High
sales of margarine in developing countries will act as a high-impact
driver for the global butter and margarine market, says Transparency
Market Research in a new report. In the report, titled, ‘Butter
and Margarine Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2015–2023,’ the report also credits
the growing trend of home baking as a factor impelling the
consumption of these two products. Moreover, the growth in the food
service industry in emerging economies will lead to a rise in the
demand for butter and margarine. As compared to butter, the demand
for margarine is lower as the latter comprises additives.
Margarine
is often used as a substitute for butter but its flavor and
properties are not the same as the latter. This difference in their
properties stems from the difference in the ingredients that go into
the preparation of butter and margarine. While butter primarily
consists of protein, butterfat, and water, margarine comprises
refined vegetable oil and in some instances, animal fat. Both
margarine and butter are used as cooking ingredients or simply as a
spread over baked items.
Although
changing food habits will augur well for the growth of the global
butter and margarine market, companies will face impediments with
health-conscious consumers cutting back on the consumption of fatty
food products. Companies have been countering this threat with the
launch of low-fat butter and margarine variants. Nevertheless, the
popular association between butter and obesity will pose a challenge
that can only be overcome by clever marketing and novel product
launches. Consumers are especially averse to consuming trans fats,
and companies that launch products sans trans fats have a better
chance at improving sales.
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The
report segments the global margarine and butter market on the basis
of usage into two broad segments: spreadable and non-spreadable.
Likewise, based on the product type, the market for butter and
margarine is segmented into the following segments: cultured butter,
uncultured butter, whipped and cream butter, butter margarine, liquid
margarine, and others.
According
to the report, the future of the global butter and margarine market
is promising. Moreover, the launch of innovative products that
combine the benefits of butter and margarine (e.g.: baking fats for
use in cake and pastries) will help the market acquire new customers.
The
report identifies North America as the largest market for butter and
margarine in revenue terms. From the standpoint of growth rate, the
Asia Pacific market is expected to report the highest rate of growth.
China is an extremely attractive market, followed only by India.
Besides
the small local companies that constitute an appreciable portion of
the butter and margarine market, there are a few leading companies
with a wide geographical presence. These include: Arla Foods, Farmers
Cooperative Creamery, OJSC Creative Group, Kraft Foods, Deam Foods
Company, AMUL India, and Friesland Campina.
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