As of 2023, the soybean oil market in India stood at 3.04 million metric tons. Over the last five years, the market experienced an average annual increase (CAGR) of 1.85%. The most recent two-year trends showed year-on-year variations of 1.14% in 2022 and 1.13% in 2023. Future trends from 2024 to 2028 project a slower CAGR of 0.81%, with an overall market growth rate of 4.1%.
Future trends to watch for:
- Impact of domestic soybean production on market supply.
- Changing dietary preferences and their effect on demand for soybean oil.
- Government policies and import regulations influencing market dynamics.
- Technological advancements in oil extraction and processing.
