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The Margarine Market size is projected to increase by USD 8.50 billion and the market size is estimated to grow at a CAGR of 5.03% between 2023 and 2028.
The report includes a comprehensive outlook on the margarine market, offering forecasts for the industry segmented by Distribution Channel, which comprises offline and online. Additionally, it categorizes Product into regular and low-fat, and covers Geography regions, including Europe, North America, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Increasing health consciousness among people is the key factor driving market growth. Consumers are becoming more conscious of the health risks associated with unhealthy eating habits. As a result, they are looking for healthier food options. Since margarine is a popular alternative to butter, it has seen a significant change in consumer preferences. In addition, with the increasing prevalence of chronic diseases like obesity, diabetes, and heart conditions, people are looking for ways to control their food intake to improve their overall health and well-being. As a result, due to this rising health consciousness, many market players are launching plant-based organic dairy products. Thus, such factors will drive the growth of the global margarine market during the forecast period.
The Margarine Market shows an Accelerated CAGR during the forecast period.
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Increasing demand for sustainable foods is the primary trend shaping market growth. The global margarine market is experiencing a surge in demand as consumers become increasingly conscious of the environmental and social implications of food production practices. As a result, they are increasingly looking for products that are traceable and transparent in the sources of the ingredients used in the production of margarine.
Moreover, such products include palm oil derived from certified plantations, as well as alternative oils such as shea butter and sunflower oil. Hence, such factors will thereby boost the growth of the global margarine market during the forecast period.
Shifting consumer preferences from dairy products is a challenge that affects market growth. Margarine has long been used as a substitute for butter due to its low cost and its perceived health benefits. However, the global margarine market has been affected by the shift of consumers towards natural, organic, and plant-based products. As a result, margarine sales have decreased significantly worldwide. In addition, the global margarine market has been affected by a number of factors, with one of the most significant being the rise in the demand for vegan and dairy-free products.
As a result, margarine, which typically contains dairy ingredients, has seen a decrease in demand as more people adopt a vegan or plant-based lifestyle or opt to avoid dairy products due to health or ethical reasons. This has led to an increase in the number of consumers seeking alternative spreads made from nut, seed, or oil sources, including almond butter, olive oil, and avocado spread. Thus, such factors may impede the growth of the global margarine market during the forecast period.
Regular margarine is broadly spread and often used as a replacement for butter. Regular margarine is usually made from vegetable oils. Regular margarine is a popular choice among consumers due to its cost-effectiveness. It is typically less expensive than butter and offers a comparable taste and texture. This makes regular margarine an ideal substitute for a variety of culinary applications, such as spread on bread, in cooking, and in baking. This makes various market players of margarine increase the sale of new regular margarine to meet the high demand. Thus, such factors under the regular margarine segment are expected to increase the demand for regular margarine and thereby expand the growth of the global margarine market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. Margarine products are typically sold and distributed through offline distribution channels. Offline channel contains supermarkets, hypermarkets, and convenience stores, as well as local grocery stores. These offline channels have been widely used and accepted by consumers for many years, allowing for convenient access to a broad selection of products, such as margarine.
The offline segment was valued at USD 18.96 billion in 2018.
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Supermarket and hypermarket chains have a significant presence around the globe and are the go-to choice for consumers seeking a vast shopping experience. Retail giants provide a wide selection of margarine products, allowing customers to compare price points, read labels, and make informed decisions. Consumers often view supermarkets as a dependable platform for margarine purchases due to the abundance of products and competitive prices. Thus, such factors will drive the growth of the global margarine market through the offline segment during the forecast period.
Europe is estimated to contribute 32% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe holds a leading position in the global margarine market due to its significant consumption as a substitute for butter across various applications such as baking, roasting, and toasting. One of the driving factors in the regional margarine market is the new changes in culinary and health consumption habits. Margarine holds a cherished place in European cuisine, being used in a wide array of dishes, from baked goods to savory recipes.
Moreover, margarine rich flavor and creamy texture contribute to the distinctive taste of many traditional and modern recipes. In addition, the margarine market in Europe is characterized by a dynamic landscape influenced by a combination of consumer preferences, health consciousness, culinary traditions, and industry dynamics. Thus, such factors are expected to drive the growth of the margarine market in Europe during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The margarine market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The margarine market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Margarine Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.03% |
Market Growth 2024-2028 |
USD 8.50 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.91 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 32% |
Key countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADEKA Corp., Bunge Ltd., Conagra Brands Inc., Fuji Oil Holdings Inc., Kaneka Corp., Land O Lakes Inc., Marinfood Co. Ltd., NMGK Group, Richardson International Ltd., s.a. Aigremont n.v., Sime Darby Plantation Berhad, Upfield BV, Vandemoortele NV, Wilmar International Ltd., Puratos Group NV, and Gagar Foods Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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