Global Perspective of Indian Edible Oil Industry
The edible oil industry is one of the most important industries in the agri-commodities sector in India. Every Indian household spends a significant amount of money buying this most essential commodity, which is one of the drivers of the market. According to market analysts, the Indian edible oil industry is expected to grow at a compound annual growth rate of 8.8% by revenue and 9.9% by volume between 2017 and 2030. India is the largest consumer of vegetable oil in the world and palm oil is the most used in the country. In the year 2017, India consumed around 9.4 million tonnes of palm oil; almost all of it was imported from Malaysia and Indonesia. These two countries are the largest producers of palm oil accounting for as much as 85 percent of the total global production. India is the largest importer of palm oil followed by the European Union and China. The palm oil industry in India is expected to grow at a compound annual growth (CAGR) of 8.2%, during the ...