India's vegetable oil production stood at 9.04 million metric tons in 2023. The production has shown modest growth, with a year-on-year increase of 0.5% from 2022 to 2023. Over the last ten years, there have been fluctuations, but the overall trend is upward. Significant drops occurred in 2015 with an 18.21% decrease and in 2020 with a -4.5% change. However, substantial rebounds in 2016 and 2017 helped stabilize production. The last five years show a cumulative average growth rate (CAGR) of 0.12% annually.
Looking ahead, the forecasted data indicates a continued gradual increase in vegetable oil production, with a 5-year CAGR of 0.4% and an overall growth rate of 2.01% by 2028.
Future Trends to Watch For:
- Impact of climate change on agricultural yields.
- Technological advances in oilseed production and processing.
- Policy changes related to agricultural subsidies and trade.
- Shifts in domestic and international demand for vegetable oils.
