The demand for rapeseed oil and mustard oil in India stood at 2.65 million metric tons in 2023. Forecasted data suggests a steady increase in demand over the next five years, starting at 2.67 million metric tons in 2024 and rising incrementally to reach 2.71 million metric tons by 2028.
The year-on-year variation indicates a minimal but consistent growth pattern of approximately 0.37% annually over each forecasted year from 2024 to 2028. Analyzing trends over the last two years (2023-2024) corroborates this slight annual increase, matching the overall incremental demand observed in the forecasted period. The Compound Annual Growth Rate (CAGR) for the forecasted period from 2024 to 2028 stands at 0.37%, showing a stable upward trajectory in demand.
Future trends to watch for include:
- Technological advancements in agriculture enhancing oilseed crop yields.
- Changes in dietary preferences and health trends impacting demand for vegetable oils.
- Policy alterations and import regulations affecting domestic production and supply.
- Climate change and its impact on crop production and overall oilseed availability.
- Expansion of alternative energy sources, such as biodiesel, influencing vegetable oil consumption patterns.
