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Industrial Margarine Market Analysis, Trends, Growth, Research And Forecast 2033
Industrial Margarine Market Analysis
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According to The Business Research Company's, The industrial margarine market size has grown strongly in recent years. It will grow from $2.66 billion in 2023 to $2.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to post-world war ii economic recovery, food rationing and shortages, changing dietary preferences, globalization of food markets, cost competitiveness in food processing.
The industrial margarine market size is expected to see steady growth in the next few years. It will grow to $3.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to sustainable sourcing and production, health and wellness trends, plant-based and vegan trends, clean label and natural ingredients, e-commerce and direct-to-consumer models. Major trends in the forecast period include retail expansion and packaging innovations, technological advancements in production, smart manufacturing and industry 4.0 adoption, collaborations and partnerships in the value chain, packaging innovations for sustainability.
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Market Drivers and Trends:
The high growth of the food industry is expected to propel the growth of the industrial margarine market going forward. The food industry includes the manufacturing and distribution of food products. Industrial margarine is an emulsifier that provides organoleptic qualities to food items, such as a rich flavor and smooth texture. For instance, in 2023, according to the Food and Drink Federation, a UK-based organization representing and advising UK food and drink manufacturers, Scotland registered 1,185 companies that manufacture food and beverages. Further, Scottish exports of food and beverages rose by 31% in 2022 to $10.18 billion (£8.1 billion). Additionally, the same year, food and beverages turnover accounts for $12.5 billion (£10.3 billion), 33% of total Scottish manufacturing. Therefore, the high growth of the food industry drives the industrial margarine market.
Technological advancements are the key trend gaining popularity in the industrial margarine market. Major companies operating in the industrial margarine market focus on developing new technologies to increase industrial margarine's functionality and applications. For instance, in March 2021, Grüninger AG, a Switzerland-based margarine and fat bakery producer, launched an innovative custom-flavoring process to make palm-free, vegan, and vegetarian margarine in which any off-note aromas are effectively flavor disguised. It relies on cooling drum technology and includes natural rosemary extract-derived antioxidants that can be custom-flavored to match specific applications. Additionally, the neutralized fats, in addition to maintaining the flavor of margarine, vegetable, and animal oils and fats, overcome the frequent challenges that occur when solid palm fat is replaced with other oils, lengthen the product's shelf life to boost heat stability during baking; and provide an optimum mouthfeel.
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Major Key Players of the Market:
Cargill Incorporated, The Archer-Daniels-Midland Company, Wilmar International Ltd., Bunge Limited, Unilever, Royal FrieslandCampina N.V., Conagra Brands Inc., Kerry Group, Barry Callebaut, Orkla ASA, AAK AB, Fuji Oil Co. Ltd., Puratos, Vandemoortele, Richardson International Limited, Remia C.V, Currimjee Group, MUEZ-HEST INDIA PVT.LTD., S.A. Aigremont N.V, NMGK Group, LASENOR EMUL S.L., EFKO Group, Silverson, Royale Lacroix SA, PT. BONANZA MEGAH .LTD.
Industrial Margarine Market 2024 Key Insights:
• The industrial margarine market size is expected to see steady growth in the next few years. It will grow to $3.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Rising Food Industry Propels Growth Of The Industrial Margarine Market
• Technological Innovations Transforming The Industrial Margarine Market
• North America was the largest region in the industrial margarine market in 2023
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