Margarine - ASEAN | Statista Market Forecast

Revenue in the Margarine market amounts to US$1.21bn in 2024. The market is expected to grow annually by 5.35% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$5bn in 2024).
In relation to total population figures, per person revenues of US$1.74 are generated in 2024.
In the Margarine market, volume is expected to amount to 293.60m kg by 2029. The Margarine market is expected to show a volume growth of 2.5% in 2025.0.
The average volume per person in the Margarine market is expected to amount to 0.38kg in 2024.

Definition:

Margarine is a butter substitute made from vegetable oils and contains a minimum of 80% fat. Margarine is typically less expensive and has less saturated fat than butter.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Regular margarine
Light or reduced-fat margarine
Soft margarine
Non-hydrogenated margarine
Cholesterol-free margarine
Vanaspati

Butter
Vegetable oils
Animal fats (e.g. lard)
Peanut butter
Out-of-home consumption

The Margarine market within the Oils & Fats sector in the ASEAN region is experiencing minimal growth, influenced by shifting consumer preferences towards healthier alternatives, increased awareness of trans fats, and competition from butter and plant-based spreads.

Customer preferences: Consumers in the ASEAN region are increasingly prioritizing health and wellness in their dietary choices, driving a notable shift away from traditional margarine products. This change is fueled by a growing awareness of the health risks associated with trans fats and a preference for natural ingredients. Additionally, demographic shifts, including a younger, health-conscious population, are steering demand towards plant-based spreads and alternatives, aligning with cultural trends that emphasize sustainability and clean eating. As lifestyles evolve, convenience and perceived health benefits are becoming key factors in consumer decision-making within the oils and fats market.

Trends in the market: In the ASEAN region, the margarine market is experiencing a significant shift towards plant-based alternatives, driven by consumers who are increasingly health-conscious and prioritize natural ingredients. As awareness of trans fats and their health implications grows, traditional margarine products are losing favor. This trend is particularly pronounced among younger demographics who favor sustainable and clean eating practices. Industry stakeholders must adapt by innovating product offerings, emphasizing transparency in ingredients, and promoting health benefits to align with evolving consumer preferences and lifestyle changes.

Local special circumstances: In the ASEAN region, the margarine market is shaped by diverse cultural preferences and culinary practices that vary widely across member countries. For instance, traditional cooking methods in countries like Thailand and Indonesia often favor local fats, such as coconut oil, influencing the acceptance of margarine. Additionally, regulatory frameworks regarding food labeling and health claims differ, prompting companies to adapt their marketing strategies. The growing emphasis on sustainability and organic ingredients resonates with local values, further steering consumer choices towards healthier, plant-based margarine options.

Underlying macroeconomic factors: The growth of the margarine market within the Oils & Fats sector in ASEAN is significantly influenced by macroeconomic factors, including fluctuating commodity prices, trade agreements, and national economic stability. As global demand for plant-based products rises, countries with strong agricultural sectors are capitalizing on this trend, driving local production of margarine. Additionally, fiscal policies aimed at promoting healthier food options and sustainability initiatives encourage consumer shifts toward margarine alternatives. Economic growth in ASEAN nations, coupled with rising disposable incomes, further boosts consumer spending on premium and organic margarine products, shaping overall market dynamics.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.