The industrial margarine market is estimated at USD 2.25 billion in 2017 and is projected to reach a value of USD 2.66 billion by 2022, at a CAGR of 3.5% from 2017 to 2022. The market is segmented on the basis of application, type, source, form, and region. The types of industrial margarine include spreadable, all purpose, and butter blend. On the basis of application, the market is segmented into bakery; spreads, sauces, and toppings; confectionery, convenience food, and others (desserts & snacks). The market has also been segmented on the basis of form into hard and soft. The market has been segmented on the basis of source into plant and animal. On the basis of key regions, the industrial margarine market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The industrial margarine market is driven by factors such as changing consumer preferences toward low-calorie and low-fat alternatives for butter and oil, which subsequently drives the industrial margarine market.
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On the basis of application, the bakery segment is projected to grow at the highest CAGR from 2017 to 2022. Products such as bread, cookies, pastries, and pies are consumed on a regular basis, for which margarine is increasingly being used owing to public preferences for healthy products.
Based on source, margarine sourced from plants is projected to grow at the highest CAGR during the forecast period. Plants such as safflower, corn, cottonseed, soybean, sunflower, coconut oil, palm oil, rapeseed oil, and canola oil, among others are used for manufacturing margarine. In Asian countries such as India, due to the large vegetarian population, Indian margarine manufacturers prefer processing it from plants. Companies such as Vandemoortele (Belgium), Bunge (US), and Fuji Oil (Japan) produce margarine from plant sources.
The Asia Pacific region is expected to be the fastest-growing market for industrial margarine from 2017 to 2022. Key markets in the Asia Pacific region include China, India, Japan, and Australia. The major driving factors for industrial margarine is its vast areas of agriculture and the production of plants for palm oil and sunflower oil as they are the primarily used as raw materials for producing margarine.
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Companies such as Conagra (US), Bunge (US), and Puratos (Belgium) have acquired a leading market position through the provision of a broad product portfolio, along with a focus on diverse end-user segments. They are also focused on innovations and are geographically diversified.