Margarine Market To Hit Value .32 Billion By 2027 |Grand View Research, Inc.
Posted by Mrudula Anil Karmarkar on April 23rd, 2021
The global margarine market size is expected to reach USD 4.32 billion by 2027, expanding at a CAGR of 2.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing number of health conscious consumers is expected to drive the demand for the product as it contains low fat, low calorie, and low cholesterol. Furthermore, the consumption pattern will shift towards healthier and heart-friendly alternatives in the near future due to growing aging population.
Increasing application of the product in the bakery and confectionary industry is a key factor fueling the market growth. Margarine has gained significant popularity as an affordable, healthier, and sustainable ingredient among numerous food manufacturers. As a result, in terms of application, the commercial segment dominated the market in 2020.In terms of product, hard margarine led the market with over 50% share of the total revenue in 2020. It is the most used form of the product in the food industry. Rising acceptance of packaged cookies and biscuits has widened the opportunity for hard margarine over the world. Liquid margarine is expected to witness the fastest growth over the forecast period owing to its lower fat content.
Key competitors in the industry include Unilever; Bunge Limited; NMGK Group; Conagra Brands, Inc.; Wilmar International Ltd.; BRF; Yildiz Holding; Cargill, Incorporated; Uni-President; Upfield; China Mengniu Dairy Company Limited; and Namchow. Merger & acquisition and new product launch are the key strategies adopted by the margarine manufacturers. For instance, in July 2018, Kohlberg Kravis Roberts & Co. L.P. (KKR) completed its acquisition of Unilever’s Spreads business. KKR acquired the business for USD 8.04 billion and it includes Unilever’s Country Crock, Becel, Flora, and Blue Band brands. This acquisition helped to reshape and enhance the product portfolio of the Spreads business.
Furthermore, health benefits associated with margarine, including a reduction in low-density lipoprotein (LDL), are expected to play a substantial role in driving the product demand among the health-conscious consumers. Suitability of margarine for the lactose intolerant population as it is a plant-based dairy-free option is also expected to boost the market growth in the years to come.
Margarine Market Report Highlights
The scope of the product has widened over the world due to the growing aging population. According to the United Nations Department of Economic and Social Affairs, the population aged 65 or above is anticipated to double by 2050. Growth of this population group will shift the consumption pattern towards healthier alternatives in the upcoming years. Therefore, demand for heart-friendly products, such as margarine, is expected to boost in the near future.
Moreover, health-conscious consumers increasingly prefer the product owing to its low fat, low calorie, and low cholesterol properties. In addition, demand for margarine will remain high in the nations, including China and India, owing to the price consciousness of the consumers. Along with households, a large number of food producers are adopting margarine as a sustainable, affordable, and healthier raw material.
Stringent regulations and increasing need to meet international quality standards have been posing a challenge for the market. In addition, increasing occurrence of obesity-related health issues and disorders are encouraging consumers to avoid the consumption of fat. This trend is expected to hamper industry growth in the upcoming years.
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Key market players include Unilever; Bunge Limited; NMGK Group; Conagra Brands, Inc.; Wilmar International Ltd.; BRF; Yildiz Holding; Cargill; Incorporated; Uni-President; Upfield; China Mengniu Dairy Company Limited; and Namchow. Companies are expanding their business through strategies, such as merger & acquisition and product launch.
For instance, in September 2018, Bunge Limited introduced Delica Pro Gold, a liquid margarine, under its Bunge Loders Croklaan brand. Delica Pro Gold is a non-hydrogenated product that contains no artificial flavors or colors and is made with plant-based oils. As per the company, this liquid margarine increases the volume of a food item and offers a uniform structure, therefore it is an ideal ingredient for both industrial and artisanal bakeries.
Grand View Research has segmented the global margarine market on the basis of product, application,:
Margarine Product Outlook (Revenue, USD Million, 2016 - 2027)
Margarine Application Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 845
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