Meticulous Research®, a leading global market research company, published a research report titled, ‘Industrial Margarine Market by Type (All Purpose Margarine, Spreadable, Butter Blend, Spray), Form (Hard and Soft), Source (Plants and Animals), Application (Bakery, Confectionery, Toppings, Sauces, and Spreads) - Global Forecast to 2030.'
According to this latest publication from Meticulous Research®, the global industrial margarine market is slated to register a CAGR of 4.3% from 2023–2030 to reach $3.54 billion by 2030. The growth of this market is mainly attributed to the growing bakery industry, the rising vegan population, and low-cost alternatives to butter. However, growing health-conscious consumers is expected to restrain the growth of this market to a notable extent.
The industrial margarine market is segmented by type (all-purpose margarine, spreadable margarine, butter blend margarine, and spray margarine), form (hard and soft margarine), source (plants and animals), application (bakery; confectionery; topping, sauces and spreads; convenience food; and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on type, in 2023, the all-purpose margarine segment is expected to account for the largest share of the global industrial margarine market. The large market share of this segment is attributed to its increasing demand from the food service industry, expanding bakery industry, and growing vegan population. One of the main benefits of all-purpose margarine is that it is lower in saturated fat than butter, which can benefit people looking to reduce their intake of saturated fat. It can be used in cooking, baking, and as a spread for bread, toast, or crackers.
Based on form, the soft margarine segment is expected to witness the fastest growth during the forecast period. The fast growth of this segment is mainly attributed to new product developments and the increasing consumer spending on spreads and dips products. Soft margarine can be lower in saturated fat than butter, mainly made up of saturated fat. High levels of saturated fat in the diet can increase cholesterol levels and contribute to heart disease. Soft margarine made with healthier oils, such as canola or olive oil, can provide a healthier option for those looking to reduce their intake of saturated fats. This is another factor expected to drive the demand for soft margarine.
Based on application, the toppings, sauces, and spreads segment is expected to register the fastest growth in the industrial margarine market. This segment's fast growth is attributed to consumers' changing consumption patterns and preferences for fast foods containing toppings and sauces.
Based on geography, in 2023, Asia-Pacific is slated to register the fastest growth rate during the forecast period. The fast growth of this regional market is mainly attributed to the rising demand for ready-to-use packaged foods with changing lifestyles, rising disposable incomes, rapid urbanization & industrialization, and a rising number of working women.
The industrial margarine market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the global industrial margarine market are Wilmar International Limited (Singapore), Bunge Limited (U.S.), Remia C.V. (Netherlands), Currimjee Group (Mauritius), Fuji Oil Holdings Inc (Japan), Richardson International Limited (Canada), S.A. Aigremont N.V.(Belgium), NMGK Group (Russia), Vandemoortele NV (Belgium), Royale Lacroix SA (Belgium), Conagra Brands, Inc. (U.S.), Puratos Group NV(Belgium), and Upfield B.V.(Netherlands).
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