Does edible oil production keep up with consumption rate?
However, the growth in edible oil output has not kept up with the consumption rate. Edible oil demand has been rising at a rate of 6% annually, but production has only increased by 2% annually(Renjini& Jha, 2019).
How to predict edible oil production in India?
Modeling and projections of India’s edible oil production were made using the statistical program Python. The demand-supply imbalance and the current import scenario of edible oil into India were collected to analyze the status of edible oil production in India. Then ARIMA algorithm is used to predict edible oil production for the next three years.
What is edible oil market in India in 2021?
In 2021, the edible oil market in India had a volume of 23.9 million Tons. A total of 27.04 million hectares were occupied by oilseeds, which helped to produce 33.42 MT in 2019¨C20. India is perfectly equipped for growing all the important annual oilseed crops due to its wide agroecological variety.
Why is edible oil demand increasing in India?
Edible oil demand has been rising at a rate of 6% annually, but production has only increased by 2% annually(Renjini& Jha, 2019). India is one of the top producers of oilseeds in the world, but due to its growing population and urbanization, it imports more than half of the edible oil it consumes annually(Meena et al., 2015).