OUTLOOK AND PROSPECTS The outlook for consumer products remains largely stable, though shaped by evolving dynamics. Rising disposable incomes, urbanisation, and changing dietary preferences continue to fuel demand for highquality, convenient, and affordable food products. However, inflationary pressures and regulatory changes necessitate business agility. The business environment remains highly competitive, with cost pressures from raw materials and regulatory constraints influencing pricing strategies. Through SAJI and SERI PELANGI, we aim to strengthen our position in cooking oils and yellow fats while expanding into sauces, condiments, spices, seasonings, rice-based products, and noodles. Meanwhile, PREMEO will continue enhancing its presence in the premium segment. To support growth, FGV will implement new trading models to optimise export margins and strengthen its market position in Southeast Asia. By 2030, we aim to capture an additional 10% - 30% of the local market share across different food categories, alongside strategic acquisitions in Indonesia, Vietnam, and Thailand. Over the next decade, we plan to enter seven more SEA and MENA markets, aiming for a 6% market share in Wave 1 regions by 2040. With a strong foundation, continuous innovation, and focused strategic growth, we are well-positioned to drive long-term success in the consumer products segment. CONSUMER PRODUCTS Business Review: Consumer Products Division From everyday essentials to premium picks, FGV’s range of brands caters to the many tastes of our consumers. 114 FGV Holdings Berhad | Annual Integrated Report 2024
RkJQdWJsaXNoZXIy NDgzMzc=