According to this latest publication from Meticulous Research®, the global industrial margarine market will grow at a CAGR of 3.0% from 2018 to 2023 to reach USD 2,945.5 million by 2023, driven by increasing consumption of margarine, growing bakery and confectionery industry, and low price of margarine. However, factors such as rising health issues and disorders related to obesity, growing need to comply with international quality standards, and stringent regulations are expected to hinder the growth of this market to some extent.
Key Market Segments to Watch
The global industrial margarine market is mainly segmented by type (all purpose margarine, spreadable margarine, butter blend margarine, spray margarine), form (hard and soft), source (plants and animals), application (bakery, confectionery, toppings, sauces, spreads, convenience food, and others), and geography.
Based on type, all purpose margarines accounted for the major share of the global industrial margarine market in 2017, owing to its range of benefits, such as it ensures high organoleptic properties of the finished product (clean milky taste and aroma) throughout the shelf life, stability of shape of deposited products after baking, and high resistance to oxidizing (low acid and peroxide values). It is also characterized by good aeration properties, as it has the ability to absorb air producing rich mass saturated with air; and has a presence of specially developed emulsifiers in its formula, promoting formation of fine emulsion. In addition, all purpose margarine has good frying properties, produce a pleasant smell during frying, have good spreadability and flavor release, and create good volume in cakes and creams. These properties further increase the demand of all purpose industrial margarine in many countries across the globe.
Based on form, hard margarine accounted for the major share of the global industrial margarine market in 2017, due to its ability of being resistant to oxidation. It can also, however, generate a firm texture that is less spreadable. Based on source, plant sourced industrial margarine held the largest share of the market in 2017 and is expected to dominate market during the forecast period, as it contains less calories; rich in antioxidants, especially carotenoids; and has high oxidative stability due to its high level of natural antioxidants and high saturated fatty acid content.
Geographically, this market is segmented into North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia Pacific (China, India, Japan, Australia, and RoAPAC), Latin America, and Middle East & Africa. Asia Pacific region is expected to witness significant growth during the forecast period due to rising household income and consumption levels, which have increased the demand for bakery products; high levels of foreign investment and large numbers of foreign-funded enterprises that promote technologies improvements in the industry; strengthening government food regulations, which standardized the operations and maintained consumer confidence in food safety; and growing consumer preferences for high-quality products.
Top Companies Operating in the Global Industrial Margarine Market
The key players operating in the global industrial margarine market are Wilmar International Limited (Singapore), Bunge Limited (U.S.), Remia C.V. (The Netherlands), Currimjee Group (Mauritius), FUJI OIL HOLDINGS INC. (Japan), Richardson International Limited (Canada), s.a. Aigremont n.v. (Belgium), Vandemoortele (Belgium), NMGK Group (Russia), EFKO Group (Russia), Royale Lacroix SA (Belgium), Conagra Brands, Inc. (U.S.), and Puratos Group NV (Belgium).
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