According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of Vegan Margarine are estimated to reach a value of USD 1,307.1 Million by 2032, surging at 3.2% CAGR through the decade.
The worldwide market for vegan margarine is significantly impacted by the rising demand for vegan products in both developed and developing nations. There is a growing demand for healthier foods as people’s awareness of their health grows globally.
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Vegetable oils have gradually replaced animal fats in margarine and spreads. Their popularity has fluctuated due to a lack of butter, their affordability, consumer interest in palm oil and vegetarianism, health concerns about animal and trans fats, and other factors.
Some of the factors that will likely accelerate the growth of the plant-based margarine market include greater usage of confectionaries as a dessert, availability of products for lactose intolerant people, changes in lifestyle combined with rising disposable income, and an increase in the number of small bakeries and artisanal bakeries.
This trend is expected to continue and extend throughout developed regions in the coming years. Despite the fact that conventional is the more popular source in terms of units eaten, the organic category is projected to grow at the rapid pace in terms of revenue throughout the forecast period.
Key Takeaways from Market Study
- North America is expected to have 38% vegan margarine market share.
- US holds 65 % vegan margarine market share in North American Market.
- Europe is expected to have 31 % vegan margarine market share.
- Germany holds 22 % vegan margarine market share in European Market.
- Asia is expected to have 20 % vegan margarine market share.
- China holds 32 % vegan margarine market share in Asian Market.
- Market players are experimenting with new ways on increasing production capacity and also doing research and innovation to create products.
“ The growing focus on the consumption of vegan food products in developed regions such as Europe and North America is likely to open lucrative opportunity for market players in the long run”, –says a lead analyst at Future Market Insights.
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Competitive Landscape
Vegan Margarine have a strongly competitive global market. To stay ahead of the game and outperform their competitors, businesses are using innovative methods such as expanding their worldwide client base and utilising various advertising approaches.
They’re focusing on increasing production capacity and also doing research and innovation to create new products.
Some of the leading companies offering Vegan Margarine are NMGK Group, ConAgra, Zydus Cadila, Unilever, Sunnyfoods, Cargill, COFCO, BRF, Bunge, Wilmar-International, NamChow, Uni-President, Fuji Oil, Yildiz Holding, Grupo Lala, Brightdairy, Dairy Crest, Mengniu Group, Yili Group, Others
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Vegan Margarine presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Vegan Margarine based Product Type (Hard Margarine, Soft Margarine, Liquid Margarine), Application (Beverages, Convenience Food, Sauces, Dressings and Condiments, Bakery and Confectionery, Dairy Products, Others), Sales Channel (Direct to Customer Channel, Modern Trade Channel (Supermarket/Hypermarket), Convenience Store, Specialty Store, E-Retailers (Third Party Online Channel), Usages (Spreadable, Non-Spreadable), End-User (Commercial, Household), & Region for 2022 – 2032 and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, APEJ, and MEA).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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