Margarine - Southeast Asia | 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 294.10m 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 Southeast Asia is experiencing minimal growth, influenced by changing consumer preferences, health concerns regarding trans fats, and the rising popularity of healthier alternatives like butter and plant-based spreads.

Customer preferences: In Southeast Asia, consumers are increasingly gravitating towards natural and minimally processed food options, driving a decline in margarine consumption. This shift is influenced by a growing awareness of health and wellness, particularly among younger demographics who prioritize clean-label products. Additionally, cultural preferences for traditional cooking fats, such as coconut oil and butter, are gaining traction, as they are perceived as healthier and more authentic. The rise of plant-based diets is further propelling interest in alternative spreads, reshaping the market landscape.

Trends in the market: In Southeast Asia, the margarine market is experiencing a decline as consumers increasingly favor natural and minimally processed food options. This trend is particularly pronounced among younger demographics who are prioritizing health and wellness, leading to a growing demand for clean-label products. Cultural shifts are also evident, with traditional cooking fats like coconut oil and butter gaining popularity for their perceived health benefits and authenticity. Additionally, the rise of plant-based diets is driving interest in alternative spreads, prompting industry stakeholders to innovate and adapt their product offerings to align with these evolving consumer preferences.

Local special circumstances: In Southeast Asia, the margarine market is influenced by a blend of geographical, cultural, and regulatory factors that set it apart from other regions. The tropical climate fosters a strong preference for local cooking oils, such as coconut and palm oil, which are deeply embedded in the culinary traditions of many countries. Culturally, health-conscious consumers are gravitating towards traditional fats, viewing them as more authentic and nutritious. Additionally, varying regulations on food labeling and health claims across nations impact market strategies, compelling producers to adapt their offerings to meet local consumer expectations and compliance standards.

Underlying macroeconomic factors: The margarine market in Southeast Asia is significantly influenced by macroeconomic factors including national economic health, consumer spending patterns, and global commodity prices. As countries in the region experience varying levels of economic growth, disposable income levels affect consumer preferences, with wealthier households more inclined to purchase premium margarine products. Additionally, fluctuations in palm oil prices, a key ingredient in margarine, can directly impact production costs and retail prices. Fiscal policies promoting healthier eating habits may encourage reformulation of margarine products to align with consumer health trends, further driving innovation and competition in the market.

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.