Meticulous Research®, a leading global market research company, published a 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.'
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Meticulous Research® reports that the global industrial margarine market is projected to grow at a 4.3% CAGR between 2023 and 2030, reaching a market value of $3.54 billion by the end of the forecast period. This growth is primarily driven by the rising demand in the bakery sector, the growing adoption of vegan diets, and margarine’s affordability as a substitute for butter. However, the increasing focus on health-consciousness among consumers may limit market expansion.
The industrial margarine market is segmented by type (all-purpose, spreadable, butter blend, and spray margarine), form (hard and soft), source (plant-based and animal-based), application (bakery, confectionery, toppings, sauces, spreads, convenience food, and others), and geographic regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Among types, the all-purpose margarine segment is expected to lead the market in 2023, driven by its wide use in the food service and bakery industries, along with increasing popularity among vegan consumers due to its lower saturated fat content. Meanwhile, the soft margarine segment is predicted to grow at the fastest pace, fueled by product innovation and rising consumer demand for healthier spreads.
In the application segment, the toppings, sauces, and spreads category is forecast to register the fastest growth, propelled by the rising consumption of fast foods that feature these products. The Asia-Pacific region is expected to witness the highest growth during the forecast period, driven by changing lifestyles, urbanization, and increasing disposable income.
Prominent players in the market include Wilmar International Limited (Singapore), Bunge Limited (U.S.), Fuji Oil Holdings Inc. (Japan), Remia C.V. (Netherlands), and Richardson International Limited (copyright), among others.
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