The data on Palm Kernel Oil non-food uses in India from 2014 to 2023 reveal significant fluctuations. Starting at 192.0 thousand metric tons in 2014 and 2015, the usage saw a sharp decline to 69.0 in 2016, followed by varied recovery trends, peaking at 126.0 in 2018, and gradually declining to 86.0 by 2023. This period experienced an average annual decline (CAGR) of 7.35% over the last five years, with a year-on-year decrease of 5.49% in 2023.
Looking ahead, forecasted data from 2024 to 2028 suggests a continued downward trajectory, with an anticipated year-on-year decrease and an average annual decline projected at 6.23%, resulting in a 27.5% decrease by 2028.
Future trends to watch include:
- An increasing focus on sustainable and renewable resources that might impact the utilization of Palm Kernel Oil for non-food purposes.
- Potential regulatory changes influencing the oil's industrial use.
- Technological advancements in alternative raw materials that could substitute Palm Kernel Oil, influencing overall demand and application.
