changed with the beginning of the reform process in the early
nineties. Agriculture was no more the key sector to accelerate GDP growth
rate. The service sector replaced it with its fast rising share in GDP. Its share
in GDP increased from about 48% in 1993-94 to more than 56% in 2002-03.
Agricultures share in GDP, in contrast, fell from 31% to 22% during the
same period.
But that is a thing of the past now. A monsoon failure last to last year
witnessed a massive 14% fall in aggregate food grains production from 212
million tonne in 2001-02 to 182.5 million tonne in 2002-03. In actual terms,
food-grains production had fallen by a hefty 29.5 million tonne in a single
year.
The Union government may not be concerned yet as the news of a good
monsoon in the current year has already improved the prospect of higher
production food grains production is projected to grow by 14% to 208.2
million tonne in 2003-04. A good harvest this year will, in turn, help to raise
Food grains stock next year too.
But then neither 2002-03 nor 2003-04 are exceptions. The magnitude of
GDP growth has generally followed the same direction as that of agricultural
growth. GDP grew by less than 5% three times during the last seven years
and each time food grains production had fallen. GDP growth was higher
that 5% in two year following higher growth in food grains production. Only
once in 1999-2000 GDP grew by 6.1% despite a relatively low 3% growth in
food grains production.
That agricultural production in India has a fluctuating trend is now a new
thing. Agriculture her still depends largely on monsoon rains and the
intensity of the latter has significant influence on production. Significantly,
even the agriculturally rich state with better irrigation network; have
witnessed sharp changes in their production of late. Punjab witnessed a fall
in food grains production the last 10 year. In addition, its production rose by
just about 0.5% once and by 1% in another year. Haryana too witnessed a
similar fluctuating trend in its food grains production during the last 10
years. Production declined twice, increased by just about 1% once and
remained unchanged in two years.
Social factors include the demographic and cultural aspects of the external
macro-environment. The social and cultural influences on business vary
from country to country. These factors affect customer’s needs and the size
of potential markets.
The processing of soy seed to produce oil gives rise to the generation of
substantial amount of water pollutants, gaseous emissions and hazardous as
well as non-hazardous solid wastes. Soy oil processing industry being the
water and chemical intensive industry, affect the environment significantly.
Based on the brainstorming and discussions with the top management &
steering committee members, a total of 36 number of GP options were
generated. These options were classified based on the
techniques/technologies and short, medium and long term options as well.
Based on the technique/technology, the various GP options were about 36%
house keeping, 8% material substitution, 11% recycle/reuse, 3% recovery
and 42% technology (equipment modification and/or change) based options.
All the GP options were subjected to technical feasibility, economical
viability and environmental acceptability. Out of 36 number of GP options,
18 options have been implemented by the management till January, 2002.
The management has invested about US $ 4, 25,500 while implementing GP
options and the pay back period has been estimated to be about 15 months.
The unit has achieved the reduction in hexane loss of about 13% and oil
losses in De-oiled cake (DOC) of about 20%. Recognizing the efforts of the
unit, APO has given award to the management. In addition, the unit has also
received the ISO 14001 certificate by adopting GP approach. The
management has informed that they have also received best quality product
award consecutively second year.
Health consciousness
In the wake of the dropsy epidemic Delhi High Court banned the sale of
loose mustard oil in Delhi on 26th August, 1998. Several States including
Delhi banned the sale of loose mustard oil. As a consequence, availability of
mustard oil reduced considerably and prices went up.
In order to improve the situation and restore the confidence of the
consumers, trade and industry as also of the farmers, the Hon’ble Minister
for Food & Consumer Affairs and the Secretary, Department of Sugar &
Edible Oils held a series of meetings with the Government officials as also
with the trade & industry, and the following measures were taken:-
(v) Monitoring of quality of edible oil was made stringent and surprise
checks and frequency of regular inspections also increased.
(vi) In order to expeditiously normalize the sale of safe edible oil in the
market to the consumers, on the recommendations of the Coordinating
Group, 39 laboratories of the DMI/BIS were initially accorded recognition
for the purpose of analysis of edible oil samples. Department has so far
recommended for according recognition to a total of 560 laboratories
equipped with necessary analytical facilities. Among the laboratories
recommended for according recognition are the laboratories of NDDB at
Mother Dairy, Delhi, a laboratory of Delhi Vegetable Oil Traders
Association also at Delhi, etc;
There are two major features which have very significantly contributed to
the development of this sector. One was the setting up of the Technology
Mission on Oilseeds in 1986. This gave a thrust to Government's efforts for
augmenting the production of oilseeds. This is evident by the very
impressive increase in the production of oilseeds from about 11.3 million
tonnes in 1986-87 to 24.9 million tonnes in 1998-2000. There was some
setback in 1999-2000 because of the unseasonal rain followed by inclement
weather. The production of oilseeds declined to 20.8 million tonnes in 1999-
2000. However, as per available information, the oilseeds scenario in 2000-
01 was expected to be again discouraging. Because of the swift measures
taken by the Government to restore the confidence of the consumers, trade
and industry and the farmers, the mustard oil controversy does not seem to
have had a perceptible adverse effect on the farmers. In fact, as per available
information, mustard seed production in 2000-01 could decline from 6
million tonnes. The other dominant feature which has had significant impact
on the present status of edible oilseeds/oil industry has been the programme
of liberalization under which the Government's economic policy allows
greater freedom to the open market and encourages healthy competition and
self regulation rather than protection and control. Controls and regulations
have been relaxed resulting in a highly competitive market dominated by
both domestic and multinational players.
This Department is operating three Plan Schemes which are as under: R&D
Programme for "Development of Vegetable Oils". This is mainly to augment
the availability of quality products; "Modernization of the Laboratory of the
Directorate of VVO&F. This is for introducing modern equipments for
testing of oils and fats; and "Strengthening of Directorate of VVO&F". This
is for providing more technical staff to widen the scope of monitoring the
oils industry.
Opportunities:
Investment Opportunities
The edible oil industry is now one of the leading sustainers of the positive
annual economic growth rates India has enjoyed for over a decade now.
India’s demand for edible oil has been growing at a rate of 8-9% per annum.
The national demand for edible oil is projected to reach over 110.25 lakh
MT in 2005 up from 100.96 lakh MT in 2001. National production as of
2001 stood at 54.54 lakh MT making India a net importer of edible oil to the
tune of over 46.92 lakh MT. This gives investment opportunities into the
edible oil industry.
Strategic location
India is strategically positioned within the South of the Asian continent that
includes the SAARC countries, an economic grouping with a market of over
1500 million people. This location gives India a commanding importance as
a base for regional trade and investment.
Predictable and stable economic environment
Since 1985, India has been on the path of economic reconstruction and
development, which has made her the new face of emerging Asia. The
economic reforms undertaken, coupled with political stability, have
contributed to growth rates averaging 6.5% over the last decade.
Inflation has consistently been maintained below 6 %. India is now rated the
second best improving Countries in the Asian continent after China.
The quality of labour force is one of India’s main strengths. With hundreds
of universities and polytechnics, all levels of skills and training needed to
run the edible oil industry are adequately covered.
Macroeconomic factors
• Population growth:-
• Per capita income:
• Purchasing power:
• Oilseeds crop:
Threats:
Monsoon dependent Agriculture
Raw materials supply of edible oil industry is directly related with the
agricultural production of oil seeds. That agricultural production in India has
a fluctuating trend is now a new thing. Agriculture here still depends largely
on monsoon rains and the intensity of the latter has significant influence on
production. Significantly, even the agriculturally rich state with better
irrigation network; have witnessed sharp changes in their production of late.
A firm profitability will tend to be a higher when other firm’s are blocked
from entering the industry. New entrants can reduce the industry
profitability because they add new production capacity and can
substantially erode existing firm market position
In the Edible Oil industry threat of new entrants is moderate
because of these reasons.
1. Higher capital requirement:-
In this industry high investment is required and there is a
high fixed cost so new entrant can’t enter easily.
2. Higher economies of scale:-
In this industry production cost per unit is high so
economies of scale are very low in edible oil industry.
3. Less capacity utilization:-
In this industry particularly in India, there is a very less
capacity utilization of total available production capacity.
4. Customer Loyalty:-
In this industry switching probability is low so customers
hesitate to switch to other new brands.
Substitutes are alternative product types that perform essentially the same
function. In edible oil industry there are no perfect substitutes as it is an
essential requirement.
• Oil seeds crushing units include crushing units in the small scale
sector as also in the organized sector. The capacity utilization
generally ranges from an average of 10% for the ghanis (small scale
sector) to around 30% in case of the expellers in the organized sector.
• Obsolete technology.
To enhance the production of oilseeds, the strategy for area expansion was
adopted in the late 1980s and early 1990s by the Technology Mission on
Oilseeds & Pulses (TMOP), which was set up in May, 1986. The production
of oilseeds, which increased significantly in the 1980s, has hit a plateau in
the 1990s. In fact, the target fixed by the Ministry of Agriculture was during
the year 1990-91 to 1993-94. In the year 1997-98 to 1999-2000 the
production of oilseed has considerably reduced which is evident from the
following table –
[Figures in
Lakh MT]
NAME OF THE OIL 1999-2000 2000-2001 *
Oilseeds Oils Oilseeds Oils
A.PRIMARY SOURCE
Groundnut 53.11 12.22 64.10 14.74
Rapeseed & Mustard 59.58 18.47 40.90 12.68
Soya bean 67.92 10.87 50.90 8.14
Sunflower 8.00 2.64 6.60 2.18
Sesame 5.18 1.61 5.40 1.67
Nigerseed 1.50 0.45 1.00 0.30
Safflower 2.77 0.83 1.70 0.51
Castor 7.77 3.11 9.00 3.60
Linseed 2.89 0.87 2.40 0.72
Sub Total 208.72 51.07 182.00 44.54
B.SECONDARY SOURCE
Coconut 4.50 5.60
Cottonseed 5.00 4.60
Rice-bran 5.00 4.80
Solvent Extracted Oils 2.50 2.00
Tree & Forest Origin
Share of Major States in Area and Production of Oilseeds
State % of Total
Madhya Pradesh 24.13
Gujarat 11.61
Andhra Pradesh 11.53
Rajasthan 11.4
Maharashtra 10.84
Karnataka 9.46
Uttar Pradesh 6.02
Others 15.01
All India 100
State % of Total
Madhya Pradesh 22.55
Andhra Pradesh 12.99
Maharashtra 11.36
Rajasthan 11.03
Gujarat 9.24
Tamil Nadu 8.59
Karnataka 7.45
Others 16.79
All India 100
(Source: www.kisanwatch.org )
Net Availability of Edible Oils/Import/Actual Consumption
There has been a persistent gap between demand and domestic availability
of edible oils. The Government, with a view to avoiding scarcity of this item
and consequential rise in prices, has been allowing import of edible oils. The
net availability of Edible Oils from all domestic sources, Actual
Consumption and Import during the years 1996-97 to 2000-01 are as under
SUPPLY OF EDIBLE OILS FOR THE YEARS 1996-97 to 2000-01 (In Lakh MT)
( Tonne/ Hectare)
World
Oilseed India Highest
Average
Soya bean 0.85 2.29 3.28(EU-15)
Cottonseed 0.59 1.06 2.07(Australia)
Groundnut 0.59 1.02 2.13(China)
Sunflower 0.62 1.18 1.73(EU-15)
Rapeseed/Mustard 0.75 1.49 2.96(EU-15)
(Lakh MTs)
Year (April - March) Import of Edible Oil for PDS
1995-96 2.02
1996-97 1.49
1997-98 0.89
1998-99 1.67
1999-2000 0.82
2000-01 -
Indication the Central Issue Price For Oil For Public Distribution
System (PDS).
The Central Issue Prices of oil supplied to States/UTs for Public Distribution
System have been revised w.e.f. 1st August, 1998.
These prices are as under :-
(i) Oil Supplied in Bulk – Rs 30,000 per MT
(ii)Oil Supplied in 15 kg tin – Rs 33,000 per MT
States/UTs have been advised to fix the end retail prices themselves. Supply
of oil to the States/ UTs at the above CIPs also involves an element of
subsidy, as the actual cost of oil is more than the CIP, and the Edible Oil
Account of STC is, therefore, running in deficit which the Central
Government has to reimburse through its budgetary provisions
EXPORT:
The total exports during 1999-2000 in terms of quantity declined from 3.96
Million MT to 3.15 Million MT and FOB earnings increased from Rs.332/-
Crores to Rs. 189/- Crores mainly due to drastic fall in exports of rapeseed
meal and rice bran extractions and lesser of FOB realisation. The exports of
oilseeds, minor oils/fats and oilmeals during the last five years are as under
[Value in Rs/Crores]
[Qty. In Lakh MT]
YEAR OILSEEDS MINOR OILCAKE/EXTR
OILS/FATS ACTIONS
Business Concerns
• Free imports, low import duties and slump in global prices - lead to
`dumping’
• Domestic industries of edible oils affected - low realization and idle
capacities in oil industries
• Production slippages have also forced imports
• Excessive (cheap) imports of oilseeds - led to unremunerative prices,
locally
• Hence, farmers have shifted to other cash crops
• Increasing health awareness - impact of oils usage on individual’s
cholesterol levels
Bibliography
Websites : www.agribizz.com
www.kisanwatch.org
www.indiainfoline.com
www.cybgroup.co.uk
www.tis-gdv.de
www.holdiko.com
Business Today
Annexures
WORLD PRODUCTION OF 17 OILS & FATS :1994 - 2001 ('000 TONNES)
Source:
• Oil World Annual 2001, 2000, 1999, 1998 & Oil World Weekly (22 March & 5
April 2002)
• MPOB - For data on Malaysia.
Source:
• Oil World Annual 2001, 2000, 1999, 1998 & Oil World Weekly (22 March & 5
April 2002)
• MPOB - For data on Malaysia.
Source:
• Oil World Annual 2001, 2000, 1999, 1998 & Oil World Weekly (22 March & 5
April 2002)
• MPOB - For data on Malaysia.
Source:
• Oil World Annual 2001, 2000, 1999, 1998 & Oil World Weekly (22 March & 5
April 2002)
• MPOB - For data on Malaysia.
WORLD ENDING STOCK OF 17 OILS & FATS : 1994 - 2001 ('000 TONNES)
Source:
• Oil World Annual 2001, 2000, 1999, 1998 & Oil World Weekly (22 March & 5
April 2002)
• MPOB - For data on Malaysia.