Summary

The margarine market is witnessing steady expansion, driven by evolving consumer preferences and increasing demand across various industries, particularly in the bakery and confectionery sectors. Valued at $20.25 billion in 2024, the market is projected to reach $25.6 billion by 2031, growing at a CAGR of 3.40%. As margarine continues to play a critical role in food production, this upward trend reflects lifestyle shifts and evolving dietary habits. With consumption on the rise, the market is poised for notable progress in the coming years.

Bakery and Confectionery Demand Boosts Margarine Sales

Margarine has long held its place as a key ingredient in the food industry, especially in the bakery and confectionery segments. Its versatility, spreadability, and functionality make it a top choice for bakers globally. Margarine’s light texture and easy-to-spread nature lend themselves to the production of buttercream frostings, sponge cakes, and croissants, among other products. Moreover, margarine’s ability to enhance the flavor and texture of baked goods has further fueled its growing demand.

Margarine’s role as a butter substitute in industrial baking—particularly in products like cake, croissant, and puff pastry margarine—continues to be vital for ensuring product consistency and delivering excellent sensory qualities. These attributes are critical for maintaining quality in large-scale baking, further driving global demand.

Rising Vegan Population Shaping Market Trends

The growing popularity of plant-based diets has significantly impacted the margarine market. As a vegan-friendly alternative to traditional butter, margarine has gained favor among health-conscious consumers and those following vegan diets. With veganism on the rise, particularly in regions like North America and Europe, manufacturers are focusing on developing margarine products that appeal to this demographic.

Vegan margarine, made primarily from vegetable oils and water, is becoming an essential ingredient in a variety of food items, ranging from everyday spreads to premium baked goods. As vegan products gain in popularity, coupled with concerns around sustainability and animal welfare, margarine sales are expected to rise further.

Trend Toward Non-GMO Margarine Products Gains Traction

In response to increasing consumer concerns about the health effects of genetically modified organisms (GMOs), demand for non-GMO margarine has surged. Consumers seeking healthier, cleaner-label products are driving this trend, favoring margarine free from synthetic chemicals and additives.

Manufacturers are shifting their focus toward non-GMO margarine to meet the needs of health-conscious consumers. By tapping into the demand for natural, minimally processed foods, non-GMO margarine is becoming a popular choice across several industries, including bakery, confectionery, and food services.

Key Drivers Behind Market Expansion

The global margarine market is primarily driven by the growth of the food processing and manufacturing sectors. As these industries expand, the demand for ingredients like margarine is expected to increase. In particular, the bakery and patisserie sectors have become significant contributors to margarine consumption due to the use of margarine in layered dough products like puff pastries and croissants.

Margarine’s ease of use, including its ability to be tempered at moderate temperatures and its key role in producing high-quality baked goods, has established it as a preferred ingredient for food producers. With the growing demand for bakery products that require high-quality fats, margarine sales are expected to continue their upward trajectory.

Innovation and Competition Drive the Margarine Market

Margarine producers are increasingly focusing on innovation to meet the evolving needs of consumers and industry sectors. Manufacturers are prioritizing the development of trans-fat-free products to comply with global health standards and ensure that their offerings meet regulatory guidelines.

Mergers and acquisitions are also shaping the competitive Analysis. Companies are expanding their production capacities and global footprints through strategic acquisitions, particularly in regions with fast-growing margarine consumption, such as Asia-Pacific and South Asia.

Recent mergers and expansions have strengthened companies' positions in the market, allowing them to diversify their product offerings and better meet the rising demand from a wide range of consumers. These developments are expected to further bolster the global margarine market's growth.

Challenges Facing the Margarine Market

Despite the positive growth outlook, the margarine market faces several challenges. The presence of substitutes, such as butter, olive oil spreads, and other plant-based alternatives, poses competition. Increasing consumer awareness of the health risks associated with trans fats has driven a preference for healthier fat options. Margarine manufacturers must continue to innovate to ensure their products remain competitive in this evolving Analysis.

Competitive Analysis

•Wilmar International Ltd

•Bunge Loders Croklaan

•Conagra Foodservice, Inc.

•PURATOS

•Richardson Food & Ingredients

•NMGK Group

•EFKO Group

•Vandemoortele

•FUJI OIL ASIA PTE. LTD.

•Royale Lacroix sa.

•Aigremont

•Upfield

•ADEKA CORPORATION

•KANEKA CORPORATION

•Gagar Foods Pvt.Ltd.

•Marinfood Co., Ltd.

•Sime Darby Oils.

•Cardowan Creameries.

•SIDDHI MARGARINE SPECIALITES LTD.

•Usha Edible Oil



Margarine Industry Research by Category

Margarine Market by Source:

•Soybean Oil

•Palm Oil

•Corn Oil

•Sunflower Oil

•Canola Oil

•Others

Margarine Market by Nature:

•GMO Margarine

•Non-GMO Margarine

Margarine Market by Type:

•Salted Margarine

•Unsalted Margarine

Margarine Market by End Use:

•Bakery Products

oPatisserie

oBiscuits & Cookies

oBreads & Baked Rolls

oOthers

•Confectionery

•Creams & Toppings

•Table Top Margarine

Margarine Market by Distribution Channel:

•Traditional Trade

•Modern Trade

•Industrial

•Food Service

Margarine Market by Region:

•North America Margarine Market

•Latin America Margarine Market

•Europe Margarine Market

•South Asia & Pacific Margarine Market

•East Asia Margarine Market

•Middle East & Africa Margarine Market

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Table of Contents

1. Executive Summary
1.1. Global Margarine Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Margarine Market Outlook, 2019 - 2031
3.1. Global Margarine Market Outlook, by Source, Value (US$ Bn), 2019 - 2031
3.1.1. Key Highlights
3.1.1.1. Soybean Oil
3.1.1.2. Palm Oil
3.1.1.3. Corn Oil
3.1.1.4. Sunflower Oil
3.1.1.5. Canola Oil
3.1.1.6. Others
3.2. Global Margarine Market Outlook, by Nature, Value (US$ Bn), 2019 - 2031
3.2.1. Key Highlights
3.2.1.1. GMO Margarine
3.2.1.2. Non-GMO Margarine
3.3. Global Margarine Market Outlook, by Type, Value (US$ Bn), 2019 - 2031
3.3.1. Key Highlights
3.3.1.1. Salted Margarine
3.3.1.2. Unsalted Margarine
3.4. Global Margarine Market Outlook, by Region, Value (US$ Bn), 2019 - 2031
3.4.1. Key Highlights
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa
4. North America Margarine Market Outlook, 2019 - 2031
4.1. North America Margarine Market Outlook, by Source, Value (US$ Bn), 2019 - 2031
4.1.1. Key Highlights
4.1.1.1. Soybean Oil
4.1.1.2. Palm Oil
4.1.1.3. Corn Oil
4.1.1.4. Sunflower Oil
4.1.1.5. Canola Oil
4.1.1.6. Others
4.2. North America Margarine Market Outlook, by Nature, Value (US$ Bn), 2019 - 2031
4.2.1. Key Highlights
4.2.1.1. GMO Margarine
4.2.1.2. Non-GMO Margarine
4.3. North America Margarine Market Outlook, by Type, Value (US$ Bn), 2019 - 2031
4.3.1. Key Highlights
4.3.1.1. Salted Margarine
4.3.1.2. Unsalted Margarine
4.3.2. BPS Analysis/Market Attractiveness Analysis
4.4. North America Margarine Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
4.4.1. Key Highlights
4.4.1.1. U.S. Margarine Market by Source, Value (US$ Bn), 2019 - 2031
4.4.1.2. U.S. Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
4.4.1.3. U.S. Margarine Market by Type, Value (US$ Bn), 2019 - 2031
4.4.1.4. Canada Margarine Market by Source, Value (US$ Bn), 2019 - 2031
4.4.1.5. Canada Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
4.4.1.6. Canada Margarine Market by Type, Value (US$ Bn), 2019 - 2031
4.4.2. BPS Analysis/Market Attractiveness Analysis
5. Europe Margarine Market Outlook, 2019 - 2031
5.1. Europe Margarine Market Outlook, by Source, Value (US$ Bn), 2019 - 2031
5.1.1. Key Highlights
5.1.1.1. Soybean Oil
5.1.1.2. Palm Oil
5.1.1.3. Corn Oil
5.1.1.4. Sunflower Oil
5.1.1.5. Canola Oil
5.1.1.6. Others
5.2. Europe Margarine Market Outlook, by Nature, Value (US$ Bn), 2019 - 2031
5.2.1. Key Highlights
5.2.1.1. GMO Margarine
5.2.1.2. Non-GMO Margarine
5.3. Europe Margarine Market Outlook, by Type, Value (US$ Bn), 2019 - 2031
5.3.1. Key Highlights
5.3.1.1. Salted Margarine
5.3.1.2. Unsalted Margarine
5.3.2. BPS Analysis/Market Attractiveness Analysis
5.4. Europe Margarine Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
5.4.1. Key Highlights
5.4.1.1. Germany Margarine Market by Source, Value (US$ Bn), 2019 - 2031
5.4.1.2. Germany Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
5.4.1.3. Germany Margarine Market by Type, Value (US$ Bn), 2019 - 2031
5.4.1.4. U.K. Margarine Market by Source, Value (US$ Bn), 2019 - 2031
5.4.1.5. U.K. Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
5.4.1.6. U.K. Margarine Market by Type, Value (US$ Bn), 2019 - 2031
5.4.1.7. France Margarine Market by Source, Value (US$ Bn), 2019 - 2031
5.4.1.8. France Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
5.4.1.9. France Margarine Market by Type, Value (US$ Bn), 2019 - 2031
5.4.1.10. Italy Margarine Market by Source, Value (US$ Bn), 2019 - 2031
5.4.1.11. Italy Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
5.4.1.12. Italy Margarine Market by Type, Value (US$ Bn), 2019 - 2031
5.4.1.13. Turkey Margarine Market by Source, Value (US$ Bn), 2019 - 2031
5.4.1.14. Turkey Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
5.4.1.15. Turkey Margarine Market by Type, Value (US$ Bn), 2019 - 2031
5.4.1.16. Russia Margarine Market by Source, Value (US$ Bn), 2019 - 2031
5.4.1.17. Russia Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
5.4.1.18. Russia Margarine Market by Type, Value (US$ Bn), 2019 - 2031
5.4.1.19. Rest of Europe Margarine Market by Source, Value (US$ Bn), 2019 - 2031
5.4.1.20. Rest of Europe Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
5.4.1.21. Rest of Europe Margarine Market by Type, Value (US$ Bn), 2019 - 2031
5.4.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Cassava Starch Market Outlook, 2019 - 2031
6.1. Asia Pacific Cassava Starch Market Outlook, by Source, Value (US$ Bn), 2019 - 2031
6.1.1. Key Highlights
6.1.1.1. Soybean Oil
6.1.1.2. Palm Oil
6.1.1.3. Corn Oil
6.1.1.4. Sunflower Oil
6.1.1.5. Canola Oil
6.1.1.6. Others
6.2. Asia Pacific Margarine Market Outlook, by Nature, Value (US$ Bn), 2019 - 2031
6.2.1. Key Highlights
6.2.1.1. GMO Margarine
6.2.1.2. Non-GMO Margarine
6.3. Asia Pacific Margarine Market Outlook, by Type, Value (US$ Bn), 2019 - 2031
6.3.1. Key Highlights
6.3.1.1. Salted Margarine
6.3.1.2. Unsalted Margarine
6.3.2. BPS Analysis/Market Attractiveness Analysis
6.4. Asia Pacific Margarine Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
6.4.1. Key Highlights
6.4.1.1. China Margarine Market by Source, Value (US$ Bn), 2019 - 2031
6.4.1.2. China Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
6.4.1.3. China Margarine Market by Type, Value (US$ Bn), 2019 - 2031
6.4.1.4. Japan Margarine Market by Source, Value (US$ Bn), 2019 - 2031
6.4.1.5. Japan Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
6.4.1.6. Japan Margarine Market by Type, Value (US$ Bn), 2019 - 2031
6.4.1.7. South Korea Margarine Market by Source, Value (US$ Bn), 2019 - 2031
6.4.1.8. South Korea Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
6.4.1.9. South Korea Margarine Market by Type, Value (US$ Bn), 2019 - 2031
6.4.1.10. India Margarine Market by Source, Value (US$ Bn), 2019 - 2031
6.4.1.11. India Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
6.4.1.12. India Margarine Market by Type, Value (US$ Bn), 2019 - 2031
6.4.1.13. Southeast Asia Margarine Market by Source, Value (US$ Bn), 2019 - 2031
6.4.1.14. Southeast Asia Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
6.4.1.15. Southeast Asia Margarine Market by Type, Value (US$ Bn), 2019 - 2031
6.4.1.16. Rest of Asia Pacific Margarine Market by Source, Value (US$ Bn), 2019 - 2031
6.4.1.17. Rest of Asia Pacific Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
6.4.1.18. Rest of Asia Pacific Margarine Market by Type, Value (US$ Bn), 2019 - 2031
6.4.2. BPS Analysis/Market Attractiveness Analysis
7. Latin America Margarine Market Outlook, 2019 - 2031
7.1. Latin America Margarine Market Outlook, by Source, Value (US$ Bn), 2019 - 2031
7.1.1. Key Highlights
7.1.1.1. Soybean Oil
7.1.1.2. Palm Oil
7.1.1.3. Corn Oil
7.1.1.4. Sunflower Oil
7.1.1.5. Canola Oil
7.1.1.6. Others
7.2. Latin America Margarine Market Outlook, by Nature, Value (US$ Bn), 2019 - 2031
7.2.1.1. GMO Margarine
7.2.1.2. Non-GMO Margarine
7.3. Latin America Margarine Market Outlook, by Type, Value (US$ Bn), 2019 - 2031
7.3.1. Key Highlights
7.3.1.1. Salted Margarine
7.3.1.2. Unsalted Margarine
7.3.2. BPS Analysis/Market Attractiveness Analysis
7.4. Latin America Margarine Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
7.4.1. Key Highlights
7.4.1.1. Brazil Margarine Market by Source, Value (US$ Bn), 2019 - 2031
7.4.1.2. Brazil Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
7.4.1.3. Brazil Margarine Market by Type, Value (US$ Bn), 2019 - 2031
7.4.1.4. Mexico Margarine Market by Source, Value (US$ Bn), 2019 - 2031
7.4.1.5. Mexico Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
7.4.1.6. Mexico Margarine Market by Type, Value (US$ Bn), 2019 - 2031
7.4.1.7. Argentina Margarine Market by Source, Value (US$ Bn), 2019 - 2031
7.4.1.8. Argentina Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
7.4.1.9. Argentina Margarine Market by Type, Value (US$ Bn), 2019 - 2031
7.4.1.10. Rest of Latin America Margarine Market by Source, Value (US$ Bn), 2019 - 2031
7.4.1.11. Rest of Latin America Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
7.4.1.12. Rest of Latin America Margarine Market by Type, Value (US$ Bn), 2019 - 2031
7.4.2. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Margarine Market Outlook, 2019 - 2031
8.1. Middle East & Africa Margarine Market Outlook, by Source, Value (US$ Bn), 2019 - 2031
8.1.1. Key Highlights
8.1.1.1. Soybean Oil
8.1.1.2. Palm Oil
8.1.1.3. Corn Oil
8.1.1.4. Sunflower Oil
8.1.1.5. Canola Oil
8.1.1.6. Others
8.2. Middle East & Africa Margarine Market Outlook, by Nature, Value (US$ Bn), 2019 - 2031
8.2.1. Key Highlights
8.2.1.1. GMO Margarine
8.2.1.2. Non-GMO Margarine
8.3. Middle East & Africa Margarine Market Outlook, by Type, Value (US$ Bn), 2019 - 2031
8.3.1.1. Salted Margarine
8.3.1.2. Unsalted Margarine
8.3.2. BPS Analysis/Market Attractiveness Analysis
8.4. Middle East & Africa Margarine Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
8.4.1. Key Highlights
8.4.1.1. GCC Margarine Market by Source, Value (US$ Bn), 2019 - 2031
8.4.1.2. GCC Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
8.4.1.3. GCC Margarine Market by Type, Value (US$ Bn), 2019 - 2031
8.4.1.4. South Africa Margarine Market by Source, Value (US$ Bn), 2019 - 2031
8.4.1.5. South Africa Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
8.4.1.6. South Africa Margarine Market by Type, Value (US$ Bn), 2019 - 2031
8.4.1.7. Egypt Margarine Market by Source, Value (US$ Bn), 2019 - 2031
8.4.1.8. Egypt Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
8.4.1.9. Egypt Margarine Market by Type, Value (US$ Bn), 2019 - 2031
8.4.1.10. Nigeria Margarine Market by Source, Value (US$ Bn), 2019 - 2031
8.4.1.11. Nigeria Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
8.4.1.12. Nigeria Margarine Market by Type, Value (US$ Bn), 2019 - 2031
8.4.1.13. Rest of Middle East & Africa Margarine Market by Source, Value (US$ Bn), 2019 - 2031
8.4.1.14. Rest of Middle East & Africa Margarine Market by Nature, Value (US$ Bn), 2019 - 2031
8.4.1.15. Rest of Middle East & Africa Margarine Market by Type, Value (US$ Bn), 2019 - 2031
8.4.2. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
9.1. By Type vs by Nature Heat map
9.2. Manufacturer vs by Nature Heatmap
9.3. Company Market Share Analysis, 2024
9.4. Competitive Dashboard
9.5. Company Profiles
9.5.1. Wilmar International Ltd
9.5.1.1. Company Overview
9.5.1.2. Product Portfolio
9.5.1.3. Financial Overview
9.5.1.4. Business Strategies and Development
9.5.2. Bunge Loders Croklaan
9.5.2.1. Company Overview
9.5.2.2. Product Portfolio
9.5.2.3. Financial Overview
9.5.2.4. Business Strategies and Development
9.5.3. Conagra Foodservice, Inc.
9.5.3.1. Company Overview
9.5.3.2. Product Portfolio
9.5.3.3. Financial Overview
9.5.3.4. Business Strategies and Development
9.5.4. PURATOS
9.5.4.1. Company Overview
9.5.4.2. Product Portfolio
9.5.4.3. Financial Overview
9.5.4.4. Business Strategies and Development
9.5.5. Richardson Food & Ingredients
9.5.5.1. Company Overview
9.5.5.2. Product Portfolio
9.5.5.3. Financial Overview
9.5.5.4. Business Strategies and Development
9.5.6. NMGK Group
9.5.6.1. Company Overview
9.5.6.2. Product Portfolio
9.5.6.3. Financial Overview
9.5.6.4. Business Strategies and Development
9.5.7. EFKO Group
9.5.7.1. Company Overview
9.5.7.2. Product Portfolio
9.5.7.3. Financial Overview
9.5.7.4. Business Strategies and Development
9.5.8. Vandemoortele
9.5.8.1. Company Overview
9.5.8.2. Product Portfolio
9.5.8.3. Financial Overview
9.5.8.4. Business Strategies and Development
9.5.9. FUJI OIL ASIA PTE. LTD.
9.5.9.1. Company Overview
9.5.9.2. Product Portfolio
9.5.9.3. Financial Overview
9.5.9.4. Business Strategies and Development
9.5.10. Royale Lacroix sa.
9.5.10.1. Company Overview
9.5.10.2. Product Portfolio
9.5.10.3. Financial Overview
9.5.10.4. Business Strategies and Development
9.5.11. Aigremont
9.5.11.1. Company Overview
9.5.11.2. Product Portfolio
9.5.11.3. Financial Overview
9.5.11.4. Business Strategies and Development
9.5.12. Upfield
9.5.12.1. Company Overview
9.5.12.2. Product Portfolio
9.5.12.3. Financial Overview
9.5.12.4. Business Strategies and Development
9.5.13. ADEKA CORPORATION
9.5.13.1. Company Overview
9.5.13.2. Product Portfolio
9.5.13.3. Financial Overview
9.5.13.4. Business Strategies and Development
10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations