(MENAFN- GlobeNewsWire - Nasdaq) Increasing Acceptance of Veganism and Plant-based Diets Driving Up Demand for Margarine in Several Countries
Rockville, MD, Jan. 29, 2025 (GLOBE NEWSWIRE) --
According to a new industry report released by Fact.MR, a market research and competitive intelligence provider, the worldwide margarine market revenue is estimated to reach US$ 2.67 billion in 2024 and has been forecasted to increase at a CAGR of 3.5% from 2024 to 2034.
The increasing acceptance of plant-based diets and veganism in several countries is contributing to the margarine market growth. This is one of the reasons behind the rising demand for margarine, especially those manufactured from vegetable oils and other non-dairy ingredients. Margarine is gaining popularity as a vegan substitute for butter because it works similarly and doesn't include any animal ingredients.
Margarine is highly accepted by people who eat plant-based meals due to ethical, health, and environmental considerations. People seeking plant-based and dairy-free options are finding vegan margarines intriguing because they are free from cholesterol and lactose.
The market is expanding in North America due to growing consumer demand for plant-based and organic goods. In addition, the increasing trend of veganism, especially in the United States, is driving market expansion in the region because of the growing usage of vegan and non-GMO margarine.
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Key Takeaways from Market Study
The global margarine market is forecasted to reach a size of US$ 3.77 billion by the end of 2034. The North American region is projected to hold 23.9% of the global market share in 2024. By 2034, the market in the United States is analyzed to account for 45.6% market share of North America. The market in China is estimated to generate revenue worth US$ 292.5 million in 2024. The market in South Korea is evaluated to expand at a CAGR of 4.2% between 2024 and 2034. Based on type, the all-purpose margarine segment is projected to reach a valuation of US$ 1.72 billion by 2034-end. In East Asia, revenue from margarine is forecasted to touch US$ 870.1 million by 2034.
“To attract more consumers, well-known margarine manufacturers are focusing on creating new kinds with extra health benefits including organic ingredients, omega-3 fatty acids, and substances that lower cholesterol,” says a Fact.MR analyst
Leading Players Driving Innovation in the Margarine Market
Key market players are Conagra Foodservice, Inc., Bunge Loders Croklaan, Richardson Food & Ingredients, Aigremont, NMGK Group, Royale Lacroix SA, Earth Balance, BRF SA, Upfield BV, Associated British Foods, Wilmar International Ltd., EFKO Group.
High Preference for Soft Margarine Compared to Hard Ones
Sales of soft margarine are high in comparison with hard ones because of its spreadability and convenience of usage, which is making it a practical choice for daily use. When spreading on bread, toast, and other foods, soft margarine is preferred due to its smooth texture, which needs not to be melted or softened. Because it is generally promoted as a healthier alternative to butter and consumers who place a high value on keeping their fitness are finding it appealing. Demand for soft margarine is rising because of its availability and strong shelf life over butter, which make it a desirable alternative in homes.
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Margarine Industry News:
Wilmar Africa, a well-known name in the food and manufacturing sectors, launched Fortune spread and Fortune all-purpose margarine in Tema in March 2024. Fortune all-purpose margarine is used for baking, toasting, frying, and spreading as a food enhancer. It is fortified with vitamins A and D to provide nutritional benefit.
More Valuable Insights on Offer
in its new offering, presents an unbiased analysis of the margarine market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (spreadable, all-purpose, butter blends), form (hard, soft), source (soybean oil, palm oil, corn oil, sunflower oil, canola oil), nature (GMO, non-GMO), end use (bakery products [Patisseries, Biscuits & Cookies, Breads & Baked Rolls], confectionery, creams & toppings, table top margarine), and distribution channel (traditional trade, modern trade, industrial, food service), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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The global plant protein ingredient market size is calculated at US$ 14.19 billion in 2024. Worldwide demand for plant protein ingredients is projected to increase at a CAGR of 7.4% and reach a market value of US$ 28.97 billion by the end of 2034.
The global lactose-free butter market is valued at US$ 784.8 million in 2023 and is projected to reach US$ 1.8 billion by 2033. Worldwide lactose free butter demand is forecasted to increase rapidly at a CAGR of 9% over the next 10 years.
The plant-based milk powder market is expected to grow at a compound annual growth rate (CAGR) of 7.7%, from a 2024 valuation of US$425.3 million to a 2034 valuation of US$896.5 million.
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
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