From 2014 to 2023, soybean oil demand in India showed fluctuations, starting at 3.69 million metric tons in 2014 and reaching 4.98 million metric tons in 2023. Significant growth was observed in 2015 and 2016, with year-on-year variations of 20.86% and 10.82%, respectively. Subsequently, demand growth became more stable yet modest, with occasional declines, notably in 2018. The 2023 year-on-year growth was 1.24%, indicating steady but low growth. The compound annual growth rate (CAGR) over the last five years was 2.24%. Future trends, including the forecast to 2028, suggest a CAGR of 0.89%, signaling moderate and stable growth, culminating in a 4.51% increase over five years.
Future trends to watch for include shifting consumer preferences towards healthier oils, potential policy changes affecting imports and prices, and the impact of technological advances in agricultural practices. Monitoring these factors will help gauge their influence on soybean oil demand in India.
