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.
Worldwide, the number of cases with lactose intolerance has increased. Experts estimate that more than 68% of people suffer from lactose intolerance in one way or another. This presents the market with a significant opportunity because they are devoid of milk and a fantastic source of both vitamin D and vitamin A.
There is growing resistance to consuming food products that include genetically modified organisms (GMOs). Numerous users of GMO-based products have complained of illness and pain. Additionally, because these are not naturally processed, their nutritional content is far lower than that of their organic counterparts. Industrial margarine is made as a non-GMO product. These factors are expected to increase demand for industrial margarine over the forecast timeframe.
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Key Takeaways:
- Lactose Intolerance Opportunity:
- Global cases of lactose intolerance are on the rise, affecting over 68% of the population.
- Industrial margarine, being free of milk, presents a significant opportunity in catering to the lactose-intolerant consumer base.
- Nutritional Advantages:
- Industrial margarine serves as a great source of both vitamin D and vitamin A, enhancing its appeal in the market.
- Non-GMO Advantage:
- Growing opposition to GMO-based products due to reported discomfort and disease.
- Industrial margarine stands out as a non-GMO product, offering nutritional value comparable to organic equivalents.
- Projected Demand Surge:
- The combination of lactose-free composition and non-GMO nature positions industrial margarine for increased demand during the forecast period.
Market Dynamics and Projections:
Cases of lactose intolerance and concerns about GMO-based products contribute to the projected growth of industrial margarine. The market’s expected trajectory aligns with changing consumer preferences towards healthier and non-GMO alternatives, propelling the industry to surpass US$ 4.42 billion by 2033.
The countries of the Middle East are quite picky about halal certifications. The halal certification of the industrial margarine and its products has greatly increased 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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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