Is it possible to sell consumable products via in-app purchase?
The answer is no, but it is also yes.
Consumables, specifically are not supported. That is any in-app purchase you can make again and again and again and again. They are not supported.
However, durables (that you can purchase one time) can be set to expire in a single day. Many developers have created multiple durables, allowed them to be purchased in a day, kept a central record of their purchase somewhere, and let them expire so the user can purchase them again tomorrow.
So, no, you cannot set consumables.
And, yes, you can set expiring durables and act like daily consumables.