Project report for Vegetable oil

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Introduction

India is one of the largest importers of vegetable oils today. Indian edible oil production would become 3x the existing 8-9 mn tons production and India will be self-sufficient on existing cultivated land itself.Traditional Indian export destinations such as Thailand, Indonesia, Vietnam etc. are switching to lower priced origins due India’s uncompetitive pricing in export markets. Leaving aside the debate on the health effects of increase in oil consumption and its role on prevalence of lifestyle diseases. Increasing income, urbanisation, changing food habits, and deeper penetration of processed foods will be key drivers of future consumption growth.

Vegetable oils, or vegetable fats, are oils extracted from seeds or from other parts of fruits. Like animal fats, vegetable fats are mixtures of triglycerides. Soybean oil, grape seed oil, and cocoa butter are examples of fats from seeds. Olive oil, palm oil, and rice bran oil are examples of fats from other parts of fruits. In common usage, vegetable oil may refer exclusively to vegetable fats which are liquid at room temperature. Vegetable oils are usually edible; non-edible oils derived mainly from petroleum are termed mineral oils. Vegetable oils are extracted from the seeds, nuts, and fruits of various plants. They provide essential nutrients, such as vitamins E, A, and B1, and omega-3 and omega-6 fatty acids. Vegetable oils are widely employed in the preparation of numerous dishes across the globe. The vegetable oil market has been segmented by type, which includes palm oil, soybean oil, rapeseed oil, sunflower oil, olive oil, and other types. Based on application, the market is segmented into food, feed, and industrial.

Market potential & Strategy

The global vegetable oil market reached a production volume of 214.20 crores tons in 2020. The market is projected to grow at a CAGR of nearly 3% in the forecast period of 2021-2026 to attain a production volume of 255.80 Crores tons in 2026. The rise in consumption in these economies is a result of the growing population, changing diets, and higher standards of living. The rising demand for its imports has provided further impetus to the market. There is a considerable rise in the demand for vegetable oils in the production of fuels, culinary soaps, and perfume formulations.

This represents one of the key factors propelling the market growth. Apart from this, the increasing awareness among individuals about the health benefits of consuming vegetable oils, such as managing heart health, is also driving the market. In addition to this, there is a significant rise in the need for vegetable oils as an alternative for mineral oil across different end use industries. This can be attributed to their affordable price, lower volatility, better pressure performance, high viscosity, and easy availability around the world. Furthermore, the increasing prevalence of lifestyle diseases has resulted in the changing dietary habits of consumers worldwide. As a result, leading market players are introducing minimally processed and organic vegetable oil variants. This, along with numerous initiatives undertaken by governing agencies of several countries to promote bio-based products like vegetable oils, is stimulating the market growth.

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