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LONDON, Feb. 26, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s industrial margarine global market report 2024, the industrial margarine market has experienced robust growth in recent years and is poised for further expansion in the coming years. According to recent market research, the industrial margarine market size is expected to grow from $2.66 billion in 2023 to $2.8 billion in 2024, with a compound annual growth rate (CAGR) of 5.4%. Looking ahead, the industrial margarine market is projected to reach $3.36 billion by 2028, with a CAGR of 4.7%. This industrial margarine market growth is fueled by several factors, including increasing health consciousness among consumers and the development of innovative plant-based and vegan alternatives by manufacturers.

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Growing Health Consciousness Among Consumers:

One of the key drivers of growth in the industrial margarine market is the growing health consciousness among consumers. As people become more aware of the importance of nutrition and wellness, there is a rising demand for healthier food options. Industrial margarine manufacturers have responded to this trend by innovating and creating products with natural ingredients fortified with vitamins, omega-3 fatty acids, and plant sterols to enhance their nutritional value. Margarine is often promoted as a healthier alternative to butter due to its lower saturated fat content and cholesterol-lowering properties when fortified with plant sterols. Additionally, margarine made from plant-based oils appeals to consumers following vegan and vegetarian diets.

According to a report by Avendus Capital, health-focused foods and beverages accounted for 11% of the $88 billion packaged foods and beverages market in India in 2023. This share is expected to increase to 16% or $30 billion by 2026. Furthermore, the number of health-conscious consumers in India is projected to rise from 108 million in 2020 to 176 million in 2026. This growing health consciousness among consumers is expected to drive the demand for industrial margarine market in the coming years.

Innovative Plant-Based and Vegan Alternatives:

To meet the increasing demand for plant-based alternatives, industrial margarine manufacturers are focusing on developing innovative products that cater to the preferences of health-conscious consumers. For example, Wesson Oil introduced new plant-based butters in the United States that are 100% plant-based and dairy-free. These products, such as Wesson Plant Butter (Original) and Plant Butter (with Olive Oil), offer consumers a flavorful and appealing alternative to traditional butter, with the added benefit of being lower in saturated fat and trans-fat-free.

Similarly, Grüninger AG developed a new process for producing palm-free, vegan, and vegetarian margarines that effectively disguise any off-note tastes. These products, fortified with a natural antioxidant derived from rosemary extract, have an extended shelf life and increased heat stability when used in baking. By offering innovative plant-based and vegan alternatives, industrial margarine manufacturers are catering to the preferences of health-conscious consumers and driving growth in the market.

Market Segmentation:

The industrial margarine market is segmented based on product, source, form, and application. The market includes products such as spreadable, all-purpose, butter blend, and others. All-purpose margarine accounts for the largest segment of the market, followed by spreadable margarine. The industrial margarine market is also segmented by source into animal source and plant source, by form into hard and soft, and by application into bakery, confectionery, toppings, sauces, and spreads, convenience food, and other applications.

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In conclusion, the industrial margarine market is poised for steady growth in the coming years, driven by increasing health consciousness among consumers and the development of innovative plant-based and vegan alternatives by manufacturers. With the industrial margarine market expected to reach $3.36 billion by 2028, industrial margarine companies have significant opportunities for expansion and innovation in the evolving landscape of the food industry.

Industrial Margarine Global Market Report 2024 by The Business Research Company provides insights on the industrial margarine market size, industrial margarine market segments, industrial margarine market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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