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India's domestic vegetable oil production is projected to grow at a compound annual growth rate (CAGR) of 10-15% in 2024, according to industry experts[2]. This growth is expected to be driven by various factors, including increased acreage under oilseed cultivation and improved yields. India is the fourth-largest producer of vegetable oils in the world, contributing about 6% of global production[5].
The country's oilseed production has doubled over the past three decades, with groundnut, rapeseed-mustard, and soybean accounting for a significant portion of domestic edible oil supply[5]. While India remains a major importer of vegetable oils, particularly palm oil, the projected increase in domestic production is expected to help reduce the country's reliance on imports and improve self-sufficiency in edible oils[4][5].
Citations:
[1] https://thefederal.com/category/business/spice-wars-indias-food-regulator-must-step-up-to-beat-export-bans-123996
[2] https://www.tridge.com/news/indias-domestic-vegetable-oil-production-lik-qylrdm
[3] https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/agriculture/022723-interview-indias-vegetable-oil-imports-may-hit-4-year-high-says-industry-head
[4] https://www.thehindubusinessline.com/markets/commodities/indian-vegetable-oil-import-expected-to-decline-to-162-mt-in-2023-24/article67912381.ece
[5] https://www.gcirc.org/fileadmin/documents/Bulletins/B26/B26%205RKGupta.pdf
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