In 2023, India's domestic consumption of soybean oil stood at around 5.14 million metric tons. Forecasted data from 2024 to 2028 indicates a steady increase in consumption, starting at 5.23 million metric tons in 2024 and reaching 5.59 million metric tons by 2028. The year-on-year increases show a consistent upward trend, with percentage variations reflecting incremental growth each year from 2023 onwards. Specifically, the CAGR over the forecasted five-year period is indicative of a modest but sustained average annual growth rate.
Future trends to watch for include potential impacts of government policies on agriculture and import duties, shifts in dietary preferences towards plant-based oils, advancements in soybean oil production technology, and evolving trade scenarios within the global market. Monitoring these factors will be crucial for predicting and strategizing around future consumption patterns in India.
