In 2023, the UK Food, Beverages, and Tobacco sector's natural gas consumption stood at 1.51 million tonnes of oil equivalent. Forecasts indicate a gradual decline in consumption, with values decreasing from 1.5 in 2024 to 1.46 by 2028. This represents a minimal year-on-year decrease of approximately 0.67% annually throughout this period. The average compound annual growth rate (CAGR) over the five years from 2024 to 2028 is about -0.67%, reflecting a steady reduction in natural gas usage in this sector.
Future trends to watch for include:
- The impact of sustainability initiatives and policies on natural gas consumption.
- Technological advancements aiming to replace natural gas with renewable energy sources.
- Market dynamics in response to energy prices and evolving consumer demand for eco-friendly products.
- Regulatory changes encouraging reduced carbon emissions in industrial processes.