In 2023, the import volume of vegetable oils in India stood at approximately 15.70 million metric tons. Forecasts indicate a steady increase from 2024, starting at 15.86 million metric tons, to 16.52 million metric tons by 2028. The year-on-year growth rates illustrate slight upward trends, with the compound annual growth rate (CAGR) over the next five years averaging around 1.04%.
Looking ahead, several factors could influence these trends, including:
- Fluctuations in global vegetable oil prices influencing import costs.
- India's domestic agricultural and commodity policy changes.
- Potential shifts in dietary and consumption patterns.
- Technological advancements in domestic oil production capacities.
