Margarine - Panama | Statista Market Forecast

Revenue in the Margarine market amounts to US$127.50m in 2024. The market is expected to grow annually by 5.90% (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$28.16 are generated in 2024.
In the Margarine market, volume is expected to amount to 28.44m kg by 2029. The Margarine market is expected to show a volume growth of 4.7% in 2025.0.
The average volume per person in the Margarine market is expected to amount to 5.24kg 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 Panama is witnessing minimal growth, influenced by factors such as shifting consumer preferences towards healthier alternatives, increased awareness of trans fats, and the competition from butter and plant-based spreads impacting demand.

Customer preferences: In Panama, there is a noticeable shift in consumer preferences towards healthier and more natural food options, particularly within the margarine market. As health consciousness rises, many consumers are gravitating towards products that are free from artificial ingredients and trans fats. Additionally, the growing interest in plant-based diets is driving demand for alternative spreads made from nuts and seeds, reflecting a cultural shift towards sustainability and wellness. This trend is particularly pronounced among younger demographics, who prioritize clean labels and nutritional transparency in their dietary choices.

Trends in the market: In Panama, the margarine market is experiencing a significant shift towards healthier formulations, with increasing consumer demand for products devoid of artificial ingredients and trans fats. This trend is fueled by a rising awareness of health and wellness, prompting brands to innovate with natural, plant-based alternatives. Younger consumers are particularly driving this change, favoring spreads made from nuts and seeds that align with their values of sustainability and nutritional integrity. Industry stakeholders must adapt to these evolving preferences, as clean labels and transparency become essential for market competitiveness and consumer loyalty.

Local special circumstances: In Panama, the margarine market is influenced by the country’s tropical climate and diverse agricultural landscape, which supports the sourcing of local ingredients such as palm oil and nuts. Cultural preferences for traditional spreads have also shaped consumer expectations, prompting brands to blend local flavors with healthier formulations. Additionally, regulatory measures aimed at reducing trans fats in food products have accelerated the shift towards cleaner labels. This unique combination of local agriculture, cultural heritage, and regulatory frameworks drives innovation and market dynamics in the margarine sector.

Underlying macroeconomic factors: The Margarine Market in Panama is significantly influenced by macroeconomic factors such as local agricultural productivity, consumer income levels, and import/export dynamics. The country's economic health, characterized by stable GDP growth and rising disposable incomes, enhances consumer spending on food products, including margarine. Additionally, global trends towards healthier eating habits and sustainable sourcing are pushing local manufacturers to innovate. Fiscal policies promoting agricultural development and trade can also impact the availability and pricing of raw materials, while fluctuating global oil prices affect production costs. These elements collectively shape the performance and evolution of the margarine market in Panama.

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.