The most consumed oils globally include soybean, sunflower, mustard, palm, corn, coconut, rice bran, castor, sesame, and shea. In India, soybean, groundnut, rapeseed/mustard, castor seed, coconut and sunflower oils are the most produced oils. India for example imports a significant quantity of edible oil to meet domestic consumption needs.
What is the vegetable oil economy of India?
Abstract – The vegetable oil economy of India ranks fourth globally. India has been a significant player in the global market for edible oils, accounting for about 7% of production, 12% of consumption, and 20% of imports during the years 2016¨C17. Vegetable oil consumption grew at an annualrate of 4.3% over the previous two decades.
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 the demand for vegetable oil in India?
DEMAND-SUPPLY GAP OF EDIBLE OIL IN INDIA Between 2015¨C16 and 2019¨C20, the demand for vegetable oils, according to the Agriculture Ministry, was in the range of 23.48 to 25.92 Mt. The domestic supply, which was 8.63 to 10.65 Mt throughout this time, was substantially lower.