OILS AND FATS IN INDIA

Euromonitor International
February 2014

OI L S A ND F A T S I N I ND I A P a s s p o r t I
E u r o mo n i t o r I n t e r n a t i o n a l
LIST OF CONTENTS AND TABLES

Headlines ..................................................................................................................................... 1
Trends .......................................................................................................................................... 1
Competitive Landscape ................................................................................................................ 2
Prospects ..................................................................................................................................... 3
Category Data .............................................................................................................................. 4
Table 1 Sales of Oils and Fats by Category: Volume 2008-2013 .............................. 4
Table 2 Sales of Oils and Fats by Category: Value 2008-2013 ................................. 4
Table 3 Sales of Oils and Fats by Category: % Volume Growth 2008-2013 ............. 4
Table 4 Sales of Oils and Fats by Category: % Value Growth 2008-2013 ................ 4
Table 5 Sales of Vegetable and Seed Oil by Type: % Value Breakdown 2008-
2013 ............................................................................................................. 5
Table 6 NBO Company Shares of Oils and Fats: % Value 2009-2013 ..................... 5
Table 7 LBN Brand Shares of Oils and Fats: % Value 2010-2013 ............................ 6
Table 8 Distribution of Oils and Fats by Format: % Value 2008-2013 ....................... 7
Table 9 Forecast Sales of Oils and Fats by Category: Volume 2012-2017 ............... 8
Table 10 Forecast Sales of Oils and Fats by Category: Value 2012-2017 .................. 8
Table 11 Forecast Sales of Oils and Fats by Category: % Volume Growth
2012-2017 .................................................................................................... 8
Table 12 Forecast Sales of Oils and Fats by Category: % Value Growth 2012-
2017 ............................................................................................................. 8


OI L S A ND F A T S I N I ND I A P a s s p o r t 1
E u r o mo n i t o r I n t e r n a t i o n a l
OILS AND FATS IN INDIA


HEADLINES
Oils and fats is set to register retail value growth of 21% in 2013 to reach Rs405 billion
The growing health and wellness trend drives Indian consumers to trade up to premium oils
and fats
Olive oil with retail value growth of 37% in 2013 is set to register the fastest growth within oils
and fats
Unit prices of oils and fats are expected to increase by 12% in 2013 due to prevailing high
inflation in the country
Ruchi Soya Industries Ltd with retail value share of 17% continues to be the category leader
within oils and fats in 2013
Constant retail value sales of oils and fats are expected to rise by a CAGR of 9% over the
forecast period


TRENDS
Although the Indian economy witnessed a slowdown over the forecast period, consumers
continued to trade up to more premium oils and fats. There is a growing health and wellness
trend in India and consumers are becoming increasingly aware of the quality of oils and fats
they are consuming. As such, many consumers are trading up to higher priced olive oil, low
fat and low cholesterol oils and fats. The popularity of lower priced oils is on the decline due to
growing concerns of their impact on health.
The retail value growth of 21% registered in 2013 will be higher than the CAGR of 19%
registered over the review period. This increase in growth rates of oils and fats has been
mainly driven by the strong demand for olive oil from 2010. Olive oil is priced at a premium
compared to normal oil resulting in stronger value growth in 2013.
Olive oil with retail value growth of 37% in 2013, registered the strongest growth within oils
and fats. Owing to the rapid increase in the numbers of people suffering from hypertension,
heart disease and diabetes, demand for olive oil in India is on the rise. The main driving
factors behind olive oil demand are health-related problems, such as increasing cases of
diabetes, hypertension and heart diseases. Increasing purchasing power and growing
awareness among consumers have boosted demand for olive oil, mainly in urban areas.
Unit prices of oils and fats witnessed an increase of 12% during 2013. The prevailing high
food inflation in the country, coupled with rising demand for premium variants of oils and fats,
led to the increase in average unit prices in 2013.
Palm oil continued to be the most consumed type of oil in 2013 contributing an anticipated
27% of all value sales. The contribution of palm oils, however, has been on a slow decline
since 2005. The growing health and wellness trend and increased awareness of health
benefits of consuming sunflower seed oil, groundnut oil and soyabean oil over the 2005-2013
period, led to this drop in share of palm oil. Sunflower seed oils and soyabean oil, with
anticipated value contributions of 22% and 19%, respectively, were the next most popular
seed oil types in 2013. The contribution of sunflower seed oils and soyabean seed oils has
been on the rise since 2009 as the number of brands offering these oils has increased. Even
existing sunflower seed oils and soyabean seed oils brands widened their portfolios by
launching new variants over the same period, driving sales of these oils.
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There is still no mass awareness about the health risks associated with trans fats in India and
products which possess trans fats are still widely available across the country. Oils and fats
with high trans fats carry lower prices and as such, demand for these products is still high.
The awareness of oils and fats products with high trans fats is especially low in rural India.
Only higher earning, generally urban-dwelling consumer groups are aware of trans fats and
are taking conscious decisions to buy oils and fats that have a low trans-fats content. This is
also leading to growing demand for olive oil and low fat oil and fats offerings.
The use of unpackaged oils and fats in India was concentrated mainly in small food stalls and
rural regions during the review period. With the growing health and wellness trend among
Indian consumers, loose and unpackaged oils and fats are now coming to be perceived as
substandard vegetable and seed oil. Price-sensitive Indians and consumer foodservice outlets
are likely to switch to packaged oil or opt for in-house brands with cheaper prices instead of
oils and fats sold in bulk.


COMPETITIVE LANDSCAPE
The oils and fats category in India is highly fragmented with a number of local and regional
players catering to the needs of consumers. Ruchi Soya Industries, Adani Wilmar, Gujarat
Co-operative Milk Marketing Federation, Cargill, KS Oils and Marico were the leading
players within oils and fats in 2013 with an anticipated combined retail value share of 52%.
Ruchi Soya Industries and Adani Wilmar achieved the largest increases in their value sales
in 2012-2013. In June 2013, Ruchi Soya entered into an agreement with The Global Alliance
for Improved Nutrition (GAIN) and The Centre for Community Economics and Development
Consultants Society (CECOEDECON) for the fortification of its soyabean oil brand Mahakosh
Soyabean Oil with vitamin A and D. The brand performed well over 2013 and helped the
company achieve strong sales.
In 2013, companies focused on tapping into the growing health and wellness trend in the
country and launched products in association with it. Examples include, Modi Naturals Oleev
Active brand, which is Indias first olive oil plus rice bran oil, and Tara Health Foods Zaitoon
Tara brand, which is a mixture of 30% refined olive oil and 70% refined rice bran oil.
The Indian oils and fats category is mainly characterised by local players, such as Ruchi Soya
Industries , Adani Wilmar , Gujarat Co-operative Milk Marketing Federation and KS Oils .
Most of these players have been present in the category for a number of years and have well-
established production and distribution networks across the country. Multinationals are mainly
present at the premium segment of the oils and fats category. A number of multinationals are
making an entry into the oils and fats category through olive oils and more are expected to
enter over the forecast period.
Modi Naturals launched Oleev Active, Indias first olive oil plus rice bran oil in Karnataka.
Oleev Active is a unique blend of olive oil and rice bran oil especially created to meet the
demands of modern lifestyles. The company claims that the product is rich in nutrients and
offers the benefits of olive oil for everyday Indian cooking. Furthermore the company claims
the product reduces bad cholesterol and prevents lifestyle diseases such as diabetes, heart
ailments, obesity and cancer, without compromising on the taste of the meals. This health and
wellness focus in new launches is expected to be sustained over the forecast period.
Ruchi Soya Industries launched Nutrela Premium Table Spread at the start of 2013. The
company launched this product to make its entry into a new category with the aim of making
Nutrela synonymous with health and nutrition by leveraging on the strength of its established
brand name. The company aims to compete with butter and cheese spreads through this new
OI L S A ND F A T S I N I ND I A P a s s p o r t 3
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launch. Nutrela table spread is positioned as healthy as it tastes similar to butter but is
lighter due to its claim of having zero cholesterol and no trans fats.
Bunge Agribusiness launched a new television advertisement for its Dalda Refined Cooking
Oil range in October 2013. The advertisement addresses the concerns of mothers worried
about the effects of cooking oil on the health of their children. The advertisement was aired on
national channels.
The Indian oils and fats category is mainly dominated by standard and economy brands.
Economy brands are local or regional offerings and carry very low unit prices. Brands, such
as Tez Mustard Oil, Sweekar Refined Sunflower Oil, Sundrop Nutrilite and Emami Healthy &
Tasty Refined Soyabean Oil, are standard brands, which are priced at between Rs60 and
Rs90 per litre. Premium brands are fortified oils and fats or olive oil brands which are priced at
a premium. There is a huge price differential between premium oil and standard oil brands.
Some of the premium oils and fats brands in the country include Filippo Berio Extra Virgin
Olive Oil, Leonardo Extra Virgin Olive Oil and Figaro Olive Oil, which are priced at between
Rs950 and Rs1100 per litre. Premium oils are purchased mainly by affluent urban-dwelling
consumers with high disposable incomes.


PROSPECTS
Oils and fats is expected to grow by a constant value CAGR of 9% over the forecast period.
Vegetable and seed oils and cooking fats will continue to be the largest contributors to sales
of oils and fats during this time frame. Together, vegetable and seed oils and cooking fats are
expected to contribute close to 94% of total oils and fats constant value sales by 2018.
The growing health and wellness trend is expected to continue over the forecast period and
will encourage manufacturers to launch health-orientated oil and fats products. Healthy oil and
fats offerings, such as extra virgin olive oil, rice bran oils, fortified soybean oil, low fat butter,
refined sunflower oil and organic mustard oil, are expected to see a lot of manufacturer
activity over the forecast period with manufacturers launching new products and consumers
willing to spend more on healthy products.
Olive oil is set to register the fastest constant value CAGR of 24% over the forecast period.
The growing health and wellness trend among Indian consumers is expected to drive sales of
olive oil. Furthermore, a number of international and domestic players are expected to enter
the olive oil category going forward, which will lead to increased competition and availability of
olive oil.
Unit prices of oils and fats are expected to increase by a CAGR of 1% in constant value terms
over the forecast period. Food inflation in the country is already high and is expected to
continue being high over the forecast period.
Over the forecast period, manufacturers are expected to launch a number of new products
targeting the growing health and wellness trend among Indian consumers. Vegetable and
seed oil manufacturers are expected to launch fortified variants of their existing offerings while
olive oil manufacturers will widen their range of offerings over the forecast period.
Modi Naturals launch of Oleev Active and Tara Health Foods introduction of Zaitoon Tara in
2012-2013 are both expected to perform well over the forecast period. Both brands are a
mixture of olive oil and rice bran oils and address consumers health and wellness concerns.
Ruchi Soya Industries Nutrela Premium Table Spreads launched in 2013 is also expected to
perform well as it taps into the growing health and wellness trend prevalent in the country.
The company has a strong presence in the country with a strong brand name and distribution
network. The growing awareness of health benefits associated with olive oil, rice bran oil and
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E u r o mo n i t o r I n t e r n a t i o n a l
low fat butter, such as tasting spreads, will help drive sales of these brands over the forecast
period.


CATEGORY DATA

Table 1 Sales of Oils and Fats by Category: Volume 2008-2013

'000 tonnes
2008 2009 2010 2011 2012 2013

Butter 41.7 43.1 44.4 48.1 51.0 54.7
Cooking Fats 283.2 288.7 296.0 306.0 316.0 325.8
Margarine 3.6 4.2 4.8 5.2 5.7 6.5
Olive Oil 1.7 1.8 2.8 4.0 4.9 6.5
Spreadable Oils and Fats - - - - - -
Vegetable and Seed Oil 1,917.5 2,124.3 2,395.0 2,574.8 2,755.2 2,989.7
Oils and Fats 2,247.8 2,462.1 2,743.0 2,938.1 3,132.8 3,383.1
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 2 Sales of Oils and Fats by Category: Value 2008-2013

Rs bn
2008 2009 2010 2011 2012 2013

Butter 7.6 8.6 11.1 13.4 16.0 19.2
Cooking Fats 39.4 42.3 49.8 57.7 63.8 72.6
Margarine 0.6 0.7 0.9 1.0 1.2 1.4
Olive Oil 0.9 1.1 1.8 2.6 3.3 4.5
Spreadable Oils and Fats - - - - - -
Vegetable and Seed Oil 121.2 139.0 172.2 204.2 251.7 307.5
Oils and Fats 169.6 191.6 235.8 279.0 335.9 405.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 3 Sales of Oils and Fats by Category: % Volume Growth 2008-2013

% volume growth
2012/13 2008-13 CAGR 2008/13 Total

Butter 7.1 5.5 31.0
Cooking Fats 3.1 2.8 15.0
Margarine 12.9 12.3 79.0
Olive Oil 33.7 31.0 285.1
Spreadable Oils and Fats - - -
Vegetable and Seed Oil 8.5 9.3 55.9
Oils and Fats 8.0 8.5 50.5
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 4 Sales of Oils and Fats by Category: % Value Growth 2008-2013

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E u r o mo n i t o r I n t e r n a t i o n a l
% current value growth
2012/13 2008-13 CAGR 2008/13 Total

Butter 20.1 20.5 154.0
Cooking Fats 13.8 13.0 84.2
Margarine 21.0 20.2 151.0
Olive Oil 37.4 37.4 390.5
Spreadable Oils and Fats - - -
Vegetable and Seed Oil 22.2 20.5 153.8
Oils and Fats 20.6 19.0 138.9
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 5 Sales of Vegetable and Seed Oil by Type: % Value Breakdown 2008-2013

% retail value rsp
2008 2009 2010 2011 2012 2013

Groundnut 9.8 9.0 8.8 9.1 9.2 9.3
Mustard 16.5 16.7 16.7 16.8 16.8 16.8
Palm 28.4 28.0 27.5 27.0 26.7 26.5
Soyabean 17.4 18.0 18.3 19.0 19.1 19.1
Sunflower 22.0 21.7 21.8 21.6 21.8 21.9
Others 5.9 6.6 6.9 6.5 6.4 6.4
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 6 NBO Company Shares of Oils and Fats: % Value 2009-2013

% retail value rsp
Company 2009 2010 2011 2012 2013

Ruchi Soya Industries Ltd 16.4 16.6 16.7 17.0 16.8
Adani Wilmar Ltd 9.5 10.1 10.6 11.2 11.2
Gujarat Co-operative 8.6 8.6 8.7 8.3 8.2
Milk Marketing
Federation Ltd
Cargill India Pvt Ltd 4.7 4.6 5.3 5.5 6.1
KS Oils Ltd 7.5 7.6 6.5 5.8 5.4
Marico Ltd 4.5 4.7 4.2 4.3 4.6
Agro Tech Foods Ltd 3.7 3.6 3.6 3.6 3.7
Kaleesuwari Refinery 2.9 3.1 3.2 3.4 3.6
Pvt Ltd
Dhara Vegetable Oils & 2.0 2.0 2.2 2.2 2.2
Foods Co Ltd
Godrej Hershey Foods & 1.6 1.6 1.6 1.7 1.9
Beverages Ltd
Bunge Agribusiness 2.2 2.1 1.9 1.7 1.5
India Pvt Ltd
VVV & Sons 1.1 1.1 1.1 1.2 1.2
R R Oomerbhoy Pvt Ltd 0.9 0.9 1.0 1.1 1.2
Andhra Pradesh Dairy 1.5 1.4 1.4 1.2 1.1
Development Cooperative
Federation Ltd
Vijay Solvex Ltd 1.3 1.2 1.1 1.1 1.0
Amrit Corp Ltd 0.8 0.9 0.9 0.8 0.8
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Britannia Industries Ltd 0.9 0.9 0.8 0.8 0.7
Karnataka Cooperative 0.5 0.5 0.5 0.5 0.5
Milk Producers
Federation Ltd
Tamil Nadu Cooperative 0.3 0.3 0.3 0.3 0.3
Milk Producers
Federation Ltd
Dalmia Continental Pvt 0.1 0.2 0.2 0.2 0.3
Ltd
Mother Dairy Fruit & 0.2 0.2 0.3 0.3 0.3
Vegetable Pvt Ltd
Paschim Sales Pvt Ltd 0.2 0.2 0.3 0.2 0.2
Zydus Wellness Ltd 0.2 0.2 0.2 0.2 0.2
Pantaloon Retail India 0.2 0.2 0.2 0.2 0.2
Ltd
Borges India Pvt Ltd - 0.0 0.0 0.1 0.1
Amrit Banaspati Co Ltd - - - - -
Godrej Industries Ltd - - - - -
Britannia New Zealand - - - - -
Foods Pvt Ltd
Carnation Nutra- - - - - -
Analogue Foods Ltd
Godrej Beverages & - - - - -
Foods Ltd
Others 28.1 27.2 27.2 26.9 26.7
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 7 LBN Brand Shares of Oils and Fats: % Value 2010-2013

% retail value rsp
Brand Company 2010 2011 2012 2013

Fortune Adani Wilmar Ltd 9.7 10.2 10.9 10.9
Ruchi Ruchi Soya Industries Ltd 9.8 9.9 10.1 10.0
Amul Gujarat Co-operative 7.0 7.1 6.8 6.8
Milk Marketing
Federation Ltd
Saffola Marico Ltd 4.1 4.2 4.3 4.6
Gold Winner Kaleesuwari Refinery 3.1 3.2 3.4 3.6
Pvt Ltd
Gemini Cargill India Pvt Ltd 3.1 3.2 3.3 3.5
Mahakosh Ruchi Soya Industries Ltd 2.9 3.1 3.2 3.3
Sundrop Agro Tech Foods Ltd 2.5 2.6 2.7 2.8
Double Sher KS Oils Ltd 3.1 2.6 2.3 2.2
Godrej Godrej Hershey Foods & 1.6 1.6 1.7 1.9
Beverages Ltd
Nature Fresh Cargill India Pvt Ltd 1.5 1.5 1.6 1.8
Kalash KS Oils Ltd 2.2 1.9 1.7 1.6
Dalda Bunge Agribusiness 2.1 1.9 1.7 1.5
India Pvt Ltd
Nutrela Ruchi Soya Industries Ltd 1.7 1.7 1.6 1.5
Sagar Gujarat Co-operative 1.5 1.5 1.4 1.3
Milk Marketing
Federation Ltd
Idhayam VVV & Sons 1.1 1.1 1.2 1.2
Vijaya Andhra Pradesh Dairy 1.4 1.4 1.2 1.1
Development Cooperative
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Federation Ltd
Dhara Dhara Vegetable Oils & 1.1 1.2 1.2 1.1
Foods Co Ltd
Scooter Vijay Solvex Ltd 1.2 1.1 1.1 1.0
RRO R R Oomerbhoy Pvt Ltd 0.7 0.8 0.9 1.0
Sweekar Cargill India Pvt Ltd - 0.5 0.6 0.8
Gagan Amrit Corp Ltd 0.9 0.9 0.8 0.8
Britannia Britannia Industries Ltd 0.9 0.8 0.8 0.7
Nandini Karnataka Cooperative 0.5 0.5 0.5 0.5
Milk Producers
Federation Ltd
Rath Agro Tech Foods Ltd 0.6 0.6 0.5 0.5
Raag Adani Wilmar Ltd 0.4 0.4 0.4 0.4
Aavin Tamil Nadu Cooperative 0.3 0.3 0.3 0.3
Milk Producers
Federation Ltd
Leonardo Dalmia Continental Pvt Ltd 0.2 0.2 0.2 0.3
Mother Dairy Mother Dairy Fruit & 0.2 0.3 0.3 0.3
Vegetable Pvt Ltd
Bertolli R R Oomerbhoy Pvt Ltd 0.2 0.2 0.2 0.2
Sweekar Marico Ltd 0.6 - - -
Others 33.9 33.5 33.0 32.5
Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 8 Distribution of Oils and Fats by Format: % Value 2008-2013

% retail value rsp
2008 2009 2010 2011 2012 2013

Store-Based Retailing 100.0 100.0 100.0 100.0 100.0 100.0
- Grocery Retailers 100.0 100.0 100.0 100.0 100.0 100.0
-- Modern Grocery 7.5 9.4 10.2 10.7 11.1 11.2
Retailers
--- Convenience Stores - - - - - -
--- Discounters - - - - - -
--- Forecourt Retailers - - - - - -
--- Hypermarkets 4.3 6.0 6.7 7.2 7.5 7.6
--- Supermarkets 3.2 3.4 3.5 3.5 3.6 3.6
-- Traditional Grocery 92.5 90.6 89.8 89.3 88.9 88.8
Retailers
--- Food/drink/tobacco 2.1 2.1 2.3 2.5 2.5 2.5
specialists
--- Independent Small 88.0 86.3 85.3 84.6 84.2 84.2
Grocers
--- Other Grocery 2.4 2.2 2.2 2.2 2.2 2.2
Retailers
- Non-Grocery Retailers - - - - - -
-- Health and Beauty - - - - - -
Retailers
-- Mixed Retailers - - - - - -
-- Other Non-Grocery - - - - - -
Retailers
Non-Store Retailing - - - - - 0.0
- Vending - - - - - -
- Homeshopping - - - - - -
- Internet Retailing - - - - - -
- Direct Selling - - - - - 0.0
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E u r o mo n i t o r I n t e r n a t i o n a l
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources


Table 9 Forecast Sales of Oils and Fats by Category: Volume 2012-2017

'000 tonnes
2013 2014 2015 2016 2017 2018

Butter 54.7 58.3 61.9 65.4 68.8 72.1
Cooking Fats 325.8 335.3 344.0 352.0 359.5 366.6
Margarine 6.5 7.3 8.1 8.9 9.8 10.6
Olive Oil 6.5 8.5 11.0 13.9 17.5 21.7
Spreadable Oils and Fats - - - - - -
Vegetable and Seed Oil 2,989.7 3,267.9 3,559.1 3,868.3 4,191.4 4,524.1
Oils and Fats 3,383.1 3,677.3 3,984.1 4,308.6 4,646.9 4,995.2
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources


Table 10 Forecast Sales of Oils and Fats by Category: Value 2012-2017

Rs bn
2013 2014 2015 2016 2017 2018

Butter 19.2 20.9 22.5 24.0 25.6 27.2
Cooking Fats 72.6 75.0 77.4 79.6 81.8 83.9
Margarine 1.4 1.6 1.7 1.9 2.0 2.2
Olive Oil 4.5 5.7 7.0 8.7 10.8 13.2
Spreadable Oils and Fats - - - - - -
Vegetable and Seed Oil 307.5 343.3 380.3 418.8 458.7 499.3
Oils and Fats 405.2 446.4 488.9 533.1 578.9 625.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources


Table 11 Forecast Sales of Oils and Fats by Category: % Volume Growth 2012-2017

% volume growth
2017/18 2013-18 CAGR 2013/18 Total

Butter 4.8 5.7 31.9
Cooking Fats 2.0 2.4 12.5
Margarine 8.6 10.4 63.7
Olive Oil 24.3 27.3 234.4
Spreadable Oils and Fats - - -
Vegetable and Seed Oil 7.9 8.6 51.3
Oils and Fats 7.5 8.1 47.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources


Table 12 Forecast Sales of Oils and Fats by Category: % Value Growth 2012-2017

% constant value growth
2013-18 CAGR 2013/18 TOTAL
OI L S A ND F A T S I N I ND I A P a s s p o r t 9
E u r o mo n i t o r I n t e r n a t i o n a l

Butter 7.2 41.6
Cooking Fats 2.9 15.6
Margarine 9.1 54.9
Olive Oil 24.0 193.5
Spreadable Oils and Fats - -
Vegetable and Seed Oil 10.2 62.4
Oils and Fats 9.1 54.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources