The per capita consumption of edible oil in Bangladesh increased by 20 per cent in the last five years to reach 18.4 kgs in 2020.
Meanwhile, the overall consumption of edible oil increased by 36 per cent in five years to reach 3.03 million tonnes in 2020 against 2.22 million tonnes in 2015.
Palm oil, one of the largest consumed vegetable oils, enjoys a market share of 55 to 60 per cent due to its price competitiveness and other factors in the country.
The facts were presented at an international webinar titled “Edible Oils & Fats Consumption Trend in Bangladesh" organised by the Council of Palm Oil Producing Countries (CPOPC), an inter-governmental organization for palm oil-producing countries, according to a press statement.
The webinar was a part of the CPOPC Webinar Series on “Sustainable palm oil towards a better world” with a focus on the growing consumption trends of the highest consumed palm oil, its qualitative aspects over other edible oils and its role in meeting the increasing demand of the people and the most crucial SDGs in the country.
Regional Manager of Bangladesh and Nepal, Malaysian Palm Oil Council (MPOC) AKM Fakhrul Alam, Head of Southeast Asian Food and Agricultural Science and Technology (SEAFAST) Center Dr Puspo Edi Giriwono and Senior Marketing Manager of Bangladesh Edible Oil Ltd Faisal Mahmud discussed the key industry trends, challenges, and recommendations to enhance the market share of palm oil in Bangladesh to meet the ever-growing demands of the country’s consumers.
CPOPC’s Executive Director Dr Yusof Basiron and Deputy Executive Director Dupito D. Simamora gave remarks and shared perspectives while Deputy Managing Director (India) of APCO Worldwide Yash Kansal moderated the webinar.
AKM Fakhrul Alam said, “Bangladesh is mostly dependent on the imports of palm oil with the increase in the consumption of oils and fats as to cope up with these demands imports eventually increases.”
However, from 2019, a slight decline is observed in the imports of palm oil due to the pandemic, he highlighted.
“Yet, palm oil is still the leading vegetable oil in the consumption patterns of Bangladesh as according to the statistics, from 2015-19 there is a visible growth in the consumption of palm oil,” Alam claimed.