Industrial Hard Margarine Market is expected to reach US$ 2,869.63 million by 2028

Product Innovation to Address Concerns Related to Margarine Ingredients is Expected to Pose Growth Opportunity for Industrial Hard Margarine Market Growth

According to our latest study on “Industrial Hard Margarine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,’’ the market is expected to grow from US$ 2,414.51 million in 2022 to US$ 2,869.63 million by 2028; it is estimated to record a CAGR of 2.9% from 2022 to 2028.

Consumers are becoming increasingly conscious about what they eat. They are paying more attention to product labels owing to their preference for products with cleaner ingredients. Moreover, they avoid food with higher fat and calorie content to achieve their health goals. Margarine manufacturers are developing innovative products with improved quality and label claims to address the rising concerns related to the presence of trans fat, palm oil, and animal-based ingredients. For instance, in November 2019, Bunge Loders Croklaan launched shea butter-based margarine into the UK market. The product is free from trans-fat, palm oil, and genetically modified organisms (GMOs).

Industrial Hard Margarine Market Breakdown – by Region

Manufacturers are also developing new technologies to launch palm-free margarine with no undesirable flavors. Rapeseed oil and other alternatives to palm oil are associated with various challenges, including intense organoleptic properties, high oxidation potential, and individual processing requirements. In March 2021, Grüninger AG, a Swiss producer of industrial and commercial margarine, developed a new technology to launch palm-free, vegan/vegetarian margarine, in which off-note flavors are effectively masked. Such developments in the industrial hard margarine market are expected to surge the market growth.

Based on type, the industrial hard margarine market is segmented into spreadable, all-purpose, and butter blend. The all-purpose segment held the largest share in 2022, and the spreadable segment is expected to register the highest CAGR from 2022 to 2028. All-purpose margarine is a form of general-purpose shortening, especially used in manufacturing all types of bread, cakes, and biscuits. All-purpose margarine has characteristic features such as softness, aroma, and creaminess. The ingredients provide the all-purpose margarine with a uniform structure and a smooth crust. It can act as a dough improver, prolonging the shelf life of the baked product. It is generally packed in polyline cardboard.

Vandemoortele NV, Bunge Ltd, Puratos NV, NMGK Group of Co, Fuji Oil Co Ltd, Wilmar International Ltd, Nubeser Soluciones SLU, Cardowan Creameries Ltd, AAK AB, and Eccelso Ltd are among the key players operating in the global industrial hard margarine market. These companies have a diverse geographic presence and offer an extensive product range to cater to different trends in the market.

Impact of COVID-19 Pandemic on Industrial Hard Margarine Market

The COVID-19 pandemic affected economies and industries in various countries across the globe. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. The shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of various countries in Europe, Asia Pacific (APAC), and North America on international travel compelled companies to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of various markets, including the industrial hard margarine market.

The North America market was adversely affected by COVID-19 pandemic. In North America, the US recorded the highest number of COVID-19 cases, followed by Mexico. Disruptions in manufacturing and raw material sourcing operations hampered the growth of the industrial hard margarine market after the onset of the COVID-19 pandemic. In addition, the overall disruptions in research and development activities limited the development of new products. However, the demand for industrial hard margarine increased dramatically due to the rising focus of consumers on health and wellness.

In 2021, the marketplace in North America started recovering from financial losses incurred in 2020. The US government announced the relaxation of various restrictions, including reopening manufacturing units with partial or full employee strength. These favorable conditions led the industrial hard margarine market players in North America to increase their production volumes to overcome the demand and supply gap. During the COVID-19 pandemic, changing consumer preference for plant-based food influenced the market growth.

The report segments the industrial hard margarine market as follows:

Based on type, the industrial hard margarine market is segmented into spreadable, all-purpose, and butter blend. The industrial hard margarine market, by application, is segmented into bakery and confectionery, RTE and RTC food, meat and dairy substitutes, and others. The bakery and confectionery segment is subsegmented into cookies and biscuits, cakes, flaky pastries, and other bakery and confectionery. Based on geography, the industrial hard margarine market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com