The global vegetable oils market saw India lead with 14.13 million metric tons, followed by China at 12.42, and the United States at 6.62 in 2024. Significant year-on-year growth was noted in countries like India (+1.29%), Myanmar (+2.96%), Thailand (+2.18%), Uganda (+1.57%), Madagascar (+3.4%), and Togo (+3.38%) while countries such as Venezuela (-3.1%), Ukraine (-1.5%), and Liberia (-1.02%) experienced declines. Over a longer period, India and China have consistently maintained top positions, reflecting robust domestic demand and increased agricultural productivity.
Future trends to watch include:
- Expanding agricultural production in developing markets like India, Myanmar, and Uganda.
- Potential volatility in politically unstable regions affecting supply, such as Ukraine and Venezuela.
- Technological advancements in agriculture enhancing yield and efficiency in countries with positive growth trends.
- Environmental policies potentially impacting vegetable oil production and consumption patterns globally.
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 14,130 | 2023 | +1.38% | +1.29% | View data |
| 2 | 2 China | 12,420 | 2023 | 0% | 0% | View data |
| 3 | 3 United States | 6,620 | 2023 | +0.3% | +0.25% | View data |
| 4 | 4 Brazil | 4,380 | 2023 | +0.5% | +0.33% | View data |
| 5 | 5 Indonesia | 3,390 | 2023 | +1.22% | +0.65% | View data |
| 6 | 6 Russia | 2,380 | 2023 | +0.34% | +0.12% | View data |
| 7 | 7 Nigeria | 2,120 | 2023 | +0.38% | +0.019% | View data |
| 8 | 8 Japan | 2,010 | 2023 | +0.1% | +0.17% | View data |
| 9 | 9 Italy | 1,590 | 2023 | -0.13% | -0.013% | View data |
| 10 | 10 Spain | 1,430 | 2023 | +0.7% | +0.7% | View data |
