India Vegetable Oil Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

India Vegetable Oil Market Outlook

The India vegetable oil market attained a volume of about 33.52 MMT in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 14.30% to reach nearly 111.63 MMT by 2032.

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Extensive Use of Palm Oil in Cooking Bolstering the Market Growth of Vegetable Oil in India

The extensive consumption of palm oil in India is augmenting the market for vegetable oil. The versatility and cost-effectiveness offered by palm oil are also propelling the growth of the market. With the growing demand for food and consumer products like soaps, ice creams, and lipsticks, the consumption of palm oil is increasing, thereby driving the market growth. In addition, the robust growth of the foodservice industry owing to the rising disposable income in the country is surging the use of palm oil, which is providing further impetus to the growth of the vegetable oil industry in India.

As India is one of the leading importers of vegetable oils, the government is increasingly attempting to increase their domestic production and enhance cost-efficiency, which is propelling the market growth. For instance, in August 2021, the Indian government announced the National Edible Oil Mission-Oil Palm (NMEO-OP) and an investment of INR 11,000 crore to enhance domestic oilseed production. Moreover, the increasing arable land, the adoption of innovative techniques to boost yield, and the utilisation of agrochemicals, among others, are also increasing the production of oilseeds, hence bolstering the growth of the market.

Vegetable Oil: Market Segmentation

Vegetable oil, variously known as vegetable fat, refers to the oil that is extracted from the seeds or other parts of a plant. It is typically used in roasting, cooking, marinating, frying, baking, and seasoning food and beverages. Vegetable oils are also used in various industries like cosmetics and personal care, as well as pharmaceuticals, among others.

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The major types of vegetable oil are:

• Soybean Oil
• Palm Oil
• Sunflower Oil
• Mustard Oil/Rapeseed Oil
• Vegetable Oil
• Rice Bran Oil
• Others

The market can be broadly categorised on the basis of its applications into:

• Food
• Industrial
• Biofuel
• Others

The EMR report looks into the regional markets of vegetable oil in India like North India, West India, South India, and East India.

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Growing Demand for Healthy Vegetable Oils to Augment the Growth of the Vegetable Oil Industry

The growing prevalence of various health-related issues such as diabetes, hyperthermia, and cancer, among others, in the country is surging the demand for healthy vegetable oils like sunflower, mustard, and soybean oils, among others. As consumers are increasingly preferring vegetable oils with health benefits, the demand for such oils is surging, hence driving the industry growth. With the increasing consumption of organic food, the use of healthy vegetable oils is surging in the processed food industry, thus fuelling the industry growth.

The growing focus on rapid climate change is leading to a surge in the adoption of innovative measures to boost the sustainable production of oilseeds. This is significantly increasing the production of oilseeds of soybean and sunflower oils, which is augmenting the market for vegetable oil. Moreover, the government is introducing various favourable initiatives to provide support to small farmers for sustainable production of vegetable oils, hence fuelling the growth of the market. Various leading companies are increasingly investing in utilising sustainable vegetable oils, which is estimated to further invigorate the growth of the market in the coming years.

Key Industry Players in the India Vegetable Oil Market

The report presents a detailed analysis of the following key players in the India vegetable oil market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Adani Wilmar Limited
• Ruchi Soya Industries Limited
• Bunge Ltd.
• Marico Limited
• Cargill, Incorporated
• Patanjali Ayurved Limited
• Emami Agrotech Ltd.
• Mother Dairy Fruit & Vegetable Pvt. Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report