The North America industrial hard margarine market is expected to grow from US$ 807.65 million in 2022 to US$ 931.77 million by 2028. It is estimated to grow at a CAGR of 2.4% from 2022 to 2028.
Rising Demand for Margarine as a Low-Cost Alternative to Butter is Driving the Industrial Hard Margarine Market
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.
North America Industrial Hard Margarine Market Overview
The market in North America includes developed countries such as US and Canada and developing countries such as Mexico. North America accounts a remarkable share of the industrial hard margarine market during the forecast period. Consumers are moving toward a healthy lifestyle and preferring products that provide health benefits, owing to the growing incidence of diseases such as diabetes, high blood pressure, and constipation. According to the Centers for Diseases Control and Prevention (CDC), 37.3 million people in the US had diabetes in 2021. Further, the demand for plant-based food has increased in the young population, which is fueling the industrial hard margarine market growth. In addition, the well-established food processing industry in the region uses industrial hard margarine to prepare several food products. Key food processing manufacturers in the region are focusing on the adoption of low-cost alternatives to butter, which is surging the demand for industrial hard margarine.
North America Industrial Hard Margarine Market Revenue and Forecast to 2028 (US$ Million)
North America Industrial Hard Margarine Market Segmentation
The North America industrial hard margarine market is segmented into type, application, and country.
Based on type, the North America industrial hard margarine market is sub segmented into spreadable, all-purpose, and butter blend. The all-purpose segment held the largest market share in 2022.
Based on application, the North America 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 the largest market share in 2022.
Based on country, the North America industrial hard margarine market is segmented into the US, Canada, and Mexico. The US dominated the market in 2022.
Vandemoortele NV; Bunge Ltd; Puratos NV; Fuji Oil Co Ltd; and AAK AB are the leading companies operating in the North America industrial hard margarine market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 807.65 Million |
| Market Size by 2028 | US$ 931.77 Million |
| CAGR (2022 - 2028) | 2.4% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Industrial Hard Margarine Market is valued at US$ 807.65 Million in 2022, it is projected to reach US$ 931.77 Million by 2028.
As per our report North America Industrial Hard Margarine Market, the market size is valued at US$ 807.65 Million in 2022, projecting it to reach US$ 931.77 Million by 2028. This translates to a CAGR of approximately 2.4% during the forecast period.
The North America Industrial Hard Margarine Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Industrial Hard Margarine Market report:
The North America Industrial Hard Margarine Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Industrial Hard Margarine Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Industrial Hard Margarine Market value chain can benefit from the information contained in a comprehensive market report.
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