Even though soybean production is on the rise, the consumption pattern is in opposition, with people preferring lower-priced palm oil over soybean oil. On the other hand, the traditionally consumed cotton oil is underutilized to about two-thirds of its potential, with a major concentration on the textile industry. Still, cottonseed oil has become an important source of edible oil and is now the third largest contributor to the domestic edible oil supply. As one, the mentioned oil shows the change in the consumer buying preference due to the price sensitivity, the corn oil has proved otherwise. Even though corn oil is sold at a generally low price, the less popularity acts as a hindrance to market growth.
The recent publication of Bonafide Research named ‘India Edible Cottonseed Oil, Soybean Oil & Corn Oil Market Outlook, 2027-28’, highlights the market insights and performance of the oil in the total edible oil market in India. The characteristics of no alteration in the taste of the food and the availability at a considerate price range and loaded with health benefits can be considered as the commonality of these oils. The total edible oil market is estimated at INR 5,19,905 Crore in the year 2027, out of which the three oil is expected to grow to a market of more than INR 1,50,000 Crore by the end of the forecasted period. In terms of production, cottonseed oilseed is expected to have very minimal growth and thus range to the production of slightly over 0.05 million tonnes by the end of the forecasted period. Against this expected market, the soybean oilseed is expected to show a profitable increase, crossing 1 million Tonnes of production. By application, corn oil is less popular among Indian consumers, and thus the oil used for cooking holds less than 60% of the market share. But the oil has much more popular in industrial applications in soap, rustproofing for metal surfaces, inks, textiles, nitro-glycerine, and insecticides, with the pharmaceutical segment holding up to 8.45% of the market.
The market of these three oils is dominated by the organized market, both in terms of value and volume. While soybean oil and cottonseed oil have a contribution of over 80% from the organized markets, corn oil has a contribution of less than 75%, in the year 2021. It can be excepted that the market will show an increasing trend, with the consumers being more aware of the adulteration and the need of consuming a better-quality product. These oils are incredibly versatile and can be used in a variety of cooking methods, including frying, baking, and roasting. In addition, it has been linked to several health benefits, especially when it comes to the heart, skin, and bones. Apart from having a capacity to capture a dominating position in the kitchen shelves, these oils have many other applications and are commonly used for industrial purposes or as an ingredient in cosmetics.
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