Edible oils are most often plant-based oils, which are similar, if not the same as those produced by the industrial biotech industry for use as biofuels such as biodiesel, for use in cosmetics, and in other everyday biotech products. Edible oils may be solid or liquid at room temperature.
The Indian edible oil market is the world’s fourthlargest after the USA, China and Brazil. The Indian per capita consumption for edible oil is expected to grow from the current consumption levels of ~16kg to ~24 kg’s by 2020 with a conservative CAGR of ~6% & 1% (Historical Growth rates) for Total edible oil consumption and Population respectively.
Demand for edible oil is mainly driven by increase in per capita consumption of the commodity, rising income levels and improvement of living standards.
The global edible oil market is anticipated to witness a substantial growth owing to increasing popularity of unrefined, unprocessed, healthy, and organic oil. In the coming years, vegetable oils with low cholesterol, fat, and calories are likely to gain high response due to growing health awareness among people across the world.
Based on end-users, the marker for edible oil can be divided into food processor, food service, and retail. Improving living standards, changing
dietary habits, and increasing consumer preference for healthy edible oil supporting the growth of the global edible oil market. The global castor oil and derivatives market demand was 718.5 kilo tons in 2015 and is expected to reach 1,085.2 kilo tons by 2024, growing at a CAGR of 4.7% from 2016 to 2024.