With increasing consumption of bread, Singaporeans are demanding more spreads for daily consumption. Prior to the review period, butter was mostly sold in blocks, while margarine was sold as a spread, resulting in margarine’s popularity among consumers for daily consumption due to its convenience.
To counter this competition, margarine manufacturers are attempting to improve the health profile of their products through product fortification and innovation. Players are focusing on providing products with added benefit and healthier nutrient content.
Over the next few years, demand for healthier products will continue to grow and consumers are expected to continue to switch from margarine to butter. Players are expected to expand their innovation efforts from focusing on fortification to using a wider variety of healthier fats in their products, similar to the new coconut oil spread launched by Nuttelex Food Products in 2017 that targets consumers interested in the benefits of coconut oil.
Butter value sales are expected to continue rising as Singaporeans are becoming more exposed to Western cuisine and consumer foodservice outlets serving butter. Growing exposure to Western dishes and consumer foodservice outlets, coupled with the rising number of cooking magazines and shows such as AFC and Master Chef, is heightening consumer interest in replicating meals at home.
During the review period, the global instability of butter supply between 2016 and 2017 pushed butter prices upwards in Singapore. Lower supply caused by dairy farmers quitting butter production was met with higher demand among consumers across the world, with Asian countries like Singapore driving growth for full-fat butter and baked goods.
Over the forecast period, prices are expected to fall as milk supply increases in line with the improving climate in butter producing countries. However, as it takes time for milk supply to be replenished and to meet rising demand, prices will remain high for the next few years.
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