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.'
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According to the latest publication from Meticulous Research®, the global industrial margarine market is projected to achieve a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030, reaching a valuation of $3.54 billion by 2030. The market's growth is primarily driven by the expanding bakery industry, a rising vegan population, and the demand for low-cost alternatives to butter. However, the increasing number of health-conscious consumers is expected to pose a significant restraint on market growth.
The industrial margarine market is categorized by type (all-purpose margarine, spreadable margarine, butter blend margarine, and spray margarine), form (hard and soft margarine), source (plant-based and animal-based), application (bakery; confectionery; toppings, sauces, and spreads; convenience foods; and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The report also examines industry competitors and provides an analysis of regional and country-level markets.
In terms of type, the all-purpose margarine segment is anticipated to hold the largest share of the global industrial margarine market in 2023. This segment's dominance is due to its rising demand from the food service industry, the expanding bakery sector, and the growing vegan population. All-purpose margarine is lower in saturated fat than butter, which benefits individuals seeking to reduce their saturated fat intake. It is versatile and can be used in cooking, baking, and as a spread.
Regarding form, the soft margarine segment is expected to experience the fastest growth during the forecast period. This rapid growth is largely due to new product developments and increasing consumer spending on spreads and dips. Soft margarine, typically made with healthier oils like canola or olive oil, offers a healthier option by being lower in saturated fat compared to butter. This health benefit is a key driver of demand for soft margarine.
When considering application, the toppings, sauces, and spreads segment is projected to register the fastest growth in the industrial margarine market. The shift in consumer consumption patterns and the preference for fast foods with toppings and sauces are significant factors contributing to this growth.
Geographically, Asia-Pacific is expected to register the fastest growth rate in 2023 and throughout the forecast period. Factors such as the rising demand for ready-to-use packaged foods due to changing lifestyles, increasing disposable incomes, rapid urbanization and industrialization, and the growing number of working women are driving this regional market's growth.
Key Players: The industrial margarine market features a moderately competitive environment with numerous large and small global, regional, and local players. Key companies operating in the global industrial margarine market include 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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