In 2023, India's domestic consumption of palm oil stood at 9.75 million metric tons. Looking at the forecasted data from 2024 to 2028, there is a consistent upward trend in palm oil consumption. For the years 2024 and 2025, the expected consumption is 9.97 and 10.19 million metric tons respectively, reflecting a year-on-year increase of approximately 2.2% and 2.2%. The subsequent years 2026, 2027, and 2028 show projected consumptions of 10.41, 10.63, and 10.85 million metric tons, representing year-on-year increases of around 2.2%, 2.1%, and 2.1% respectively. The CAGR over this five-year period is approximately 2.2%.
Future trends to watch for include potential changes in government policies regarding edible oils, shifts in consumer preferences towards healthier oils, and possible impacts of climate change on palm oil production. Additionally, international trade dynamics, such as tariffs and import restrictions, could also influence domestic consumption patterns in India.
