The consumption pattern of sunflower oil is dominated by the urban population in the state compared to their rural counterparts, said an official of Ruchi Soya Industries.
Urban market constitutes 73 per cent of the total sales of sunflower oil against the rural consumption of 27 per cent, said Ajay Malik, Assistant Vice President, Ruchi Soya Industries.
Total edible oil consumption in Odisha is pegged at around 26,000 tonnes per month. The edible oil market is dominated by palm oil with a share 77 per cent, followed by sunflower oil (10 per cent), soyabean oil (six per cent) and others (6 per cent). The company's brands Ruchi Gold and Ruchi Soya dominated the Odisha market with 50 per cent and 43.7 per cent share respectively in palm and soya oil category, he claimed.
Malik was in the city to launch its refined sunflower oil brand 'Sunrich'. With the launch of its refined sunflower oil brand 'Sunrich' in Odisha, the company plans to capture 15 per cent market share by 2016 in this segment.
Sunflower oil market in India has been growing rapidly owing to high growth of income, increasing trend towards spending, better living standards and growing health consciousness among Indian consumers.
The current sunflower oil market in India is over Rs 180 billion, of which, south contributes around 70 per cent followed by West, North and East. This is expected to grow with a CAGR of around 10 per cent during 2013-14 to 2016-17.
The per capita consumption of edible oil in India is about 14 kg (2012-13) against the world average per capita consumption of around 22 kg.
