NEWARK, Del, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The margarine market is projected to increase from US$ 34,617.0 billion in 2023 to US$ 55,711.7 billion by 2033, with a CAGR of 5.1% from 2023 to 2033.
The market expansion is primarily driven by the rising demand for margarine in the culinary, health, and wellness sectors. Margarine finds applications in diverse industries, including retail, food service, personal care, cosmetics, and medical, further contributing to its market growth and widespread usage.
Margarine products offer several health advantages, including reducing the risk of heart disease, delivering essential vitamins A and D, and supporting weight reduction. Health-conscious consumers are rapidly recognizing margarine's remarkable health benefits and versatility, leading to a surge in demand.
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The potential to enhance health while providing unique flavor profiles makes margarine a popular choice among consumers seeking healthier and tastier alternatives. This trend has led to rising demand for margarine as a suitable replacement for butter in various culinary applications.
Margarine's versatility and stability at room temperature make it a popular choice for use in various food industry applications. Its use in baking, cooking, and food processing has increased its demand in the foodservice and bakery sectors. As a result, the food industry's reliance on margarine has positively impacted the market, driving its growth and market penetration.
Market Opportunities
The rapid growth of the margarine industry is fueled by the increasing demand for organic ingredients in these products. The growing preference for clean labels and natural ingredients presents an opportunity for margarine manufacturers to reformulate their products to meet consumer demands. By removing artificial additives and preservatives and using natural ingredients, margarine brands can position themselves as more transparent and trustworthy.
As margarine is typically made from vegetable oils and free from animal-derived ingredients, it lines up well with the preferences of plant-based and vegan consumers. As the demand for plant-based food continues to surge, there are abundant opportunities for margarine makers to capitalize on this trend and develop plant-based spreads to cater to evolving consumer preferences.
The continuous innovation in margarine products keeps the market dynamic and caters to diverse consumer needs. This includes reduced-fat options, spreads with added functional ingredients, and flavored variations. These innovations attract new customers and help retain existing ones, contributing to the overall positive growth of the margarine market.
The Asia Pacific region is expected to emerge as the prime margarine market during the forecast period. The growing popularity of plant-based and vegan diets has expanded the region's potential consumer base for margarine.
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Key Takeaways
- The margarine sector is projected to expand at a CAGR of 5.1% from 2023 to 2033.
- By 2033, the margarine market is projected to reach a valuation of US$ 55,711.7 billion.
- In 2022, the United States dominated the margarine industry with a share of 23.0%.
- In 2022, Germany expanded significantly in the margarine industry, with a share of 8.5%.
- In 2022, India is projected to surge significantly in the margarine industry, exhibiting a CAGR of 4.3% through 2033.
- Japan solidified its position as a key player in the margarine sector in 2022, securing a substantial 4.5% market share.
Competitors Winning Strategies
Competitors in the margarine market are adopting diverse winning strategies, such as forming partnerships, conducting advertising campaigns, expanding their networks, and introducing new products. These successful approaches are helping firms in the industry gain a competitive edge and enhance their market share. By effectively implementing these tactics, companies in the margarine sector have the potential to continue growing and achieving success in the future.
Top 10 Companies Profiled in the Margarine Market:
- Land O’ Lakes
- Earth Balance
- Imperial
- Bluebonnet
- Country Crock
- I Can't Believe It's Not Butter!
- Smart Balance
- Parkay
- ADEKA Corporation
- Grüninger AG
Recent Developments:
In March 2022, ADEKA CORPORATION's food business, known as "RISU BRAND," announced the introduction of a new line of plant-based foods called "Deli-PLANTS." This specifically caters to the professional use markets. ADEKA intends to introduce its inaugural lineup of four delightful products under this brand, comprising of highly concentrated oat milk, cheese cream, whipped cream, and margarine. The sequence of these launches intends to revolutionize the perception and usage of plant-based foods in the market.
In March 2021, Grüninger AG, a renowned Swiss producer of margarine and bakery fats, successfully created an innovative technology. This new technology enables the production of palm-free, vegan, and vegetarian margarine with the added benefit of effectively masking any off-note flavors.
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Market Segmentation
By Source:
- Animal-Based
- Plant-Based
By Form:
- Sticks
- Liquid
- Tubs
- Cubes
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Top Reports Related To Food and Beverage Market Insights
Butter and Margarine Market Size: Global butter and margarine market demand are anticipated to be valued at US$ 4,285.4 million in 2022, forecast to grow at a CAGR of 6.6% to be valued at US$ 8135.4 million from 2022 to 2032.
Butter Flavor Market Share: The global butter flavor market is anticipated to reach a valuation of US$ 569.4 million by 2033. The market is predicted to showcase a CAGR of 7% from 2023 to 2033.
Spreads Market Analysis: The spreads market value is expected to total US$ 29.9 Billion in 2023, according to Future Market Insights (FMI). The overall market value is expected to reach US$ 53.2 Billion by 2033, growing at a CAGR of 5.9% from 2023 to 2033.
Sweet and Savory Spread Market Value: The Sweet and Savory Spread market is valued at USD 14 Bn in 2022 and is projected to grow at a CAGR of 4.1% during the forecast period, reaching a value of USD 21.0 Bn by 2032.
Dairy-Free Spreads Market Growth: The global Dairy-Free Spreads Market is expected to reach a market valuation of USD 13.52 Billion by the year 2023, accelerating with a CAGR 3.3% by 2023 to 2033.
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