G8 Nations Exploring New Prospects Market Outlook: Ken Research

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The G8 countries are among the most industrialized nations. There strong progress extends to their food and beverage industry as well which is made up of many segments like groceries, oils and fats, additives, packaged foods, canned foods, energy drinks and soft drinks among others. According to the study, ‘Oils & Fats Global Group Of Eight (G8) Industry Guide 2013-2022’, these countries immensely contribute to this already fledgling sector that is estimated to be worth trillions of US dollars. Contributing to this industry are the markets for specialty fats and oils which were recently valued at billions of US dollars with the oil industries worth being several times that of specialty fats.

Bakery products have been reported to account for the largest market share in the specialty fats sector. High income countries such as UK, US, Canada and Germany have experienced a growth in the production and consumption of ultra-processed food mainly bakery products such as breads, pastries, cakes and cookies. Creaming fats and specialty oils such as cake oils are increasingly used to enhance the product performance and ensure higher consumer satisfaction.

Despite the progress made, the G8 countries are not the absolute leaders in the oil and fats market. World consumption of oils and fats is driven mainly by Asia which accounts for half of the world total. China and India together make up one-third of the world total. Chinese demand, which is the greatest globally, is mainly for soya bean oil, followed by canola and palm oils. India follows next and is a major consumer of canola oils as well as palm oils and butter. From the G8 nations only the US is comparable to India and China as it is third, after the two giants with a one-tenth consumption of the world’s fats and oils mainly in food uses such as salads and cooking oils. Europe as a whole is responsible for a significant one-fifth part of the demand for the world’s oils and fats but the end use pattern has been found to vary from country to country. For example, France continues to consume fats and oils primarily for food use while Germany’s growth is driven by biodiesel use.

Even in the production sector, Asia appears far ahead of the G8 nations with Indonesia being the world’s largest producer with more than one-fifth production share and harboring more than half of the global production of palm oil. Indonesia is followed by China, Malaysia and India as global leaders. All this has led to Asia becoming the largest global producer of oils and fats accounting for more than half of the global produce.

The leading companies from G8 nations that make a global impact are mainly from the United States and Japan. The companies from the former nation are Cargill and Bunge while those from the latter one are Fuji Oil and The Nisshin Oillio Group.

Apart from uses in the food industry, oils and fats are also being increasingly used in the industrial sector. There is a continuous shift from food to industrial consumption. In Europe there has been increased use of rapeseed oil for biodiesel production. Similar patterns are observed in South America with soya bean oil.

The G8 nations are key contributors to the general food and beverage market. By market size, six of the top ten countries for the overall food and beverages industry are G8 nations with the US being the global leader and Japan being third in the global ranking. Russia, Germany, France and the UK follow shortly. The growing interest in biodiesel has led to Europe’s shift from food to industrial uses in its oil and fats industry. Though G8 nations may not be leaders in oil and fats, yet they are strong economies that are exploring new prospects and going strong in the bakery segment.

To know more, click on the link below:

https://www.kenresearch.com/food-beverage-and-tobacco/general-food/oils-fats-industry-guide/149746-11.html

Related Reports:

https://www.kenresearch.com/food-beverage-and-tobacco/general-food/oils-fats-europe/150137-11.html

https://www.kenresearch.com/food-beverage-and-tobacco/general-food/oils-fats-asia-pacific/150126-11.html

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Ken Research

Ankur Gupta, Head Marketing & Communications

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