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The market for vegetable oil in India is being aided by the extensive use of vegetable oils in the food and beverage industry. With the rising demand for processed food products owing to the increasing disposable income, vegetable oils are increasingly deployed, which is significantly contributing to the market growth. As traditional Indian cuisine is based on frying and baking, the demand for vegetable oils is increasing, hence augmenting the market growth. Moreover, the increasing use of vegetable oils in biofuels is augmenting the growth of the market. As the concerns regarding rapid climate change, the use of vegetable oils is expected to grow, which is anticipated to augment the industry growth in the forecast period.
Some of the leading companies in the market are Marico Limited (NSE: MARICO) and Cargill. The latter acquired an edible oil refinery in Nellore, Andhra Pradesh, in November 2021. The company acquired the oil refinery for USD 35 million to enhance its consumer offerings while expanding its edible oil production capacity. The acquisition is expected to enable the company to strengthen its existing supply chain and meet the rising consumer demand, especially in the southern region. It is also estimated to enable the company to supply palm olein, refined palm oil, sunflower oil, and hydrogenated oil, among others. It is also predicted to increase the production and packaging of its edible oil brands to enhance its offering to bakery and foodservice consumers. Such expansions and acquisitions are increasing the domestic production of vegetable oils, which are propelling the market growth.
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The major players in the India vegetable oil 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 comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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