The vegetable oils market in India stood at 14.13 million metric tons in 2023. Reviewing the year-on-year variation, there was a gradual increase over the past decade, but the growth rate has decelerated recently. The market grew from 11.26 million metric tons in 2015 to 14.13 million metric tons in 2023. The Compound Annual Growth Rate (CAGR) over the last five years is 1.29%, indicative of a steady but slowing growth trend. It is forecasted to continue growing moderately up to 15.03 million metric tons by 2028, corresponding to a forecasted CAGR of 0.98% over the next five years.
Future trends to watch for:
- Changes in consumer preferences towards healthier oils.
- Impact of agricultural policies and domestic production on the market.
- Fluctuations in global vegetable oil prices affecting imports.
- Technological advancements in oil extraction and processing.
