Market Snapshot
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 22.67 Billion |
| Market Size (2029) | USD 25.54 Billion |
| CAGR (2024 - 2029) | 2.42 % |
| Fastest Growing Market | South America |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Market Overview
The Margarine Market size is estimated at USD 22.67 billion in 2024, and is expected to reach USD 25.54 billion by 2029, growing at a CAGR of 2.42% during the forecast period (2024-2029).
The product's cost-effectiveness is driving the margarine market as it is increasingly being adopted as a low-cost alternative to butter and other fat-soluble spreads. The use of industrial margarine is reducing the cost of end products. In the bakery industry, margarine is widely being used in products such as pastries, doughnuts, and cookies. Thus, the bakery sector holds a significant role in the application of industrial margarine.
Margarine, made by churning cream or milk, is being adopted as a nutritious alternative to butter. Canola, palm fruit, and soybean oil are a few examples of plant-based oils used to make low-fat margarine. While butter includes saturated fats that harm health, margarine sales have recently increased. Consumers are turning to plant-based butter substitutes to maintain their long-term health, which is anticipated to create new margarine industry prospects. In addition, manufacturers are under pressure to develop suitable solutions to cater to the market and satisfy consumer needs as consumers worldwide are demanding clean labels and sustainable products, which is creating a positive impact on the newly developed margarine products with non-GMO, allergen-free, and other beneficial claims and are anticipated to drive the margarine market.
Key Market Trends
Rising Demand for Sustainable Foods
Margarine has been looked down on for a decent time as people move toward butter, finding a healthy alternative to the former. The impact is more noticeable in a high-class society, as high-income people switched from margarine, cheaper than butter, without considering its saturated fat content. However, as the quest for sustainable food has become intense, manufacturers have been catering to changing demands from time to time. New developments are likely to drive the market soon. According to the World Economic Forum report in January 2023, 30% of the consumers are inclining towards sustainable food products.
Many governments' health ministries are partnering with the agriculture ministries to get rid of the harmful components of food, including trans fat, which is further anticipated to promote the growth of the market for sustainable margarine. For instance, Argentina's high heart risk problem was tackled by the initiatives of the government organizations, which finally led to the adoption of schemes that could help to encourage sustainable food by getting rid of industrially-produced trans fats. In addition, various margarine manufacturers in the Netherlands have realized the importance of non-GMO. They have adopted the concept of producing the best ingredients for industries trying to cope with the ever-changing demands. The government across the world are also actively promoting sustainable food production that covers meat, dairy, and alternative protein sources.
Europe holds the Largest Share in Margarine Market
The global margarine market is dominated by Europe, which holds the largest market share. Europe is the largest consumer of margarine, especially due to the high consumption of food processing. Furthermore, Germany and France are the largest consumers in Europe. The industrial margarine demand in Europe is continuously growing, with the rise in the application of this product in the baking and food processing industries. Thus, companies in the industrial margarine market have been greatly expanding their product lines and have been heavily emphasizing their marketing toward young consumers over the past few years. According to the European Commission report in 2021, the food process industry is highly developed in the European region with 294,000 firms, representing 15.2% of all European industry.
Initiatives were taken to near-complete the removal of trans fatty acids in its intake from retail margarine across Western Europe. Due to this, the edible vegetable oils and fats business made substantial efforts to reformulate and improve the quality of margarine, reflect dietary recommendations and medical guidance, and address concerns over the rising global expenses of CVDs. Consequently, this contributed to the region's margarine market's expansion.
Competitive Landscape
The margarine market is fragmented with several global and regional payers. Major players in the market have a broad geographical presence and an extensive product portfolio to cater to numerous foodservice operators and retail and industrial demands. This factor assists the company in maintaining a solid foothold in the market. The major players in the global margarine market include BRF SA, Upfield BV, Puratos, Associated British Foods PLC (Wittington Investments Limited), and Congara Brand Inc. among others.
Major Players
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Conagra Brands, Inc
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BRF SA
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Upfield BV
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Puratos
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Associated British Foods
*Disclaimer: Major Players sorted in no particular order
Recent Developments
- In April 2022, Vandemoortele launched Gold Cup® margarine range and products that consists of 100% vegetable oils and fats that offer functionality and convenience. The company claims that these products have a soft structure, an optimal melting profile and contain natural flavourings. The company also states that packaging of Gold Cup® is environmentally friendly and the products support the sustainable production of palm oil through RSPO certification.
- In November 2021, The Wilmar International Company announced the opening of a new workshop for processing and packaging margarine and fat products.The company has claimed that investments in this project exceeded USD 29 million.
- In September 2021, Fuji Oil Group and ITOCHU Group expanded their vegetable oil business sales channels to cater to new customers, create synergies, and increase their presence in the North American market.
Margarine Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables and Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Growing Demand for Bakery and Confectionery Products
- 4.1.2 Increasing Awareness about the benefits of Vegetarian and Vegan Diets
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4.2 Market Restraints
- 4.2.1 Stringent Regulations for Consumption of Trans-Fats
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Hard
- 5.1.2 Soft
- 5.1.3 Liquid
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5.2 End User
- 5.2.1 Household Consumers
- 5.2.1.1 Supermarkets/hypermarkets
- 5.2.1.2 Convenience/Grocery Stores
- 5.2.1.3 Online Retail Stores
- 5.2.1.4 Other Distribution Channels
- 5.2.2 HoReCa
- 5.2.3 Industrial
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.1.4 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.2 Germany
- 5.3.2.3 France
- 5.3.2.4 Russia
- 5.3.2.5 Italy
- 5.3.2.6 Spain
- 5.3.2.7 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 India
- 5.3.3.2 China
- 5.3.3.3 Japan
- 5.3.3.4 Australia
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 South Africa
- 5.3.5.2 United Arab Emirates
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 Associated British Foods
- 6.3.2 Conagra Brands Inc.
- 6.3.3 Fuji Oil Co. Ltd
- 6.3.4 Bunge Limited
- 6.3.5 Wilmar International
- 6.3.6 Upfield BV
- 6.3.7 Puratos NV
- 6.3.8 BRF SA
- 6.3.9 Richardson International Limited
- 6.3.10 NMGK Group
- 6.3.11 Vandemoortele
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Scope of the Report
Margarine is a spread manufactured from animal fats and vegetable oil and is generally used as a substitute for butter. The global margarine market is segmented by type, end user, and geography. By type, margarine is segmented into hard, soft and liquid margarine. By end user, the market is segmented into household consumers, HoReCa and industrial. By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, Middle East & Africa. The market sizing has been done in value terms in USD for all the above mentioned segments.
| Type | Hard | |
| Soft | ||
| Liquid | ||
| End User | Household Consumers | Supermarkets/hypermarkets |
| Convenience/Grocery Stores | ||
| Online Retail Stores | ||
| Other Distribution Channels | ||
| End User | HoReCa | |
| Industrial | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Russia | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | South Africa |
| United Arab Emirates | ||
| Rest of Middle-East and Africa |
Margarine Market Research Faqs
How big is the Margarine Market?
The Margarine Market size is expected to reach USD 22.67 billion in 2024 and grow at a CAGR of 2.42% to reach USD 25.54 billion by 2029.
What is the current Margarine Market size?
In 2024, the Margarine Market size is expected to reach USD 22.67 billion.
Who are the key players in Margarine Market?
Conagra Brands, Inc, BRF SA, Upfield BV, Puratos and Associated British Foods are the major companies operating in the Margarine Market.
Which is the fastest growing region in Margarine Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Margarine Market?
In 2024, the Europe accounts for the largest market share in Margarine Market.
What years does this Margarine Market cover, and what was the market size in 2023?
In 2023, the Margarine Market size was estimated at USD 22.13 billion. The report covers the Margarine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Margarine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Margarine Industry Report
Statistics for the 2024 Margarine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Margarine analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
