The demand for vegetable oils in India stood at 24.24 million metric tons in 2023. From 2014 to 2023, the market exhibited fluctuations with notable year-on-year variations such as an 11.19% increase in 2015 and a -0.78% decrease in 2016. More recently, the period from 2021 to 2023 saw stable growth with year-on-year increases of 1.17%, 1.13%, and 1.1% respectively. Over the last five years, the market experienced an average CAGR of 1.19%.
Forecasts for the next five years suggest modest growth with a CAGR of 0.79%, predicting a total growth rate of 4% by 2028.
Future trends to watch for include increasing health-conscious consumer behavior driving demand for healthier oil alternatives, potential policy changes impacting import duties, and advancements in agricultural practices that may affect domestic production.
