MARGARINE MARKET ANALYSIS

Margarine MarketSize and Trends

The global margarine market size was valued at US$ 21,936.8 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 2.68% from 2023 to 2030. The global margarine market is forecast to exhibit a considerable growth over the next few years. This growth is attributed to the growing consumer demand for healthy products, especially when it comes to reducing the saturated fat content of food. In addition, the growing geriatric population and increasing awareness about the benefits of a healthy diet are expected to fuel demand for margarine. However, a recent pandemic, COVID-19, imposed trade restrictions on margarine, resulting in a significant decline in demand from 2020 to 2021. These restrictions, along with a lack of raw materials, resulted in many manufacturing units closing down. With the passage of time, the industry has improved its distribution networks, which will drive growth of the market.

Figure 1. Global Margarine Market Share (%), By Region, 2022

Global Margarine Market Trends:

Allergen-free margarine is A recent trend

A significant portion of population are looking for products that are allergens free. Rising awareness regarding the prevention and availability of health alternative is creating demand for allergen-free margarine. For instance, Palsgaard manufactures low-fat margarine spread with only 10% fat which has no allergens, is non-GMO, and less than 1% trans fatty acids, thus appealing to a large consumer base.

Vegan margarine is another growing trend due to increasing number of vegetarians

People across the globe are adopting healthy lifestyle with vegan and plant-based diet. For this key manufacturers are introducing vegan margarine. For instance, in August 2021, Violife, one of the United Kingdom’s leading vegan alternatives to cheese brands, introduced its vegan margarine Vioblock at Asda stores in the country. Vegan margarine contains vitamins B1, B2, B6, B12, and folic acid. The vioblock is also free from soy, dairy, gluten, lactose, etc.