OILSEED MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In March 2024, the Government of India launched a mission-mode program to significantly increase domestic oilseeds production and reduce the country's reliance on imported cooking oils. This initiative aims to achieve self-sufficiency in edible oil production by supporting farmers, improving crop yields, and investing in research and development.
• In February 2024, the Government of India continued to implement the Centrally Sponsored Scheme known as the National Food Security Mission - Oilseeds & Oil Palm (NFSM-OS&OP), which has been in effect since the 2018-19 fiscal year. This initiative aims to enhance the availability of edible oils in the country by focusing on increasing both the production and productivity of nine key oilseed crops.
• In February 2024, Syngenta Group, a prominent global agriculture technology company, announced significant collaborations following the launch of its innovation accelerator platform, Shoots by Syngenta, in 2023. These collaborations, which bring together expertise from various industries and sectors, are designed to accelerate the development of novel solutions to agricultural challenges more rapidly and efficiently.
• In 2022, Crystal Crop Protection Ltd, an agrochemical company based in India, acquired the seeds division of Bayer AG, a chemical company for an undisclosed amount. This acquisition encompasses hybrid seeds for grain sorghum, cotton, mustard, and pearl millet. With this strategic move, Crystal Crop aims to position itself among the leading companies in the seed industry. Furthermore, this purchase is expected to strengthen its field crop seed business and establish it as a formidable integrated Agri-Input player.