NEW YORK, April 25, 2022 /PRNewswire/ -- As per detailed industry analysis by Persistence Market Research, the global margarine market is valued at over US$ 19 Bn in 2022, and is estimated to register value growth at a CAGR of 3.3% over the forecast period (2022-2032).
Butter is produced by churning cream or milk to separate the solid constituents from butter. It generally finds application in cooking, baking, and as a spread. It is an animal-based fat and the increasing vegan population tends not to consume it for the very basic reason that it is derived from animals. Moreover, the medical community states that butter is not good for human health as it has some portion of bad saturated fat content.
This has triggered food scientists to come up with alternatives that are both, healthy and plant-derived. The best and most easily available options are vegetable oils and plant-derived oils. Margarine is manufactured by mixing a plant-based oil, such as soybean oil, canola oil, palm oil, or any other oil, with either water or milk. The vegetable oil part is almost 80% of the overall margarine. Now, as margarine is plant-based and also a cheaper option as compared with butter, it is preferred in major industry segments such as bakery and confectionery.
Furthermore, margarine contains an array of ingredients. Margarine producers add salt and other compounds to it to make the flavour and texture enjoyable and mouth-watering for consumers, which is further driving market expansion.
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Key Takeaways from Market Study
- Based on source, majority of market share is held by soybean oil-based margarine. Market value of this category stands at US$ 5.29 Bn in 2022.
- Based on nature, majority of market share is held by GMOs; however, the non-GMO segment is estimated to register higher growth at a CAGR of 4.2%.
- Based on type salted margarine is anticipated to reach US$ 6.59 Bn by the end of 2032.
- Margarine end use is greatly dominated by the bakery industry. This end-use industry holds more than 70% market share.
- In the bakery industry, majority of margarine gets consumed in patisserie and bread & baked rolls. The patisserie segment is anticipated to register growth at a CAGR of 3.3% over the forecast period.
- When it comes to distribution channel, modern trade is expected to increase at CAGR of 4.3%.
- Based on region, highest consumption of margarine is in North America with more than 40% market value share.
- The COVID-19 pandemic had a moderate impact on the margarine market. Due to nationwide lockdowns, supply chain disruptions took place, but due to the provided leniency for the F&B industry by most governments, it was restored to some extent if not to full potential.
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"Key manufacturers of margarine are targeting rising market trends such as vegan, kosher, organic, etc., and are offering their products in line with these labels. This will help them expand their market across various end-use industries, especially the bakery industry," says a Persistence Market Research analyst.
Competitive Landscape
Prominent margarine-producing businesses are inclined at mergers and acquisitions to increase their market share and product offerings to counter the competition. This helps them increase their market presence by targeting new consumer bases.
- On December 1, 2020, Brazil's JBS concluded a deal to buy Bunge's margarine and mayonnaise business.
- In 2017, Unilever planned a US$ 7.4 Bn sale of its margarine business.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global margarine market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on source (soybean oil, palm oil, corn oil, sunflower oil, canola oil, and others), nature (GMO & non-GMO), type (salted and unsalted), end use (bakery products, confectionery, creams & toppings, and table top margarine), and distribution channel (traditional trade, modern trade, industrial, and food service), across six major regions of the world.
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