Mustard Oil Prices

Mustard Oil Prices June 2023

In India, mustard oil prices showed a notable increase in June following a period of decline until May. This shift was influenced by a resurgence in domestic demand, particularly from the cooking, feeding, and food industries. Despite the overall downward trend in the second quarter due to weak demand and lower prices in related vegetable and crude oil markets, June saw an upward adjustment in prices. Market participants in India also planned to reduce prices domestically to mitigate profit losses from the diminished demand. Furthermore, the Consumer Price Index growth moderated in June, which, combined with an increase in domestic demand, supported the positive price trend for mustard oil, setting the prices at 1316 USD/MT in June 2023.

Mustard Oil Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Mustard Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of mustard oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of mustard oil at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of mustard oil price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing mustard oil price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Mustard Oil Market Analysis

The global mustard oil market size reached US$ 18.8 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 25.4 Billion, at a projected CAGR of 3.40% during 2023-2032.

• Mustard oil is popular for its health-enhancing effects which consist of anti-inflammatory benefits, cardiovascular system improvement and the skin and digestion systems. The increasing consumer awareness about these health effects serves as the basis for the product demand for both edible and medicinal oil applications.
• In most heavily South Asian countries, mustard oil is used traditionally as a medium of cooking. There are peculiarities of the flavor of the oil and high sensitivity of smoking point of it that make it choice for frying and other cooking methods. This popularity in international interests leads to a growing demand for authentically produced ingredients such as mustard oil among these customers.
• Mustard oil production goes in conjunction with the growth of mustard seeds variety in different parts of the globe. Successes in agricultural practices can increase the yield and quality of mustard seeds, thus creating a larger commodity and making the oil less expensive. According to the Solvent Extractors' Association (SEA), mustard seed production has experienced a growth, increasing from 8.6 million tonnes in the 2020-21 season to 8.80 million tonnes in the 2022-23 season.
• In India, where oil is an important ingredient in daily diet, government policies and subsidies that promote agricultural output tend to affect the oil production intimately. Support in the form of minimum support prices and subsidies for inputs can encourage mustard seed production, resulting in high oil output.
• Mustard oil is witnessing an increased international demand due to its gaining popularity as a good alternative to regular cooking oils. Highly consuming countries mustard oil-based products are now at the forefront to invigorate their export capacities and impulse the market growth trends.
• Innovations in packaging that extend shelf life and ease of use, when distributed effectively, are enabling mustard oil to be more available to a more massive audience. Consequently, this quality enhancement enables oil to stay fresh for multiple uses thus increasing appeal to the rapidly growing health-conscious clientele.

Mustard Oil News

The report covers the latest developments, updates, and trends impacting the global mustard oil market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in mustard oil production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the mustard oil price trend.

Latest developments in the mustard oil industry:

• On 8^th May 2023, Adani Wilmar Limited (AWL) launched a Fortune Kachi Ghani mustard oil (KGMO) special pickle pack. The oil is renowned for its enhanced pungency and distinctive aroma, ensuring robust taste.
•  On 9^th February 2023, Cargill launched edible oil brand - Gemini Pureit, a sunflower oil in South India supported by the plant in Nellore.

Product Description

Mustard oil is the refined form of defatted mustard used widely as an edible oil which has a specific aroma and pungent taste. It is basically employed in the culinary sector, particularly in the South Asian and Eastern European cuisines wherever it is the source of a distinctive flavor and aroma that is featured in a wide range of dishes.

The high smoking point of oil makes it suitable for deep frying and cooking at higher temperatures. Besides cooking, the oil has some very valuable health benefits, including anti-inflammatory properties, cardiovascular benefits, and it can help to increase your skin and hair health.

It is mainly applied in traditional medicines and therapies, especially in Ayurveda and it is administered for massages and therapies on account of its warming properties, and as an agent to stimulate blood flow. It is also used in the preservation of pickles and in the production of biodiesel, demonstrating its wide range of uses.

Regional Coverage

The report provides a detailed analysis of the mustard oil market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the mustard oil price trend.

Global Mustard Oil Price

The report offers a holistic view of the global mustard oil pricing trends in the form of mustard oil price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of mustard oil but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed mustard oil demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Asia Pacific Mustard Oil Price

In Q2 2023, mustard oil prices in the Asia-Pacific region fell consistently until May but saw a significant increase in June. The second quarter overall showed a decrease in prices due to weak demand, weakening vegetable oil markets, and falling crude oil prices. The lack of significant changes in both domestic and international market inquiries supported the weak pricing. However, June witnessed an improvement in prices due to increased domestic demand, particularly from the cooking, feeding, and food industries.

In the first quarter of 2024, the mustard oil market in the APAC region, particularly in India, faced a downturn due to weak demand-supply dynamics. Dynamic price fluctuations, often below the government's minimum support price, and a significant rise in international palm oil prices, influenced a reassessment of imports and domestic pricing. Anticipation of an increased domestic mustard crop harvest and the devaluation of the Indian Rupee further contributed to the market's pessimism.

This mustard oil price analysis can be expanded to include a comprehensive list of countries within the region.

Europe Mustard Oil Price

In Q2 2023, mustard oil prices in Europe continued their downward trend until late May, influenced by subdued demand, weaker trade activity, and high stockpiles. Prices began to rise at the end of June, driven by increased domestic demand and a balanced supply situation among market participants. The rise in the German Consumer Price Index hinted at a positive demand outlook, encouraging traders to raise their quotations and expect continued strong demand from downstream sectors.

In Q1 2024, Europe's mustard oil market saw a persistent decline in prices, paralleling trends in North America and the Asia-Pacific. This was primarily due to weakened global and domestic demand, prompting suppliers to lower prices. Additionally, geopolitical tensions and trade disruptions, particularly affecting imports from the Asia-Pacific, worsened market sentiments. The end of the quarter saw some recovery in trade activities and commodity availability, including mustard oil, but downstream procurement remained weak.

This analysis can be extended to include detailed mustard oil price information for a comprehensive list of countries.

North America Mustard Oil Price

Mustard oil prices in North America decreased at the start of Q2 2023, continuing until late May, but rose significantly throughout June. The initial decline was due to high inventory levels and an ample supply coupled with weak trade momentum. Reduced imports also contributed to the downward trend. However, a surge in domestic inquiries in June, despite high stockpiles, along with a slight rise in the Consumer Price Index, fostered a more positive demand for mustard oil across the United States.

Throughout Q1 2024, mustard oil prices in North America followed a declining trend similar to the Asia-Pacific region, influenced by lower consumption and limited import momentum due to increased freight charges. The reliance on imports from India exposed the market to fluctuations impacting domestic prices. High production availability in exporting regions led to weak inquiries, forcing adjustments in quotations to protect profit margins. Geopolitical tensions and trade disruptions further complicated the market, contributing to a reluctance to place new orders. However, as trade activities resumed, the increased availability of mustard oil helped lower prices, despite continued subdued demand and depressed consumer confidence.

Specific mustard oil historical data within the United States and Canada can also be provided.

Middle East and Africa Mustard Oil Price

The report explores the mustard oil pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on mustard oil prices for countries can also be provided.

Latin America Mustard Oil Price

The analysis of mustard oil prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of mustard oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting mustard oil price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The mustard oil price charts ensure our clients remain at the forefront of the industry.