GOPIZZA India unveils exciting new Ramyun Bowls, elevating the realm of authentic Korean delectables

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August 3, 2023

Ramyun bowl

GOPIZZA India, the esteemed South Korean pizza brand renowned for its perfectly sized pizzas for one, is thrilled to announce the launch of its most awaited Korean menu available across all outlets and on delivery apps – Swiggy and Zomato, starting at INR 150.

Say annyeonghaseyo to GOPIZZA’s new menu ranging from mouth-watering K-Starters to their heavenly Ramyun bowls, available with scrumptious pastas and of course, their authentic Korean pizzas that are sure to hit the spot! Whether you’re looking for an appetising light bite, a grab-and-go snack, or something wholesome and filling, GOPIZZA has got you covered as all of these delicious items are available in both vegetarian and non-vegetarian options.

When indulging in K-dramas, it’s impossible to ignore the captivating scenes of characters savoring steaming hot Ramyun bowls. If you find yourself craving authentic Ramyun to satiate your hunger, look no further than the Korean Ramyun Noodles – a flavorful and traditional spicy noodle soup straight from Korea. This generous bowl brings together chewy noodles, vibrant veggies, and a delectable broth with a fiery kick that will undoubtedly leave you yearning for more.

For those who adore cheese, GOPIZZA India also offers the delightful Korean Cheese Ramyun Noodles – a timeless Korean favorite. Prepare yourself for a burst of creamy, cheesy goodness harmoniously blended with tantalizing spices, making it an irresistible treat.

Prepare to groove to the infectious beats of K-Pop as you treat yourself to the mouthwatering magic of Korean pizzas. Much like the mesmerizing performances of K-Pop idols, these pizzas are a visual delight with artistically crafted toppings that blend traditional Korean spices with a modern twist.

Among their delightful creations is the Korean Jonmataeng Volcano Pizza, featuring a generous drizzle of chogochujang – a sweet and savory chili paste, spread over the pizza. Topped with red onions and crunchy capsicum, this pizza is a fiery delight. For a complete experience, it comes with a side of marinated potato wedges or succulent roasted chicken.

If you’re seeking a milder option with a touch of creaminess, look no further than the Korean Jonmataeng Creamy Pizza. This unique creation combines the richness of yum yum sauce with the goodness of pizza, resulting in a harmonious symphony of hot and creamy flavors. Enhanced with black olives, crunchy onions, and fresh white mushrooms, this pizza is perfect for those who love Korean cuisine with a preference for gentle heat.

The new range of K-Starters, including the Korean Yangnyum Spicy Chicken Wings, Korean Yangnyum Spicy Chicken Pops, and Korean Yangnyum Spicy Wedges, has the ability to whisk diners away to the bustling streets of Seoul. By infusing a Korean twist into well-loved favorites like Chicken Wings and Chicken Pops, these appetizers are expertly coated in an authentic Yangnyeom hot sauce. This sauce, a harmonious blend of heat, sweetness, and umami, orchestrates a fiery symphony of flavors that captivates the taste buds.

Complementing this gastronomic experience are the delectable Fire Cream Pastas, a delightful addition to the new menu. These pastas boast a creamy fiery sauce that strikes a flawless balance between silkiness and spicy warmth. Melding the culinary best of Asia and Italy, these dishes satiate Asian-Italian cravings in one seamless culinary encounter. Each creation on this new menu stands as a testament to the artistry of fusion cuisine, promising to transport diners on a truly international and flavorful adventure.

Mahesh Reddy, CEO, GOPIZZA India, shared his excitement for the new Korean menu, “I am absolutely certain that this carefully crafted new Korean menu that serves the perfect balance between Korean flavours and the Indian palate will be an enchanting hit with our audience. From the spicy, crunchy appetisers to the steaming, soulful Ramyun bowls, this new menu will lead our eaters straight to the streets of Myeongdong – the street food mecca of Seoul. The flavours have been flown in from South Korea, preserving the authenticity of every dish on this Korean menu. Offering options of both veg and non-veg throughout the new menu of Ramyun bowls, pizzas, starters, and pasta, we wholeheartedly believe that there is Korean goodness in store for everyone.”

For those seeking pizza perfection, GOPIZZA India emerges as the ultimate haven. Firmly anchored in a dedication to premium ingredients, inventive flavors, and culinary mastery, GOPIZZA, a distinguished Korean brand, reignites the essence of traditional pizza through unparalleled Korean-infused interpretations. With their adeptness at reshaping pizza norms, each slice becomes an invitation to partake in a groundbreaking pizza revolution, one tantalizing bite after another.

GOPIZZA has earned renown for its distinctive offerings – single-person, oval-shaped, fire-baked pizzas that delight customers with both speed and affordability. With a remarkable presence of 200 outlets spanning South Korea, Singapore, Indonesia, India, Hong Kong, and upcoming ventures in Thailand, Malaysia, and the USA, the brand has carved a global path.

Presently, GOPIZZA boasts 30 outlets across Bengaluru, Hyderabad, and Anantapur, with plans underway to open its inaugural store in Chennai, Delhi-NCR, Pune, and Mumbai in the near future. Ambitious aspirations drive the brand to achieve 70 outlets by the close of 2023 and a remarkable milestone of over 100 stores by the conclusion of FY-2024.

Underscoring its commitment to customer experience, GOPIZZA will soon unveil its proprietary in-house technology. The groundbreaking ‘GOVEN,’ an automatic pizza oven, alongside the ‘GOBOT,’ a collaborative robot, and the ‘AI Smart Topping Table,’ ensure consistent and timely delivery of standardized quality and service across all outlets, further enhancing the brand’s standing as a leader in the single-serving pizza realm.

FMCG sales soar as retailers stock up for upcoming festive season

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August 3, 2023

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In July, sales of daily essentials and groceries exhibited a sequential recovery from June as retailers replenished their stocks in preparation for Independence Day and the upcoming festive period. However, these sales figures showed a year-on-year decline due to adverse effects from unseasonal rains.

According to Bizom, which monitors kirana sales, the fast-moving consumer goods (FMCG) market experienced a 3% month-on-month expansion. However, in July, it recorded a 0.5% decline compared to the same period last year.

“Similar to last quarter, we continued to see improving demand trends for our core categories but remain cautiously optimistic. Rural areas have started to come back and the north has started to come back. I am keeping my fingers crossed because of two reasons; one, it’s still not recovered trends and it’s dependent on what happens with the whole monsoon and El Nino effects,” Sunil D’Souza, Managing Director at Tata Consumer, told investors.

The main factors impacting consumer goods sales were a 7% decrease in commodities sales due to price cuts and a 23% decline in beverage sales caused by a cooler summer season.

“We are seeing stocking picking up pace for home care and packaged foods as we build into the festival season. Also, EL Nino fears seem to have reduced with the heavy rains seen in this month as that should also help during the sowing season, which, in turn, could help ensure stronger rural demand,” said Akshay D’Souza, chief of growth and insights at Mobisy Technologies, which owns Bizom.

Hindustan Unilever cited Nielsen data revealing that after experiencing a double-digit decline, the volume in the rural market turned positive in the June quarter, in contrast to the contraction witnessed in the same period the previous year. Despite this improvement, the market growth on a two-year compound annual growth rate (CAGR) basis remains slightly down, with rural volume declining by 4%.

“Looking at demand from a consumer lens, we should be mindful that consumers are still facing high levels of cumulative inflation. As you saw earlier, due to pipeline stocks, they are consuming higher-priced inventory and hence, the volume recovery will continue to be gradual,” Ritesh Tiwari, chief financial officer at HUL, said at its earnings call.

In the first half of the month, electrical goods, including air-conditioners and refrigerators, experienced a notable 10% decline in sales, despite witnessing high demand initially. However, the situation changed when torrential rains and floods in certain regions adversely affected footfalls and overall sales. It’s worth noting that in June, these goods had enjoyed a significant surge in sales, with a remarkable 30% increase.

Coca-Cola Europacific Partners nears acquisition of Coca-Cola Beverages Philippines, deal in the final stages

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August 3, 2023

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Coca-Cola Europacific Partners intends to pursue the acquisition of its counterpart, Coca-Cola Beverages Philippines, a fellow bottler.

A “letter of intent” has been signed between the UK-based group and Philippines conglomerate Aboitiz Equity Ventures to collaborate on the acquisition of Coca-Cola Beverages Philippines (CCBPI).

According to the proposed arrangement, Coca-Cola Europacific Partners would hold a 60% ownership stake in the business, while the remaining share would be held by the power-to-financial services group, Aboitiz Equity Ventures.

As per the proposed agreement, the valuation of CCBPI stands at $1.8 billion, based on a debt-free and cash-free approach.

CCEP has already established its presence in Indonesia, having acquired complete ownership of its local business from The Coca-Cola Co. earlier this year. Additionally, a previous deal with Coca-Cola Amatil two years ago provided CCEP with assets in markets such as Australia and New Zealand. The Indonesian and former Coca-Cola Amatil assets are now consolidated under a division named API within CCEP.

Damian Gammell, CCEP’s chief executive, said the acquisition of CCBPI “would be a natural next step for CCEP, creating a more diverse footprint within our existing API business segment, support Indonesia’s transformation journey and underpin our strategic mid-term objectives”.

In a stock-exchange filing, CCEP said the transaction is still subject to conditions, including due diligence – described as “well underway” – and regulatory approval. The deal, if completed, is expected to be finalised around the end of 2023.

Nevertheless, CCEP said its proposed new asset was “a successful business with attractive profitability and growth prospects”.

Presenting data given by CCBPI’s management, CCEP said the business sold around 650m unit cases in its 2022 fiscal year, generating revenues of approximately $1.7bn. It gave no comparative figures for a year earlier. The business, based in Makati in metro Manila, the capital of the Philippines, has 19 factories.

CCBPI accounts for 43% of the non-alcoholic RTD market in the Philippines and 69% of the sparkling segment, CCEP added, citing Nielsen data.

The planned transaction was announced alongside CCEP’s first-half financial results.

Revenue was up 8.5% at €8.98bn ($9.87bn), or by 10.5% when excluding the impact of exchange rates.

Operating profit jumped 21% to €1.17bn. On a comparable and constant-currency basis, operating profit grew 13%.

Profit after tax increased 26.5% to €854m, or by 16.5% on an underlying basis.

Shares in CCEP, up more than 11% so far this year, were down 0.17% in early trading at €57.40 at 08:22 BST.

Kraft Heinz announces major step towards sustainability: 20% less virgin plastic by 2030

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August 3, 2023

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The Kraft Heinz Company has set a commendable goal for 2023, as they announce their determination to reduce the use of virgin plastic in their global packaging portfolio by 20% by 2030. This ambitious step is a testament to their commitment to sustainability and reducing reliance on fossil fuels. By pursuing this initiative, they aim to eliminate approximately 100 million pounds of virgin plastic, which is equivalent to the weight of nearly five Eiffel Towers. Such decisive actions will undoubtedly pave the way for more sustainable product packaging options in the future.

This objective is a natural progression of the company’s previous efforts to minimize plastic usage and achieve their comprehensive packaging targets. Among these pursuits are the ambitions to attain 100 percent recyclable, reusable, or compostable packaging by 2025, as well as the commitment to achieve net-zero greenhouse gas (“GHG”) emissions by 2050, with a midpoint reduction of emissions by 2030. Through these ongoing investments and commitments, the Kraft Heinz Company demonstrates its dedication to sustainable practices and environmental responsibility, positioning itself as a leader in the pursuit of a greener future.

“To achieve our ESG goals, including to reach net-zero GHG emissions, we can’t continue to do things as we have in the past,” said Rashida La Lande, executive vice president, Global General Counsel, and chief sustainability and corporate affairs officer at Kraft Heinz. “We are investing in innovative technologies and partnerships that are critical to helping us redesign packaging, eliminate unnecessary plastic, increase our use of recycled content, and influence the adoption of reuse models. This is one more way we’re renovating our product portfolio to not only offer more sustainable options but to deliver on our consumer expectations.”

Replacing virgin plastic with recycled content:

Kraft Heinz is expanding upon its ongoing collaboration with the U.S., Canada, and U.K. Plastic Pacts, aiming to enhance the integration of recycled materials in its packaging. The company’s objective is to incorporate post-consumer recycled content into 15% of its U.S. PET rigid plastic packaging collection by the year 2025.

KRAFT Real Mayo and MIRACLE WHIP plan to transition packaging to 100% recycled content in the United States beginning in 2024 in an effort to eliminate approximately 14 million pounds of virgin plastic.

HEINZ moved to 30% recycled content in most of its bottles in Brazil, the U.K., and Europe.

HEINZ partnered with specialists in the U.K. to create recyclable HEINZ Beans Snap Pots from soft plastics that were returned to Tesco by consumers. The recyclable pots are food-safe and made with 39% recycled plastic.

Material elimination or reduction:

Kraft Heinz is identifying packaging solutions that use less plastic, such as eliminating unnecessary plastic components.

SHAKE ‘N BAKE removed its plastic “shaker” bag from its signature packaging last year to help eliminate 900,000 pounds of plastic waste annually. Effective across its full product portfolio, this was the brand’s first step toward a more sustainable future and an easy way for consumers to make a difference.

HEINZ launched an eco-friendly multipack paperboard sleeve to replace plastic shrink-wrap in the U.K., eliminating more than 1 million pounds of plastic in 2022.

Exploring material alternatives:

Kraft Heinz is also exploring the use of alternative materials like fiber-based packaging with the hope that these cutting-edge innovations could be used for other packaging formats in years to come.

HEINZ announced a pilot with Pulpex in 2022 to develop a paper-based, renewable and recyclable bottle made from 100 percent sustainably sourced wood pulp for HEINZ Tomato Ketchup – a first in the sauce category. The company is currently testing the prototype to assess performance before bringing the bottle to the market.

NABOB coffee in Canada replaced its non-recyclable flexible plastic coffee bags with recyclable canisters made from 80 percent paper fiber from renewable resources this year. This change is estimated to eliminate approximately 2.5 million plastic bags annually.

Guided by its core value, “We do the right thing,” Kraft Heinz is fully committed to reducing its operational footprint and making a positive environmental impact. These initiatives act as a driving force for future endeavors, as the company seeks to expedite innovation and growth through strategic partnerships.

Tata NourishCo dives into premium spices market, unveils Kashmiri Saffron; Ready to tackle local brands with unique offerings

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August 3, 2023

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During an interview, Vikram Grover, the Managing Director of NourishCo Beverages, a subsidiary of Tata Consumer Products, stated that while local FMCG brands may have experienced rapid growth compared to national brands over the past year, they are ready to face any competition with their unique and distinct products.

“The problem (of local competition) magnifies if companies sell the same products. We have a combination of differentiated products, great value, national advertising at scale and investments in distribution muscle, which is difficult to emulate,” he said.

According to a report by Kantar last week, the volume growth of regional and local brands surpassed that of national ones in the 12-month period ending on 30th April. The volumes of regional and local brands experienced a significant growth of 12.7%, while national brands only grew by 8.2% during the same period.

“We believe we have a potent mix of levers to help us overcome any such competition,” Grover said.

Tata NourishCo, known for its sales of Himalayan mineral water, Tata Gluco Plus functional drinks, Fruski juices, and honey, is now venturing into the premium spices category. Under the Himalayan brand, the company is introducing Kashmiri saffron, which Vikram Grover described as potentially the world’s most expensive spice.

“Given the adulteration prevalent in the category, there is a trust deficit in the saffron category in India and lack of awareness among consumers. We are addressing this with our product,” he said.

India’s total saffron demand is roughly estimated to be 100 tonnes per year, with domestic production accounting for 13 tonnes of Kashmiri saffron.

The company has plans to expand into other areas under the Himalayan franchise, but they will exclusively focus on premium offerings.

“The attempt is to move beyond the water space. But we will get into spaces within the guardrails of premiumisation and purity,” he said.

Functional beverages continue to be a niche category, unlike the mass entry-level segment where major players like Bisleri, Coca-Cola’s Kinley, and PepsiCo’s Aquafina engage in competition.

In FY23, NourishCo recorded net sales of INR 621 crore. Initially established as a joint venture between Tata Consumer Products and PepsiCo, a renowned beverages and snack foods maker, the company underwent changes in 2020 when the Tatas acquired PepsiCo’s stake in NourishCo. Since then, the Tata group has expanded its premium beverages portfolio within the NourishCo brand.

Grover said the company sees “a lot of scope to convert consumers to branded beverages and expand distribution”.

During the quarter ending June 30, 2023, Tata Consumer Products, a subsidiary of the Tata Group, announced a notable year-on-year increase of 22.1 percent in net profit, amounting to INR 337.7 crore. Within the same quarter, the packaged beverages business showed a 2 percent growth in revenue and a 3 percent increase in volume. The coffee business reported a substantial 21 percent growth, while the India foods business witnessed impressive revenue growth of 24 percent.

Earlier this year, the company revealed a business reorganization plan, consolidating Tata Coffee’s plantation business into Tata Consumer Products Foods and Beverages division.

Alcohol duty overhaul: UK introduces ABV-based taxation system, affecting drink prices

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August 3, 2023

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Many alcoholic drinks will now cost more as a new alcohol duty has been introduced by UK Prime Minister Rishi Sunak and Chancellor Jeremy Hunt on August 1st.

The new duty system will impose taxes on all alcoholic beverages based on their alcohol by volume (ABV) content, moving away from the previous approach that taxed them according to the type of alcohol.

Nevertheless, the increases will result in a reduction of duty on numerous alcoholic beverages found on supermarket shelves, such as bottles of pale ale, pre-mixed gin and tonic, and prosecco.

The new tax regulations will implement reduced taxes on low-alcohol products, specifically those with an alcohol by volume (ABV) below 3.5%. Additionally, all beverages with an ABV above 8.5% will be subjected to a uniform tax rate, irrespective of their type.

In a news release, the previous duty system was described as “complex and unfair”. The new system, however, is said to “support wider UK tax and public health objectives”.

Prime Minister Rishi Sunak said, “I want to support the drinks and hospitality industries that are helping to grow the economy and the consumers who enjoy the end result. Not only will today’s changes mean that the price of your pint in the pub is protected, but it will also benefit thousands of businesses across the country.”

He added, “We have taken advantage of Brexit to simplify the duty system, to reduce the price of a pint, and to back British pubs”.

The government is also introducing ‘Small Producer Relief’, which replaces and extends the previous Small Brewers Relief scheme, which was introduced to reduce rates of beer duty for small brewers.

Under this scheme, small enterprises producing alcoholic products with an alcohol by volume (ABV) of less than 8.5% can avail reduced rates of alcohol duty for eligible items. This initiative is designed to offer small producers the financial flexibility to explore new beverage varieties and expand their business.

Barry Watts, head of policy and public affairs at Society of Independent Brewers, commented, “These are the most significant changes to the alcohol duty system for generations which will have far-reaching implications for what we order in the pub and what appears on the shop shelves. It is the culmination of five years of consultation on the future of Small Breweries’ Relief – a scheme that has made the huge growth of craft breweries possible over the past twenty years.

“These changes will finally address the ‘cliff edge’ which was a barrier to small breweries growing and build on the scheme’s success by applying it to other alcoholic products below 8.5%.”

Punjab Grill’s ambitious growth spree: Five new outlets set to debut in August!

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August 3, 2023

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Punjab Grill, the exquisite fine-dining restaurant chain, is excited to reveal a remarkable expansion strategy that is sure to bring joy to culinary aficionados all across the country.

Driven by its surging popularity and steadfast dedication to culinary mastery, Punjab Grill is poised to tantalize the palates of an even broader array of discerning diners in fresh and uncharted territories.

The restaurant chain is thrilled to announce the grand opening of five new outlets in prime locations across the country. In August, the new restaurants will be welcoming customers in vibrant cities like Hyderabad, Bangalore, Pune, and Delhi-NCR. Additionally, there are plans for several other openings in prominent cities scheduled for September 2023.

This strategic expansion exemplifies Punjab Grill’s steadfast commitment to sharing the opulence of Indian culinary traditions with every nook and cranny of the nation.

Rohit Aggarwal, Co-Founder and Managing Director of Lite Bite Foods, said, “We are immensely grateful for the love and support we have received from our patrons over the years. This expansion marks an important chapter in our journey, allowing us to share the essence of Punjab Grill with an even broader audience. We remain committed to delivering an unparalleled dining experience that showcases the essence of India’s culinary heritage.”

The expansion of Punjab Grill not only showcases its culinary expertise but also underscores its commitment to offering remarkable career prospects within the hospitality sector. Through the establishment of each new outlet, the restaurant chain aims to generate employment while nurturing a culture of enthusiasm and creativity among its staff.

FMCG giant Adani Wilmar reports net loss of INR 78.92 Crore in Q1 FY24

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August 3, 2023

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adani-group-wilmar — Adani Wilmar (Representative Image)

Adani Wilmar, a prominent player in the Fast-Moving Consumer Goods (FMCG) sector, has announced a combined deficit of INR 78.92 crore for the initial quarter (Q1) concluding on June 30, 2023. As per an official filing with regulatory authorities, the company had achieved a consolidated profit of INR 193.59 crore during the corresponding period in the previous financial year.

According to the filing with the Bombay Stock Exchange (BSE), the total revenue of the company also saw a decrease, reaching INR 12,994.18 crore in the first quarter of the fiscal year 2023-24, compared to INR 14,776.39 crore in the same period of the fiscal year 2022-23.

Nevertheless, the company managed to curtail its total expenses to INR 13,061.86 crore in the first quarter of the fiscal year 2023-24, marking a decrease when contrasted with the total expenses of INR 14,516.13 crore incurred in the first quarter of the fiscal year 2022-23.

Angshu Mallick, MD and CEO of the company said, “We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry.”

The company is gaining good share from regional brands in the under-indexed customer segments with marketing and sales focus on specific geographies and oil categories. To capture the opportunity in the value-added blended oils, the FMCG major is investing in this segment, under Xpert brand.

For the food and FMCG sector, this marked the eighth consecutive quarter of achieving growth, with volumes increasing by over 20 percent and revenues surging by more than 30 percent year-on-year for the standalone company. Acknowledging the urgent requirement of Indian households for authentic and consistent quality whole wheat products, the company introduced a range of four premium grades (including Sharbati) of Whole Wheat under the esteemed Fortune brand, catering to specific markets.

Mallick shared, “We developed a multi-purpose cleaner as a forward integration of our oleo-chemical products and launched this product under ‘Ozel’ band for HoReCa segment. Our margins during the quarter got impacted by high-cost inventory in a falling edible oil price environment and dis-aligned hedges compared to spot prices of physical commodity.”

Sapphire Foods India, operator of KFC and Pizza Hut, faces Q1 profit decline; Expenses outpace revenue growth, shares drop 3.5%

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August 3, 2023

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On Wednesday, Sapphire Foods India, the company responsible for operating KFC and Pizza Hut restaurants domestically, announced a first-quarter profit that fell below expectations. The increase in expenses surpassed the growth in revenue, leading to the lower-than-anticipated financial results.

According to an exchange filing, the net profit of the company for the quarter ended June 30 was 249.4 million rupees ($3.02 million). This figure represents a decline from the net profit of 382.7 million rupees recorded in the same quarter of the previous year. The franchisee of Yum Brands, based in the U.S., provided this financial information.

According to Refinitiv IBES data, analysts had an average expectation that the company would report a profit of 273.8 million rupees.

Expenses witnessed a notable increase of 21.6%. The cost of materials consumed rose by 17.4%, reaching 2.06 billion rupees, while employee costs surged by 24.3%.

Due to disruptions in supplies caused by monsoon rains, India is grappling with soaring prices of essential goods. In response to this inflationary pressure, companies like Domino’s are “re-engineering” their flagship products, such as the 49-rupee pizza, by reducing the price and using fewer tomatoes compared to its earlier cheapest offering priced at 59 rupees.

Sneha Poddar, Associate Vice President at Motilal Oswal Financial Services, pointed out that raw material prices have reached their lowest point and are now contributing to an improvement in margins. She also expressed her optimistic view on the long-term potential for quick-service restaurants, seeing strong opportunities ahead.

During the quarter, Sapphire Foods’ Pizza Hut restaurants experienced a decline of 9% in same-store sales. In contrast, the company’s KFC business reported a flat growth in same-store sales.

Jubilant Foodworks, the operator of rival Domino’s Pizza, faced a significant 74% drop in quarterly profit due to the challenge of higher costs. On the other hand, Westlife Foodworld, responsible for operating McDonald’s stores in West and South India, reported a rise in profit that was smaller than anticipated.

Following the release of the results, shares of Sapphire, which manages a network of more than 700 restaurants spanning India, Sri Lanka, and Maldives, experienced a decline of up to 3.5%.

India’s edible oil imports hit record high in July, surging to 1.76 million metric tonnes

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August 3, 2023

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India’s edible oil imports reached a new pinnacle in July, surging to a record-breaking 1.76 million metric tonnes. This substantial rise can be attributed to refiners strategically bolstering their stocks in anticipation of impending festivals. The uncertainty surrounding supplies from the Black Sea region further propelled this trend, as reported by five knowledgeable dealers to Reuters.

Increased purchases by the world’s largest importer of vegetable oils may contribute to reducing palm oil stocks in Indonesia and Malaysia, providing support to benchmark futures. Additionally, this move could bolster soyoil futures and potentially lead to decreased inventories in sunflower oil-producing Black Sea countries.

According to the Solvent Extractors’ Association of India (SEA), India’s monthly average imports of edible oil during the 2021/22 marketing year stood at 1.17 million tonnes. In June of the same year, the country’s edible oil imports reached 1.3 million tonnes.

Based on estimates from dealers, palm oil imports surged from 683,133 tonnes in June to 1.09 million tonnes in July, marking the highest volume in the past seven months.

Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage and consultancy firm, stated that the discount of palm oil compared to soyoil and sunoil has expanded. This development has encouraged refiners to boost their purchases in preparation for the upcoming festivals.

The July vegetable oil import data is expected to be published by the Solvent Extractors’ Association of India (SEA) around mid-August.

Rajesh Patel, managing partner at GGN Research, an edible oil trader and broker, mentioned that importers are building up significant oil reserves in response to the Russia-Ukraine crisis. This precautionary measure aims to ensure ample stock availability and prevent any potential shortages.

Dealers estimated that sunflower oil imports experienced a significant surge of 73% from the previous month, reaching 330,000 tonnes, marking the highest volume in the past six months. On the other hand, soyoil imports witnessed a decline of 22%, settling at 340,000 tonnes.

According to Patel, soyoil imports in July fell short of expectations due to delays in berthing, which resulted in some vessels being unable to unload at Kandla port.

India’s primary sources of palm oil are Indonesia, Malaysia, and Thailand, while soyoil and sunflower oil are mainly imported from Argentina, Brazil, Russia, and Ukraine.

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