The industrial margarine market is estimated at USD 2.25 Billion in 2017 and is projected to reach a value of USD 2.66 Billion by 2022, growing at a CAGR of 3.5% from 2017 to 2022. The key players profiled have a strong presence in the global industrial margarine market; they include Congara (US), Bunge (Germany), Puratos (Belgium), Associated British Foods (US), Fuij Oil (Japan), Richardson International (Italy), Royale Lacroix (Belgium), Aigremont (Belgium), Vandemoortele (Belgium), NMGK Group (Russia), EFCO Group (Russia), and Wilmar International (Singapore).
The key market players adopted various growth strategies such as acquisitions, expansions, and joint ventures in order to cater to the increasing demand for industrial margarine. The companies in this market focus on increasing their research & development expenditure to expand their manufacturing capacities and innovate new margarine products.
The core strengths of the key players in this market are acquisitions and expansions, which help enhance their presence in the industrial margarine market. The companies are adopting new technologies to create nutrient fortified industrial margarine to match the requirements of food companies. Companies such as Vandemoortele (Belgium), Bunge (US), Puratos (Belgium), and EFCO Group (Russia) are expanding their production facilities as well as their R&D divisions for developing nutrient fortified industrial margarine. These companies also focus on offering a diverse range of industrial margarine for the bakery and confectionery industries.
Bunge (US) has been one of the major players in the global industrial margarine market. It has its customer base across the Asia Pacific, African, Middle Eastern, European, Caribbean, Central American, North American, and South American regions. The company has been focusing on inorganic growth strategies such as joint ventures; for instance, in July 2016, Bunge entered into a joint venture with Wilmar International Limited (Singapore) to increase its operations and logistics in the Asian region.
Puratos (Belgium) strengthened its position in the industrial margarine market mainly through acquisitions. In November 2017, Puratos acquired Pennant Ingredients (US); this acquisition would help Puratos increase its business in the foodservice industry in North America. In February 2017, the company acquired Diamant (Austria) to expand its business in Austria and strengthen its position in Central & Eastern Europe.
Industrial Margarine Market by Type (Spreadable, All Purpose, and Butter Blend), Application (Bakery, Confectionery, Convenience Food, Sauces, and Spreads & Toppings), Form (Hard and Soft), Source (Plant and Animal), and Region - Global Forecast to 2022
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