India's middle-class growth fuels Malaysia's palm oil exports - Johari

Last year, exports of palm oil and palm oil products from Malaysia to India totalled 3.3 million tonnes, valued at nearly US$3 billion, or 13 per cent of Malaysia's total palm oil exports, Johari said.

"Moving forward, I would like to reaffirm Malaysia's commitment to being India's trusted source of high-quality palm oil," Johari said in a keynote speech at a conference organised by the Indian Vegetable Oil Producers' Association (IVPA) here today.

"We are dedicated to supporting India's food security needs and fostering a stable, enduring partnership that meets the evolving demands of this important market," he said.

The minister added that India's consumption of oils and fats was about 27.2 million tonnes in 2023 with palm oil comprising 36 per cent.

India is witnessing a higher demand for palm oil in its food and non-food sectors.

Johari pointed out that over the past decade, India's per capita consumption of oils and fats rose from 15.8 kg to 19 kg.

This growth trend is expected to continue, fuelled by an expanding middle class, he said.

"It (the middle class) now represents 31 per cent of the population and is expected to be 38 per cent by 2031 and 60 per cent in 2047," Johari said.

Palm oil industry players attending the event underscored the need to strengthen the collaboration between Malaysia and India's vegetable oil companies.

Malaysia, the world's second-largest producer of palm oil, exported more than 80 per cent of the 18.6 million tonnes of the commodity it produced in 2023.

-- BERNAMA