diff --git a/asv_bench/asv.conf.json b/asv_bench/asv.conf.json
index 571ede1a21134..c04bbf53a86a6 100644
--- a/asv_bench/asv.conf.json
+++ b/asv_bench/asv.conf.json
@@ -50,12 +50,13 @@
         "xlsxwriter": [],
         "xlrd": [],
         "xlwt": [],
+        "odfpy": [],
         "pytest": [],
         // If using Windows with python 2.7 and want to build using the
         // mingw toolchain (rather than MSVC), uncomment the following line.
         // "libpython": [],
     },
-
+    "conda_channels": ["defaults", "conda-forge"],
     // Combinations of libraries/python versions can be excluded/included
     // from the set to test. Each entry is a dictionary containing additional
     // key-value pairs to include/exclude.
diff --git a/asv_bench/benchmarks/io/excel.py b/asv_bench/benchmarks/io/excel.py
index 9aa5cbd5b6f7c..c97cf768e27d9 100644
--- a/asv_bench/benchmarks/io/excel.py
+++ b/asv_bench/benchmarks/io/excel.py
@@ -1,40 +1,72 @@
 from io import BytesIO
 
 import numpy as np
+from odf.opendocument import OpenDocumentSpreadsheet
+from odf.table import Table, TableCell, TableRow
+from odf.text import P
 
 from pandas import DataFrame, ExcelWriter, date_range, read_excel
 import pandas.util.testing as tm
 
 
-class Excel:
+def _generate_dataframe():
+    N = 2000
+    C = 5
+    df = DataFrame(
+        np.random.randn(N, C),
+        columns=["float{}".format(i) for i in range(C)],
+        index=date_range("20000101", periods=N, freq="H"),
+    )
+    df["object"] = tm.makeStringIndex(N)
+    return df
+
+
+class WriteExcel:
 
     params = ["openpyxl", "xlsxwriter", "xlwt"]
     param_names = ["engine"]
 
     def setup(self, engine):
-        N = 2000
-        C = 5
-        self.df = DataFrame(
-            np.random.randn(N, C),
-            columns=["float{}".format(i) for i in range(C)],
-            index=date_range("20000101", periods=N, freq="H"),
-        )
-        self.df["object"] = tm.makeStringIndex(N)
-        self.bio_read = BytesIO()
-        self.writer_read = ExcelWriter(self.bio_read, engine=engine)
-        self.df.to_excel(self.writer_read, sheet_name="Sheet1")
-        self.writer_read.save()
-        self.bio_read.seek(0)
-
-    def time_read_excel(self, engine):
-        read_excel(self.bio_read)
+        self.df = _generate_dataframe()
 
     def time_write_excel(self, engine):
-        bio_write = BytesIO()
-        bio_write.seek(0)
-        writer_write = ExcelWriter(bio_write, engine=engine)
-        self.df.to_excel(writer_write, sheet_name="Sheet1")
-        writer_write.save()
+        bio = BytesIO()
+        bio.seek(0)
+        writer = ExcelWriter(bio, engine=engine)
+        self.df.to_excel(writer, sheet_name="Sheet1")
+        writer.save()
+
+
+class ReadExcel:
+
+    params = ["xlrd", "openpyxl", "odf"]
+    param_names = ["engine"]
+    fname_excel = "spreadsheet.xlsx"
+    fname_odf = "spreadsheet.ods"
+
+    def _create_odf(self):
+        doc = OpenDocumentSpreadsheet()
+        table = Table(name="Table1")
+        for row in self.df.values:
+            tr = TableRow()
+            for val in row:
+                tc = TableCell(valuetype="string")
+                tc.addElement(P(text=val))
+                tr.addElement(tc)
+            table.addElement(tr)
+
+        doc.spreadsheet.addElement(table)
+        doc.save(self.fname_odf)
+
+    def setup_cache(self):
+        self.df = _generate_dataframe()
+
+        self.df.to_excel(self.fname_excel, sheet_name="Sheet1")
+        self._create_odf()
+
+    def time_read_excel(self, engine):
+        fname = self.fname_odf if engine == "odf" else self.fname_excel
+        read_excel(fname, engine=engine)
 
 
 from ..pandas_vb_common import setup  # noqa: F401 isort:skip
diff --git a/environment.yml b/environment.yml
index 6d2cd701c3854..d72972ffc4da4 100644
--- a/environment.yml
+++ b/environment.yml
@@ -80,4 +80,5 @@ dependencies:
   - xlrd  # pandas.read_excel, DataFrame.to_excel, pandas.ExcelWriter, pandas.ExcelFile
   - xlsxwriter  # pandas.read_excel, DataFrame.to_excel, pandas.ExcelWriter, pandas.ExcelFile
   - xlwt  # pandas.read_excel, DataFrame.to_excel, pandas.ExcelWriter, pandas.ExcelFile
+  - odfpy  # pandas.read_excel
   - pyreadstat  # pandas.read_spss
diff --git a/requirements-dev.txt b/requirements-dev.txt
index cf11a3ee28258..c0fb9ee331b11 100644
--- a/requirements-dev.txt
+++ b/requirements-dev.txt
@@ -54,4 +54,5 @@ xarray
 xlrd
 xlsxwriter
 xlwt
+odfpy
 pyreadstat
\ No newline at end of file