Margarine - Southern Asia | Statista Market Forecast

Revenue in the Margarine market amounts to US$4.60bn in 2024. The market is expected to grow annually by 10.85% (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$2.40 are generated in 2024.
In the Margarine market, volume is expected to amount to 1.46bn kg by 2029. The Margarine market is expected to show a volume growth of 6.7% in 2025.0.
The average volume per person in the Margarine market is expected to amount to 0.55kg 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.

For more information on the displayed data, click the info button on the right side of each box.

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 Southern Asia is experiencing subdued growth, influenced by shifting consumer preferences towards healthier options, economic fluctuations, and increasing competition from butter and plant-based spreads.

Customer preferences: Consumers in Southern Asia are increasingly gravitating towards health-conscious food choices, prompting a decline in traditional margarine consumption in favor of plant-based spreads and healthier butter alternatives. This trend is particularly pronounced among younger demographics who prioritize clean labels and sustainable sourcing. Additionally, rising awareness of trans fats and their health implications has led to a demand for products with natural ingredients, reflecting a broader cultural shift towards holistic wellness and nutrition.

Trends in the market: In Southern Asia, the Margarine Market is experiencing a notable shift as consumers increasingly prefer plant-based spreads and healthier butter alternatives over traditional margarine. This trend is gaining momentum among younger generations who emphasize clean labels and sustainable sourcing. The rising awareness of trans fats and their associated health risks is further driving the demand for products made with natural ingredients. As a result, industry stakeholders must adapt to these changing preferences by innovating product formulations and enhancing transparency in sourcing to remain competitive in a rapidly evolving market landscape.

Local special circumstances: In Southern Asia, the Margarine Market is shaped by a diverse culinary landscape and varying dietary preferences across countries. For instance, in India, traditional ghee remains a staple, influencing the acceptance of margarine, while in Sri Lanka, coconut oil-based spreads are gaining popularity. Additionally, regulatory frameworks promoting healthier food options are pushing manufacturers to reduce trans fats. Cultural shifts towards wellness and sustainability are also driving demand for organic and locally sourced alternatives, making product innovation essential for market growth.

Underlying macroeconomic factors: The Margarine Market in Southern Asia is significantly influenced by macroeconomic factors including national economic health, consumer spending patterns, and trade policies. Countries with robust economic growth are witnessing a rising middle class, leading to increased disposable income and a shift towards convenience foods, including margarine. Additionally, government initiatives promoting healthier eating habits and stricter regulations on food labeling are encouraging manufacturers to innovate and improve product formulations. Fluctuating raw material prices, particularly palm oil, also impact production costs and pricing strategies. These economic dynamics collectively shape market performance and growth potential across the region.

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.