Redding, California, May 09, 2023 (GLOBE NEWSWIRE) -- According to a new market 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,’ the global industrial margarine market is slated to register a CAGR of 4.3% during the forecast period to reach $3.54 billion by 2030.
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The growth of the industrial margarine market is driven by the growing bakery industry, the rising vegan population, and low-cost alternatives to butter. Additionally, the rising demands for spreads and dips and emerging economies in Latin America, Asia, and the Middle East & Africa provide significant growth opportunities for margarine manufacturers in the coming years.
The industrial margarine market is segmented by type (all-purpose margarine, spreadable margarine, butter blend margarine and spray margarine), form (hard margarine 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).
Based on type, the spreadable margarine segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increasing demand for on-the-go foods, new product development and innovations in spreads and dips, and demand from weight-gaining consumers. One of the advantages of spreadable margarine is its convenience. Unlike stick margarine, which often requires softening at room temperature or melting before it can be spread, spreadable margarine is ready to use straight from the refrigerator. It can be easily spread on bread, toast, or other baked goods without tearing them.
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Based on application, in 2023, the bakery 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 the increasing urbanization and inclination towards convenience foods, changing consumer tastes and preferences, growing demand for healthier fortified baked products, the growing global cold-chain market, and the availability of a wide range of bakery products across various distribution platforms.
The global industrial margarine market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. 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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Scope of the Report:
Industrial Margarine Market Assessment, by Type
- All Purpose Margarine
- Spreadable Margarine
- Butter Blend Margarine
- Spray Margarine
Industrial Margarine Market Assessment, by Form
- Hard Margarine
- Soft Margarine
Industrial Margarine Market Assessment, by Source
- Plants
- Animals
Industrial Margarine Market Assessment, by Application
- Bakery
- Confectionery
- Toppings, Sauces, and Spreads
- Convenience Food
- Other Applications
Industrial Margarine Market Assessment, by Region
- North America
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- U.S
- Canada
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- Europe
-
- Germany
- France
- U.K
- Italy
- Spain
- Rest of Europe
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- Asia-Pacific
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- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
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- Latin America
- Middle East & Africa
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