Analysis of fuel oil consumption in the manufacture of foods in China shows a notable decline from 2013 to 2023. In 2013, the consumption stood at 5.09 ten thousand metric tons but reduced significantly to 1.24 in 2023.
This downward trend is pronounced from 2013 to 2020 with significant year-on-year decreases, particularly in 2015 (-35.2%), 2016 (-27.3%), and 2020 (-61.61%). However, a slight uptick is noted from 2021 to 2023, with a year-on-year variation of 95.81% in 2021, 27.79% in 2022, and 14.87% in 2023.
The CAGR over the last five years is -10.23%. The forecast from 2024 to 2028 suggests a stabilization of fuel oil consumption with a marginal growth rate of 1.29%, reflecting a forecasted 5-year CAGR of 0.26%.
Future trends to watch for:
- Potential shifts to alternative energy sources reducing dependency on fuel oil.
- Continued advancements in energy-efficient technologies in the food manufacturing sector.
- Policy changes and governmental incentives aiming at reducing carbon footprints in the industry.
- Economic recovery patterns post-pandemic affecting overall industrial energy consumption.
