The Soyabean Processors Association of India (SOPA), the apex trade body, has urged the government to expedite the proposed National Mission on Edible Oil (NMEO), which has been languishing for almost four years.
Addressing the International Soy Conclave in Indore, Davish Jain, Chairman, SOPA, said the NMEO can foster self-reliance and sustainability, which will benefit farmers, processors and the nation as a whole. “A driving force behind the growth of the soya industry is the increasing global demand for protein. As the global population swells, expected to reach 9.7 billion by 2050, and health-conscious consumers seek more nutritious diets, soya emerges as a valuable source of protein” Jain said.
Rising offtake
Over the last decade, global soyabean consumption has surged from 265 million tonnes (mt) in 2012-13 to 364 mt in 2022-23, growing at a CAGR of 3.2 per cent. Domestically, the consumption of soyabean in India has surged from nearly 5 mt in 2001-02 to about 11 mt in 2021-22, witnessing a CAGR of 4 per cent. “The global sports nutrition market, valued at over $20 billion in 2020, is a testament to the ever-increasing demand for protein-rich foods. Health benefits such as cholesterol reduction and bone health have further contributed to soy’s prominence,” Jain added.
With over 80 million farmers, spanning nearly 113 countries, cultivating approximately 135 million hectares of land, the soyabean sector is nothing short of a global powerhouse. With a production output of 370 mt, soyabean now account for a staggering 59 per cent of global oilseeds production. “Over the past decade, the area under soyabean cultivation has seen a CAGR of 2 per cent, blossoming from 110.3 million hectares in 2012-13 to a remarkable 135 million hectares in 2022-23. Today, soyabean hold a position of unparalleled significance in the agricultural landscape,” Jain said.
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Versatile crop
Soya is an incredibly versatile crop and can be processed into various feed and food products, including soyabean oil, defatted soya-flour, textured soya protein, soya lecithin, tofu, soya milk, and soya-based meat substitutes. “The poultry, aquaculture, and livestock industries stand as beneficiaries of our feeding inputs. They rely on the protein-rich meal derived from soyabean to feed and nurture their livestock, ensuring the sustenance of these crucial sectors,” he said.
Stating that the government plays a vital role in orchestrating a delicate balancing act, striving to ensure a harmonious equilibrium between domestic production and the necessity of imports, Jain said the policies and decisions shape the landscape of our industry.
“We’ve all witnessed this ‘happy problem’ of growing demand for our products, but we’ve also seen the high volatility in crop yields, price fluctuations, and shifting demands for meal and oil. These fluctuations can bring both joy and pain to our agricultural community. For our farmers, the decision to sow next year’s crop is often influenced by the fortunes of this year. When edible oil prices crash to ₹85 a kilo, it paints a rosy picture for consumers.
“The government believes it has brought happiness to households, even though other essentials like LPG, gasoline, and diesel, which constitute a more substantial part of the budget, have seen unnoticed price hikes. In the face of such price volatility, our farmers may consider diverting their labour and resources elsewhere, where the yield appears more promising. This is a trend we must address collectively as an association,” Jain said.
Further, the SOPA chairman said soyabean presents a compelling solution to address the protein deficiency in Indian diets and that the industry needs government support to make protein supplements accessible for all.