Industrial Hard Margarine Market Revenue to Cross $2.86 Billion, Globally, by 2028 with 2.9% CAGR – Comprehensive Study by The Insight Partners
The global industrial hard margarine market size is driven by rising demand for margarine as a low-cost alternative to butter, proliferation of european bakery industry and growing popularity of veganism.
New York, Feb. 27, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Industrial Hard Margarine Market Size, Share, Growth, Trends and Global Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Spreadable, All-Purpose, Butter Blend) and Application [Bakery and Confectionery (Cookies and Biscuits, Cakes, Flaky Pastries, and Other Bakery and Confectionery), RTE and RTC Food, Meat and Dairy Substitutes, and Others]”; the global industrial hard margarine market share to record a CAGR of 2.9% from 2022 to 2028, it is expected to grow from USD 2.41 billion in 2022 to USD 2.86 billion by 2028.
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Global Industrial Hard Margarine Market – Report Scope:
|Market Size Value in||USD 2.41 Billion in 2022|
|Market Size Value by||USD 2.86 Billion by 2028|
|Growth rate||CAGR of 2.9% from 2022 to 2028|
|No. of Pages||147|
|No. of Tables||68|
|No. of Charts & Figures||78|
|Historical data available||Yes|
|Segments covered||Type, and Application|
Global Industrial Hard Margarine Market: Competitive Landscape and Key Developments
Vandemoortele NV, Bunge Ltd, Puratos NV, NMGK Group of Co, Fuji Oil Co Ltd, Wilmar International Ltd, Nubeser Soluciones SLU, Cardowan Creameries Ltd, AAK AB, and Eccelso Ltd are among the key players operating in the industrial hard margarine market. These companies have a widespread presence across the world, which allows them to serve a large number of customers.
A similar report on “Industrial Margarine Market to 2027 – Global Analysis and Forecasts by Application (Bakery, Spreads Sauces and Toppings, Confectionery, Convenience Food, Others); Type (Spreadable Margarine, All-Purpose Industrial Margarine, Butter Blend); Source (Animal Source, Plant Source); Form (Hard Industrial Margarine, Soft Industrial Margarine), and Geography”. “Global Industrial Margarine Market Analysis to 2027” is a specialized and in-depth study of the industrial margarine industry with a special focus on the global market trend analysis. the global industrial margarine market size was valued at US$ 2,480.0 million in 2018 and is projected to reach US$ 3,330.4 million by 2027; it is expected to grow at a CAGR of 3.4% from 2019 to 2027. Companies like Bunge Limited, Associated British Foods plc., Conagra Brands, Inc., EFKO Group, Fuji Oil Europe, NMGK Group, Puratos, Richardson International Limited, Vandemoortele, Wilmar International Ltd. are discussed in this research available at https://www.theinsightpartners.com/sample/TIPRE00005149
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Impact of COVID-19 Pandemic on Global Industrial Hard Margarine Market Growth:
The COVID-19 pandemic affected economies and industries in various countries across the globe. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. The shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of various countries in Europe, Asia Pacific (APAC), and North America on international travel compelled companies to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of various markets, including the industrial hard margarine market.
North America held the largest share of the industrial hard margarine market in 2022. The market growth in the region is attributed to consumers are moving toward a healthy lifestyle and preferring products that provide health benefits, owing to the growing incidence of diseases such as diabetes, high blood pressure, and constipation. According to the Centers for Diseases Control and Prevention (CDC), 37.3 million people in the US had diabetes in 2021. Further, the demand for plant-based food has increased in the young population, which is fueling the industrial hard margarine market growth. In addition, the well-established food processing industry in the region uses industrial hard margarine to prepare several food products. Key food processing manufacturers in the region are focusing on the adoption of low-cost alternatives to butter, which is surging the demand for industrial hard margarine.
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Rising Demand for Margarine as Low-Cost Alternative to Butter Drives Global Industrial Hard Margarine Market Growth:
Margarine is traditionally produced by the hydrogenation of vegetable oils such as palm oil, canola oil, rapeseed oil, and safflower oil. Being a cheaper alternative to butter, it is widely used in the industrial-scale production of bakery products, which may allow manufacturers to lower the prices of their final products. With characteristics that are similar to butter, margarine improves the texture and stability of various bakery products, such as cakes, flaky pastries, cookies, biscuits, and croissants. Moreover, it is convenient to use and has a high shelf life. Margarine has less saturated fat content compared to butter. Moreover, it is free from any animal-derived ingredients. Nowadays, manufacturers are providing margarine that is free of palm oil, which is increasing their appeal among consumers.
Rising demand for margarine as a low-cost alternative to butter, growing requirement for margarine from the food industry in emerging economies, and increasing consumer enthusiasm toward adopting a healthy lifestyle were the key factors that boosted the growth of the industrial hard margarine market. Before the onset of the COVID-19 outbreak, the industrial hard margarine market was also driven by the rising consumption of bakery products and growing demand for affordable, sustainable, and healthier ingredients by food manufacturers. However, industries experienced unprecedented challenges after the onset of the COVID-19 pandemic in 2020, including supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. The supply chain disruptions created a shortage of raw materials, which affected the production and distribution of various products, leading to increased prices.
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Industrial Hard Margarine Market: Segmental Overview
Based on type, the industrial hard margarine market is segmented into spreadable, all-purpose, and butter blend. The all-purpose segment held the largest market share in 2022, and the spreadable segment is expected to register the highest CAGR during the forecast period. Spreadable margarine is a soft tub margarine made with less hydrogenated and more liquid oils than block margarine. It is typically composed of vegetable oils. Margarine spread has various applications, ranging from ready-to-eat products such as toast sandwiches and cakes to sponge production. Manufacturers offer spreadable margarine in different fat contents categorized as high-fat, medium-fat, low-fat, and very low-fat spreads. The low and very low-fat spreads are developed for ready-to-eat product applications. The industrial hard margarine market is witnessing several trends, including the development of flavored spreads, diet spreads, and balanced spreads.
Based on application, the industrial hard margarine market is segmented into bakery and confectionery, RTE and RTC food, meat and dairy substitutes, and others. The bakery and confectionery segment is further sub-segmented into cookies and biscuits, cakes, flaky pastries, and other bakery and confectionery. The bakery and confectionery segment held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. Increasing purchasing power and changing eating habits of people have led to the increasing popularity of bakery and confectionery products among the masses. Bakery products such as biscuits account for a major share of the total bakery products produced worldwide. The bakery sector comprises cakes, puffs, frozen bakery products, etc. Hard margarine is an integral baking ingredient as it provides tenderness, improved texture, and a better sensory profile and increases the nutritional value of food.
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