The global industrial margarine market is expected to record a CAGR of 5.1% between 2023 and 2033. In 2023, the market valuation is expected to be at US$ 2.69 billion. By 2033, the figures are expected to surge beyond US$ 4.42 billion.
The world has been witnessing an increase in lactose intolerance cases. The experts believe that nearly 68% of people suffer from lactose intolerance in some way or the other. This presents a huge opportunity in front of the market, as these are not made of milk, and are a rich source of Vitamin D and Vitamin A as well.
There has been an increasing clamor against the consumption of GMO-based food products. Lots of people who have consumed GMO-based products have reported incidents like illness and unease. Apart from that, as these are not naturally processed, the nutritional value is much lower as compared to their organic counterparts. Industrial margarine is a non-GMO-based product. Such factors are expected to surge the demand for industrial margarine during the forecast period.
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The Middle East nations are extremely particular when it comes to halal certifications. The industrial margarine and its products are halal certified, which has skyrocketed consumer confidence.
The growing bakery market represents a world of opportunities in front of the industrial margarine sector. The global bakery products market is expected to cross a valuation of US$ 600 billion by 2030. Margarine is used in bakery products, as these act as an emulsifier and also assist in the spreading process.
There is also increased consumption of plant-based food products owing to surging vegans and a surging health consciousness. Industrial margarine does not contain animal fats, and this is expected to massively surge the adoption rate.
Thus, from the insights provided by FMI researchers, it can be inferred that ‘surging cases of lactose intolerance, rising consumption of non-GMO food, mandatory halal certification, and a lot of other factors are expected to surge the industrial margarine market share during the forecast period.’
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Key Takeaways:
- The market is expected to record a CAGR of 5.1% during the forecast period.
- In 2023, the market size is estimated to be US$ 2.69 billion.
- By 2033, the figure is expected to surge beyond US$ 4.42 billion.
- Based on regional analysis, North America is expected to hold the dominant market share. On the basis of CAGR, Asia Pacific is expected to hold the leading position.
- On the basis of type, the spreadable segment is expected to hold the leading market share during the forecast period.
- Based on application, the bakery segment is expected to hold the leading market share during the forecast period.
Competitive Landscape
The key players operating in the market are focusing on looking for leaders, who have been a part of the market for decades. Through their expertise, the manufacturers might expand their capabilities. The idea is also to develop strategies to get into meaningful mergers and acquisitions. This is done to expand the market share, and serve new regions. The manufacturers are also developing strategic partnerships with players from other niches to assess their technology. This may also help in knowledge sharing. With a focus all set on sustainable development, the key players are setting strategies that are in tandem with the United Nations’ sustainability goals. Thus, there is an increasing deployment of green practices, like working intensely to reduce carbon emissions.
Key developments in the market:
- In December 2022, Bunge decided to invest in a new protein concrete facility in the United States.
- In August 2022, Conagra Brands promoted Tracy Schaefer to Chief Information Officer.
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Industrial Margarine Market Segmentation
By Type:
- All Purpose
- Spreadable
- Butter Blend
By Form:
- Hard
- Soft
By Source:
- Plant
- Animal
By Application:
- Bakery
- Spreads
- Sauced and Toppings
- Confectionary
- Convenience Foods
- Other Applications
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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