The new report by Expert Market Research titled, ‘India Vegetable Oil Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the India vegetable oil market, assessing the market based on its segments like types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): 25.66 MMT
• Forecast CAGR (2023-2028): 14.30%
• Forecast Market Size (2027): 57.22 MMT
The Industry for vegetable oil in India is being driven by the increasing consumption of palm oil in the country. As palm oil is cost-effective and versatile, it is extensively used in products like lipsticks, ice creams, and soaps, among others, hence driving market growth. The market growth can also be associated with the robust growth of the foodservice industry, which, in turn, is propelling the demand for vegetable oils.
In addition, with the introduction of various government initiatives to bolster the domesticthe production of vegetable oils and increase their affordability, the market is witnessing robust growth. Moreover, the increasing use of agrochemicals, along with the rising arable land, is augmenting the production of oilseeds, hence positively impacting the growth of the industry.
Industry Definition and Major Segments
Vegetable oil refers to oil that is extracted from a plant and is utilised in cooking, roasting, baking, marinating, and seasoning food and beverage. It is a major energy source and a crucial carrier of essential nutrients. It also finds its applications in industries such as pharmaceuticals and cosmetics and personal care, among others.
Based on type, the market is divided into:
• Soybean Oil
• Palm Oil
• Sunflower Oil
• Mustard Oil/Rapeseed oil
• Vegetable Oil
• Rice Bran Oil
• Others
By applications, the market is classified into:
• Food
• Industrial
• Biofuel
• Others
The major regional markets of vegetable oil in India are:
• North India
• West India
• South India
• East India
Market Trends
The industry for vegetable oil in India is being propelled by the growing prevalence of various health-related issues like cancer and hyperthermia, which is surging the use of mustard, sunflower, and soybean oils. The increasing preference for healthy oils and the increasing incorporation of healthy vegetable oils in organic food are bolstering the market growth.
As the concerns regarding rapid climate change is significantly surging, the use of vegetable oils to boost the sustainable production of oilseeds is escalating, thus driving the market growth. The increasing investments in sustainable production of vegetable oils by the leading companies and government are expected to provide further impetus to the market growth in the forecast period.
Key Market Players
The major players in the market are Adani Wilmar Limited, Ruchi Soya Industries Limited, Bunge Ltd., Marico Limited, Cargill, Incorporated, Patanjali Ayurved Limited, Emami Agrotech Ltd., and Mother Dairy Fruit Vegetable Pvt. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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