India Edible Oil Market Size to Reach 26.7 Million Tons by 2028, at a Growth Rate of (CAGR) 1.55%

Source Digital Journal

Posted on June 23, 2023

Photo By Agrihunt

According to the latest report by IMARC Group “India Edible Oil Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The India edible oil market size reached 24.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 26.7 Million Tons by 2028, exhibiting a growth rate (CAGR) of 1.55% during 2023-2028.

What is Edible Oil?

Edible oil is a refined oil extracted from plants, animals, and synthetic fats used for preparing different dishes. It comprises coconut, palm, olive, sunflower, canola, avocado, peanut, sesame, mustard, rice bran, flaxseed, hemp seed, grapeseed, rapeseed, almond, and soybean oil manufactured from lard, beef fat, butter, ghee, and cod liver oil. It enhances the taste and adds extra flavor and aroma to different dishes. Edible oil is rich in proteins, fatty acids, sterols, tocopherols, and vitamins A, D, E, and K. It offers antioxidants essential for boosting immunity and fighting against inflammation.

It helps control blood sugar levels, improve good cholesterol for better heart health, reduce insulin sensitivity, and enhance the quality of skin and hair with anti-aging properties. It clears the digestive tract, prevents indigestion, builds tissues, and maintains oral health. It is widely utilized for cooking, sauteing, and pan-frying, grilling, roasting and deep-frying steaks, nuggets, French fries, egg rolls, onion rings, and cheese sticks. It is employed in baking cakes, cookies, pies, and fritters and used to prepare salad dressings, dips, and pickles. As it is cost-efficient, edible oil is widely utilized in restaurants, cafes, and hotels in India to prepare a wide variety of dishes.

What are the growth prospects and trends in the India edible oil industry?

At present, the rising demand for edible oil to prepare food in the residential and commercial sectors of India represents one of the key factors driving the market. Besides this, the Government of India is undertaking initiatives to boost production and reduce the import of edible oil. This, along with the burgeoning oil industry, is propelling the growth of the market in the country. In addition, the rising number of distribution channels and online brands in India selling organic edible oil, cold-pressed oil, and blends of various oil is contributing to the growth of the market.

Apart from this, the growing number of hotels, restaurants, and fast-food chains serving exotic dishes and street food in the country is offering a favorable market outlook. Additionally, the rising demand for healthy edible oil, such as olive, sesame, coconut, and avocado oils, with low cholesterol levels due to the increasing health consciousness among the masses is strengthening the growth of the market in India. Furthermore, key market players operating in the country are extensively investing in research and development (R&D) activities to enhance the production of edible oil with sustainable measures, which is projected to bolster the growth of the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type: