Report : Middle East & Africa Industrial Hard Margarine Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Spreadable, All-Purpose, Butter Blend) and Application [Bakery and Confectionery (Cookies and Biscuits, Cakes, Flaky Pastries, and Other Bakery and Confectionery), RTE and RTC Food, Meat and Dairy Substitutes, and Others]
At 3.2% CAGR, the Middle East & Africa Industrial Hard Margarine Market is speculated to be worth US$ 119.95 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa industrial hard margarine market was valued at US$ 99.24 million in 2022 and is expected to reach US$ 119.95 million by 2028, registering a CAGR of 3.2% from 2022 to 2028. Product innovation to address concerns related to margarine ingredients and rising demand for margarine as a low-cost alternative to butter are the critical factors attributed to the Middle East & Africa industrial hard margarine market expansion.
Margarine is traditionally produced by the hydrogenation of vegetable oils such as palm oil, canola oil, rapeseed oil, and safflower oil. Being a cheaper alternative to butter, it is widely used in the industrial-scale production of bakery products, which may allow manufacturers to lower the prices of their final products. With characteristics that are similar to butter, margarine improves the texture and stability of various bakery products, such as cakes, flaky pastries, cookies, biscuits, and croissants. Moreover, it is convenient to use and has a high shelf life. Margarine has less saturated fat content compared to butter. Moreover, it is free from any animal-derived ingredients. Nowadays, manufacturers are providing margarine that is free of palm oil, which is increasing their appeal among consumers.
Hard margarine has a high oxidative stability than other margarine types, which makes it a popular ingredient among various commercial and household bakers. The demand for hard margarine is increasing across the manufacturers of bakery and non-dairy products, and meat substitutes due to its affordability and convenience of use. Bakery manufacturers globally are taking efforts to reduce the cost of their products to make them accessible to all consumer groups. Therefore, the preference for industrial hard margarine is increasing, driving the growth of the industrial hard margarine market.
Based on type, the Middle East & Africa industrial hard margarine market is sub segmented into spreadable, all-purpose, and butter blend. The all-purpose segment held 48.0% market share in 2022, amassing US$ 47.37 million. It is projected to garner US$ 55.31 million by 2028 to expand at 2.6% CAGR during 2022–2028.
Based on application, the Middle East & Africa industrial hard margarine market is segmented into [bakery and confectionery (cookies and biscuits, cakes, flaky pastries, and other bakery and confectionery), RTE and RTC food, meat and dairy substitutes, and others]. The bakery and confectionery segment held 74.3% market share in 2022, amassing US$ 73.75 million. It is projected to garner US$ 90.02 million by 2028 to expand at 3.4% CAGR during 2022–2028.
Based on country, the Middle East & Africa industrial hard margarine market is segmented into Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 48.6% market share in 2022. It was assessed at US$ 47.17 million in 2022 and is likely to hit US$ 56.62 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.
Key players dominating the Middle East & Africa industrial hard margarine market are Bunge Ltd; Puratos NV; Fuji Oil Co Ltd; AAK AB; and Wilmar International Ltd are the leading companies operating in the Middle East & Africa industrial hard margarine market.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com