The India soybean oil market exhibited strong growth during 2014-2019. Soybean oil refers to a yellowish vegetable oil that is naturally extracted from the seeds of soybean. Soybean oil currently represents the second most consumed edible in India after palm oil. Some of the key factors driving the demand of soybean oil in India includes its large population, rising disposable incomes, growth of the food services sector and increasing demand in non-food applications.
In India, the changing consumer dietary habits are primarily augmenting the demand for soybean oil based on its neutral taste, high smoke point, and low saturated fat content. Moreover, rising consumer health concerns have led to the introduction of healthy product variants for managing heart health and lowering blood cholesterol levels. Additionally, the high penetration of international food trends in India has led to the increasing utilization of soybean oil in preparing condiments, dressings, mayonnaise, non-dairy creamers, margarine, shortenings, whipped toppings, etc. Besides this, the rising consumer sedentary lifestyles and their hectic work schedules are also augmenting the demand for soybean oil in processed food items. Moreover, soybean oil also finds several applications in the personal care industry based on its high content of vitamin E that prevents skin inflammation and helps in retaining skin moisture. Western and Central India currently represent the biggest markets for soybean oil in the country as they also represent the key regions where the domestic soybean crop is grown. Additionally, there is also a strong household demand for soybean oil in Western and Central India.
The outbreak of the COVID-19 pandemic, in early 2020, however, has had a negative impact on the demand of soybean oil in India. The pandemic resulted in a nationwide lockdown in the country which led to disruptions in the supply chains of soybean oil. Additionally, the lockdown also resulted in the temporary closure of hotels, restaurants, cafeterias, and other food service joints in the country, creating a negative impact on the demand of soybean oil. The India soybean oil market, however, is expected to recover from 2021 onwards and exhibit strong growth during 2021-2025.
IMARC Group provides an analysis of the key trends in each sub-segment of the India soybean oil market report, along with forecasts for growth at the region level from 2020-2025. Our report has categorized the market based on region, packaging type, packaging material, pack size, domestic manufacturing/imports, application and distribution channel.
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The competitive landscape of the industry has also been examined along with the profiles of the key players.
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