ABSTRACT:
This paper outlines the world oils and fats supply and demand situation focusing on production and disappearance, which is forecast to grow by 2.3% per annum respectively by the year 2020. Amidst this scenario of continued growth, the oils and fats industry is expected to encounter various challenges, namely resource constraints, lower productivity (yield), rising cost of production, impediments to market access arising from agricultural and export subsidies. In addition, in the effort to maintain continued market growth and increased market share, the oils and fats industry would have to intensify new product development and venture vigorously into more value-added products. Apart from this, the growing health concerns of consumers and how they have dictated food legislation/regulations will also be elucidated. Issues of concern in this category include the formation of trans-fatty acids arising from hydrogenation. Increasing pressure exerted by non-governmental organizations (third sector) will also be highlighted with respect to food standard formulations and environmental protection based on ecological balance. Finally, the paper advocates the need for closer co-operation amongst both producers and exporters of oils and fats so that benefits are mutually reaped
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