Global Margarine Market to Grow at 2.9% During 2024-2032, Bolstered by Arrival of Clean Label Products

The latest report by IMARC Group, titled “Margarine Market Report by Source (Plant, Animal), Form (Sticks, Cubes, Tubs, Liquid, and Others), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Specialty Stores, Online Stores, and Others) Application (Household, Bakery, Confectionery, Spreads, Sauces and Toppings, and Others), and Region 2024-2032,” finds that the global margarine market reached a value of US$ 3.5 Billion in 2023. Margarine is a non-dairy product rich in unsaturated and trans-fat that is used as a functional and inexpensive substitute for butter. It is obtained from vegetable oils, such as corn, palm, canola and soybean or animal fats. It acts as a good source of essential fat-soluble nutrients that lowers the risk of cardiovascular diseases and blood cholesterol levels. Margarine is used in cooking, baking, or as spread in various dishes to enrich their taste and add texture and volume. Moreover, industrial margarine is often neutral or mildly flavored so that it does not overshadow the flavor of the final product. 

Global Margarine Market Trends: 

The global margarine market is primarily driven by the growing health consciousness among consumers. For instance, the increasing occurrences of obesity-related health issues and disorders have resulted in the shift toward margarine due to its low fat, calories, and cholesterol content. Apart from this, the lactose intolerant population widely prefers margarine as it is a dairy-free and plant-based product. Besides this, margarine is used as an essential ingredient in several bakery products such as pastries, cakes, cookies, and doughnuts. In addition, the growing demand for clean label and sustainable products has encouraged manufacturers to introduce non-GMO and allergen-free margarine products. Furthermore, rapid urbanization and globalization,the introduction of organic variants and shifting food preferences of consumers are some of the other factors escalating the demand for margarine. Looking forward, the market is expected to exhibit a CAGR of 2.9% during the forecast period (2024-2032).

Market Summary: 

• Based on the source, the market has been segmented into plant and animal.
• On the basis of the form, the market has been classified into sticks, cubes, tubs, liquid, and others.
• The market has been categorized based on the distribution channel into hypermarkets and supermarkets, convenience stores, specialty stores, online stores, and others.
• On the basis of the application, the market has been segregated into household, bakery, confectionery, spreads, sauces and toppings, and others.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, the United Arab Emirates, and others).
• The competitive landscape of the market has been examined, with some of the key players being Bunge Limited, Conagra Brands, Inc., EFKO Group, NMGK Group, Puratos NV/SA, Richardson International Limited, Vandemoortele NV, and Wilmar International Limited.

Report Scope: