Margarine - Jamaica | Statista Market Forecast

Revenue in the Margarine market amounts to US$49.63m in 2024. The market is expected to grow annually by 7.68% (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$17.57 are generated in 2024.
In the Margarine market, volume is expected to amount to 13.00m kg by 2029. The Margarine market is expected to show a volume growth of 3.1% in 2025.0.
The average volume per person in the Margarine market is expected to amount to 4.03kg 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 in Jamaica is experiencing minimal growth, influenced by factors such as shifting consumer preferences towards healthier fats, competition from butter products, and economic constraints affecting purchasing power among consumers.

Customer preferences: Consumers in Jamaica are increasingly gravitating towards plant-based and healthier fat alternatives, reflecting a growing awareness of nutrition and wellness. This trend is particularly notable among younger demographics, who are more informed about the health implications of dietary choices. Additionally, cultural influences, such as a preference for traditional cooking methods, are pushing consumers to seek out products that align with local culinary practices while still prioritizing health. The rising popularity of vegan and vegetarian diets is further shaping the margarine market, as consumers look for versatile spreads that fit their evolving lifestyles.

Trends in the market: In Jamaica, the Margarine Market within the Oils & Fats sector is experiencing a shift towards healthier, plant-based alternatives, driven by an increasing consumer focus on nutrition and wellness. Younger generations are particularly influential, utilizing social media to promote awareness about the benefits of healthier fat options. Traditional cooking methods remain significant, prompting demand for margarine products that complement local cuisines while being mindful of health. This evolving landscape presents opportunities for industry stakeholders to innovate and adapt, catering to the intersection of cultural preferences and modern dietary trends.

Local special circumstances: In Jamaica, the Margarine Market within the Oils & Fats sector is influenced by the island's rich culinary heritage, where traditional dishes often rely on local fats and oils. The warm climate and tropical agriculture foster a preference for coconut and palm oils, which impact margarine formulations. Additionally, local regulations promoting health awareness and labeling transparency are shaping consumer choices towards reduced trans fats and natural ingredients. As the population increasingly prioritizes health, the demand for culturally relevant, nutritious margarine options is on the rise, creating a unique market dynamic.

Underlying macroeconomic factors: The Margarine Market in Jamaica is significantly influenced by macroeconomic factors such as the country's economic stability, inflation rates, and trade policies. A stable national economy fosters consumer confidence and spending on food products, including margarine. Global economic trends, such as fluctuations in oil prices and trade agreements, also impact the cost of raw materials used in margarine production. Additionally, fiscal policies that promote local agriculture and sustainable practices encourage the use of locally sourced ingredients. As health consciousness grows, investment in healthier margarine alternatives aligns with national health initiatives, driving innovation and market expansion.

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.