Margarine Spread – Greater Value for Money
Margarine spread also known as butter replacer, is a non-dairy product, used as a substitute of butter, but the properties and taste varies a lot. Margarine spread consists of refined vegetable oil, sometimes animal fat, used in cooking, baking or as spreads in various dishes to enrich its taste. The key drivers of global margarine spread market are higher consumption of margarine spread in underdeveloped countries because of greater value for money and multiple usages.
The global margarine spread market is expected to grow with a single digit increase in CAGR between 2018 and 2028. There is a decrease in the consumption of margarine spread in developed countries on the backdrop of increasing obesity and health awareness programs.
Margarine Spread – A Most Popular Butter Replacer
Butter replacers are alternatives of regular butter and are suitable for most of the butter applications. Margarine spread is the most commonly used butter replacers due to their varied functional properties and health benefits, which is loaded with unsaturated fats and also possesses high nutritional value. Thus, the margarine spread market is going to witness a high surge owing to its widespread demand and benefits.
Rapid urbanization and globalization have changed the lifestyle of consumers, leading to a shift in their food preferences. Furthermore, due to the emergence of hectic and fast lifestyle and growing awareness about health and fitness, consumers, these days, demand products that are high in nutritional value and low in fat and calorie content, but do not compromise on savor, texture, and aroma. This particular factor is acting as a driving factor for the growth of margarine spread market.
The major restraining factors for margarine spread market could be government regulations on manufacturing and marketing of such products (licensing, labeling among others), substitute products (butter replacer) available in the margarine spread market. Rising health concerns and growing obesity are other potential restraining factors.
High Demand of Margarine Spread from F&B
The global margarine spread market is segmented on the basis of product types, application, sales channel, and region. By product type, the global margarine spread market is segmented as hard margarine spread & soft margarine spread. By applications, the global margarine spread market is segmented as beverages, convenience food, sauces, dressings and condiments, bakery & confectionery, dairy products & others. By sales channel, margarine spread market is segmented as direct to customer channel, modern trade channel (Supermarket/Hypermarket), Convenience store, Specialty Store and E-retailers (Third party online channel). Global margarine spread market is segmented into seven regions, North America, Latin America, Europe, CIS & Russia, Japan, Asia Pacific Excluding Japan and Middle East & Africa.
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North America – Leading Consumer of Margarine Spread
The global market for margarine spread is dominated by North America, which holds a significant market share followed by Europe & Asia-Pacific. North America is the largest consumer of margarine spread, especially due to the high consumption in food processing. Europe is the second largest consumer of margarine spread. Developing regions, such as Asia-Pacific and South America, are constantly growing at a high rate of consumption. China and India are the largest producers and consumers of margarine spread, in the Asia-Pacific region. Increasing disposable income of consumers, especially in developing countries is responsible for the surge in demand for margarine spread. Customers, these days, are looking for vegan butter replacers & margarine spread is one of the most popular vegan butter replacer, which is plant-based and contains much less saturated fats and cholesterol. Furthermore, high demand for butter in various applications universally has also led to increase in its prices dramatically and hence, consumers are looking for effective butter replacers that are high in nutritional value and low in cost, is the prime factor for the rapid growth of margarine spread market in developing region.
Global Margarine Spread Market Prominent Players
Some of the prominent players in the global margarine spread market are Bunge, ConAgra Foods, Dairy Crest, NMGK Group, Unilever, Upfield Foods, Smart Balance, Boulder Brands, Inc., Land O’Lakes, Inc.