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The vegan margarine industry is experiencing significant growth and innovation, driven by a diverse group of key players from around the world. Leading this market are established multinational corporations such as Unilever, known for its wide range of consumer goods, and Bunge Limited, a major agribusiness and food company. These industry giants are joined by specialized plant-based product manufacturers like Puratos and Wilmar International Ltd, which bring expertise in creating high-quality vegan alternatives. Other significant players include Dairy Crest Limited, which has expanded into plant-based offerings, and FUJI OIL HOLDINGS INC., a Japanese company known for its innovative food solutions.
The market is further strengthened by the presence of companies with strong regional influence, such as Richardson International Limited in Canada and LASENOR EMUL, S.L. in Spain. The NMGK Group and EFKO Group represent Eastern European interests in this growing sector. Currimjee Vandemoortele, Sime Darby Oils Zwijndrecht Refinery B.V., and Walter Rau Lebensmittelwerke GmbH bring their European expertise to the table, while Muez-Hest India Private Limited caters to the expanding Asian market. Rounding out this diverse group of key players is Conagra Brands, Inc., an American company that has been making strides in the plant-based food industry, including vegan margarine products.
Top companies operating in the vegan margarine industry include:
The beverages application of vegan margarine industry will expand at 3.7% CAGR from 2024 to 2032, owing to shift towards plant-based alternatives from traditional dairy products, the proliferation of innovative product formulations and flavors, combined with effective marketing campaigns.
The market size of vegan margarine reached USD 22.88 billion in 2023 and will register 5.1% CAGR from 2024 to 2032, on account of increasing number of consumers adopting vegan and flexitarian lifestyles, driven by ethical, environmental, and health considerations.
Asia Pacific market will record 2.2% CAGR during 2024 and 2032, driven by the increasing consumer awareness about health & wellness, leading to a shift towards plant-based diets, alongside the rising disposable incomes and urbanization.
Bunge Limited, Conagra Brands, Inc., Currimjee Vandemoortele, Dairy Crest Limited, EFKO Group, FUJI OIL HOLDINGS INC., LASENOR EMUL, S.L., Muez-Hest India Private Limited, and NMGK Group among others.