The global industrial hard margarine market is experiencing robust growth, driven by increasing demand from the food processing industry. While precise market size figures for 2025 aren't provided, a reasonable estimation, considering typical growth rates in similar food ingredient sectors, places the market value at approximately $5 billion USD in 2025. This signifies a substantial market, poised for further expansion. Assuming a conservative Compound Annual Growth Rate (CAGR) of 4% between 2025 and 2033, driven by factors such as the rising popularity of bakery products, confectionery, and convenience foods, the market is projected to reach approximately $7 billion USD by 2033. Key growth drivers include the increasing demand for cost-effective alternatives to traditional fats in various food applications, the expanding convenience food sector, and the constant innovation in margarine formulations to meet evolving consumer preferences for healthier and more versatile products. The market segmentation reveals significant opportunities across various application areas. The spreadable and all-purpose segments are major contributors, reflecting the versatility of hard margarine in various food processing applications. Bakery products constitute a dominant application segment, further reinforced by the growth in the global baking industry. Geographic segmentation shows North America and Europe as currently leading markets, however, the Asia-Pacific region presents significant growth potential fueled by rising disposable incomes and a shift towards Westernized diets in developing economies. While factors such as health consciousness and the rise of plant-based alternatives present potential restraints, continuous innovation in product development, focusing on improved nutritional profiles and functionality, is mitigating these challenges and driving market expansion. Leading companies are actively engaged in expanding their production capacity and exploring new markets to capitalize on this growth potential.

Industrial Hard Margarine Market Outlook

The global industrial hard margarine market size was valued at approximately USD 3.2 billion in 2023 and is projected to reach USD 4.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.7% during the forecast period. Key growth factors driving this market include increasing demand for bakery and confectionery products, expanding food processing industry, and rising consumer preference for cost-effective alternatives to butter and other fats.

One of the primary growth drivers for the industrial hard margarine market is the burgeoning bakery and confectionery sector. Industrial hard margarine is widely used in the production of baked goods and sweets due to its favorable properties, such as high melting point and stability at room temperature. This product is essential for achieving the desired texture and consistency in baked items like cookies, pastries, and cakes. As consumer interest in baked products continues to rise, particularly in emerging markets, the demand for industrial hard margarine is expected to grow correspondingly.

Additionally, the expansion of the food processing industry plays a crucial role in boosting the market. Industrial hard margarine is a key ingredient in various processed foods including ready-to-eat meals, snack foods, and frozen products. The convenience and longer shelf life offered by processed foods are leading to increased consumption, thereby driving the demand for industrial hard margarine. Technological advancements in food processing are also enabling manufacturers to develop innovative margarine formulations that meet specific application requirements, further promoting market growth.

Another significant factor contributing to market growth is the cost-effectiveness of margarine compared to traditional fats like butter. Industrial hard margarine is often used as a substitute for butter in commercial and industrial applications due to its lower cost and similar functional properties. Moreover, the growing health consciousness among consumers is leading to increased demand for margarine products that are formulated with healthier ingredients, such as plant-based oils, which further supports market expansion.

Regional outlook for the industrial hard margarine market indicates robust growth prospects across various geographies. North America and Europe are mature markets with high consumption levels, driven by well-established food processing industries and bakery sectors. In contrast, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, owing to rapid urbanization, rising disposable incomes, and increasing demand for convenience foods. Similarly, Latin America and the Middle East & Africa are emerging markets with substantial growth opportunities, supported by expanding food industries and rising consumer awareness.

Product Type Analysis

The industrial hard margarine market is segmented by product type into all-purpose margarine, emulsified margarine, and others. All-purpose margarine is the most widely used type, known for its versatility and applicability in a range of food products, from baking to cooking. Its broad utility makes it a staple in both household and commercial kitchens, driving steady demand. The increasing preference for plant-based and healthier fat alternatives further enhances its market position, as manufacturers introduce all-purpose margarine with improved nutritional profiles.

Emulsified margarine is another significant segment, particularly important in industrial applications where stability and consistency are paramount. This type of margarine is designed to integrate seamlessly into complex food systems, ensuring uniform distribution of fat and maintaining the desired texture and quality of the final product. The growing demand for high-quality processed and convenience foods is a key driver for the emulsified margarine market. As food processors seek to enhance product quality and shelf life, the use of emulsified margarine is expected to gain traction.

Other types of industrial hard margarine include specialty margarines formulated for specific applications, such as high-fat baking or low-moisture foods. These products cater to niche markets with unique requirements, such as gluten-free or vegan products. The increasing awareness and demand for such specialty foods are li

The Margarine Market report segments the industry into Type (Hard, Soft, Liquid), End User (Household Consumers, HoReCa, Industrial), and Geography (North America, Europe, Asia-Pacific, South America, Middle-East and Africa). Get five years of historical data alongside five-year market forecasts.

The global spreadable industrial margarine market is experiencing robust growth, driven by increasing demand from the food processing industry. The market size in 2025 is estimated at $8.5 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033. This growth is fueled by several key factors. Firstly, the rising popularity of convenience foods and bakery products across various regions necessitates large-scale production, thus increasing the demand for spreadable industrial margarine as a crucial ingredient. Secondly, the versatility of this product, enabling its use in a wide range of applications – from bakery and spreads to confectionery and sauces – contributes significantly to its widespread adoption. Furthermore, continuous innovation in product formulations, focusing on healthier options with reduced saturated fat and trans fat content, is attracting a broader consumer base and pushing market expansion. The increasing adoption of advanced processing techniques and automation in manufacturing further enhances efficiency and scalability, contributing to the market's growth trajectory. Major market segments include hard and soft margarines, with significant application across bakery, spreads, sauces and toppings, confectionery, and convenience food sectors. Geographic distribution shows strong presence in North America and Europe, fueled by established food processing industries and high consumer consumption. However, developing economies in Asia Pacific and the Middle East & Africa present significant growth opportunities, driven by rising disposable incomes and changing dietary preferences. While challenges like fluctuating raw material prices and health concerns related to high fat content exist, the overall market outlook remains positive, driven by consistent innovation and expanding applications within the food industry. Key players like Aigremont, Vandemoortele, and Wilmar International are actively shaping the market through strategic investments and product diversification.

The global spreadable industrial margarine market is experiencing robust growth, driven by increasing demand from the bakery, confectionery, and convenience food sectors. The market's expansion is fueled by several key factors, including the rising popularity of processed foods, the convenience offered by margarine in various applications, and its cost-effectiveness compared to other fats. Consumer preference for healthier options is also influencing the market, with manufacturers increasingly focusing on developing products with reduced saturated fat content and enhanced nutritional profiles. The market is segmented by type (hard and soft) and application, with the bakery segment holding a significant market share due to the widespread use of margarine in bread, pastries, and other baked goods. Geographical variations exist, with North America and Europe currently dominating the market due to established food processing industries and high per capita consumption. However, Asia Pacific is expected to witness significant growth in the coming years, driven by rapid economic development and changing dietary habits in developing economies. Competition is intense, with a mix of large multinational corporations and regional players vying for market share. Key players are focusing on product innovation, strategic partnerships, and geographic expansion to maintain a competitive edge. The forecast period (2025-2033) anticipates continued growth, albeit at a potentially moderating CAGR compared to the historical period (2019-2024). This moderation could be attributed to factors such as increased health consciousness leading to a shift towards alternative spreads and potential fluctuations in raw material prices. However, ongoing innovation in margarine formulations, addressing consumer concerns regarding health and sustainability, is expected to mitigate these potential restraints. The market's segmentation will likely remain significant, with further development expected within specific application sectors, particularly in areas like plant-based alternatives and specialized formulations for specific food products. The regional distribution of the market will likely see a continued shift towards higher growth in Asia-Pacific and other developing regions, as consumption patterns evolve globally.

Household Hard Margarine Market Outlook

The global household hard margarine market size was valued at USD 3.5 billion in 2023 and is projected to reach USD 5.8 billion by 2032, growing at a CAGR of 5.6% during the forecast period. The growth of this market is primarily driven by the increasing demand for affordable dairy alternatives and the rising trend of home baking and cooking.

One of the primary growth factors for the household hard margarine market is the rising consumer preference for vegan and plant-based products. As more individuals become health-conscious and environmentally aware, there is a significant shift towards plant-based diets, fostering the demand for non-dairy spreads like margarine. Additionally, the cost-effectiveness and longer shelf life of hard margarine compared to butter make it a popular choice among consumers, further boosting market growth. The increasing focus on reducing saturated fat intake is also propelling the demand for margarine, as it contains lower levels of saturated fats compared to traditional butter.

Another critical factor contributing to market expansion is the growing trend of home baking and cooking. The COVID-19 pandemic has significantly influenced consumer behavior, with more people engaging in cooking and baking activities at home. Household hard margarine is widely used in various culinary applications due to its versatility and consistency, which enhances its appeal among home bakers and cooks. This trend is expected to continue even post-pandemic, thereby sustaining the demand for household hard margarine.

The development and introduction of new and innovative margarine products also play a crucial role in driving market growth. Manufacturers are increasingly focusing on product innovation to cater to the evolving consumer preferences. This includes the launch of margarine variants with added health benefits, such as those fortified with vitamins and minerals, as well as the introduction of organic and non-GMO options. Such innovations not only attract health-conscious consumers but also help in expanding the consumer base, thus propelling the market growth.

Baking Fat And Margarine are integral components in the culinary world, particularly in the realm of home baking and cooking. These fats provide the necessary texture and moisture to baked goods, ensuring that cakes, pastries, and breads achieve the desired consistency and flavor. Margarine, being a popular choice among home bakers, offers a cost-effective alternative to butter, while maintaining the quality of the final product. The versatility of margarine in various baking applications makes it a staple in many households, especially for those who enjoy experimenting with different recipes. As more people continue to explore baking as a hobby, the demand for quality baking fats, including margarine, is expected to rise, further supporting market growth.

Regionally, North America and Europe are significant markets for household hard margarine. The high consumption of margarine in these regions can be attributed to the established food industry and the strong presence of key market players. Additionally, the growing trend of plant-based diets is more pronounced in these regions, further driving the demand for household hard margarine. The Asia Pacific region is also expected to witness substantial growth due to the increasing urbanization, changing dietary habits, and growing awareness about the health benefits of margarine over traditional butter.

Product Type Analysis

The household hard margarine market is segmented into salted and unsalted types. Salted hard margarine has been traditionally popular due to its enhanced flavor and ability to improve the taste of baked goods and cooked dishes. Consumers who prefer a slightly savory taste in their spreads opt for salted margarine, which has led to its sustained demand. The versatility of salted margarine in cooking, baking, and spreading applications further cements its position in the market. Despite health concerns over sodium intake, the market for salted margarine continues to thrive due to its culinary advantages.

Unsalted hard margarine, on the other hand, is gaining traction among health-conscious consumers and those who prefer controlling their salt intake. Unsalted margarine provides a neutral flavor, making it ideal for baking where precise ingredient control is necessary. It allows consumers to adjust the seasoning of their dishes

The global margarine market, valued at $22.67 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 2.42% from 2025 to 2033. This moderate growth reflects evolving consumer preferences towards healthier fats and oils, alongside the increasing demand for plant-based alternatives within the food industry. Key drivers include the rising popularity of vegan and vegetarian diets, growing health consciousness leading to increased demand for low-cholesterol spreads, and the continued presence of margarine in various food processing applications. The market segmentation reveals a diverse landscape, with hard, soft, and liquid margarine types catering to distinct consumer needs and culinary applications. Significant end-user segments include household consumers (through various retail channels), the food service industry (HoReCa), and industrial food manufacturers. Major players like Associated British Foods, Conagra Brands, and Wilmar International are actively shaping the market through product innovation, strategic partnerships, and expansion into new geographical territories. Geographic variations in consumption patterns are expected, with North America and Europe maintaining significant market shares, while Asia Pacific is anticipated to demonstrate promising growth potential fueled by rising disposable incomes and changing dietary habits. The competitive landscape remains dynamic, with established players and emerging brands vying for market share through product differentiation and effective marketing strategies. The restraining factors for the market include increasing health concerns surrounding saturated and trans fats found in some margarine varieties, heightened consumer interest in natural and organic alternatives like butter and other plant-based spreads, and fluctuating prices of raw materials like vegetable oils which impact production costs. To mitigate these challenges, manufacturers are focusing on reformulating margarine products with healthier fat profiles, highlighting the nutritional benefits, and diversifying their product portfolios to cater to specific health-conscious demographics. Furthermore, the rise of sustainable sourcing practices and eco-friendly packaging is also gaining traction, driving positive market shifts. The long-term outlook for the margarine market appears positive, with opportunities for growth linked to increased product diversification, expansion into emerging markets, and strategic investments in research and development of innovative, healthier margarine alternatives. Key drivers for this market are: Growing Demand for Bakery and Confectionery Products, Increasing Awareness about the benefits of Vegetarian and Vegan Diets. Potential restraints include: Growing Demand for Bakery and Confectionery Products, Increasing Awareness about the benefits of Vegetarian and Vegan Diets. Notable trends are: Rising Demand for Sustainable Foods.

The global block margarine market is experiencing steady growth, driven by increasing demand from the food industry and households. While precise figures for market size and CAGR are not provided, a reasonable estimation can be derived based on industry trends. Considering similar food product markets, let's assume a 2025 market size of approximately $5 billion USD. A conservative Compound Annual Growth Rate (CAGR) of 3% over the forecast period (2025-2033) seems plausible given anticipated growth in emerging economies and evolving consumer preferences. This would place the market value at roughly $6.7 billion by 2033. Key drivers include the affordability of block margarine compared to other fats, its versatility in various culinary applications, and its continued use in industrial food processing. Growth is further fueled by innovations in formulation resulting in healthier options with reduced saturated fat content and increased nutritional value. However, the market faces restraints such as increasing consumer awareness of the potential negative health impacts associated with high trans-fat consumption and rising competition from healthier alternatives like plant-based butter and spreads. Segmentation analysis reveals a significant portion of the market is held by the food industry segment, utilizing block margarine in baked goods, processed foods, and other applications. The hard margarine type holds a larger market share compared to soft margarine, reflecting its suitability for industrial processing and storage. Key players like Unilever, Bunge, and ConAgra dominate the market, benefiting from established distribution networks and brand recognition. Geographical expansion in emerging Asian and African markets presents significant opportunities for future growth. The regional distribution of the block margarine market reflects established consumption patterns. North America and Europe currently hold significant market shares due to high consumption levels. However, rapid economic growth and changing dietary habits in Asia-Pacific and other regions suggest a shift in market dynamics is underway. Specific regional penetration will vary depending on factors like economic development, consumer preferences, and local regulations. This dynamic landscape demands manufacturers to adapt their strategies by focusing on product innovation, catering to regional tastes, and addressing consumer health concerns. Successful players will leverage economies of scale, robust supply chains, and effective marketing strategies to maintain a competitive edge in this evolving market.

Explore the growth potential of Market Research Intellect's Non-Dairy Margarine Market Report, valued at USD 2.5 billion in 2024, with a forecasted market size of USD 4.1 billion by 2033, growing at a CAGR of 6.5% from 2026 to 2033.

Plant-Based Margarine Market Outlook

The global plant-based margarine market size was valued at approximately USD 1.1 billion in 2023 and is projected to reach around USD 2.5 billion by 2032, expanding at a strong CAGR of 9.2% during the forecast period. The growth of this market is largely driven by increasing consumer awareness regarding health and environmental sustainability, rising adoption of vegan diets, and the shift towards plant-based food products.

One significant growth factor for the plant-based margarine market is the rising health consciousness among consumers. There is a growing awareness about the adverse health impacts of animal fats and cholesterol, leading many people to seek healthier alternatives. Plant-based margarines, often made from oils like olive, soy, and canola, provide a healthier option that can lower the risk of heart diseases and other health issues. This shift is particularly strong in urban areas where access to information and health trends is more prevalent.

Environmental concerns also play a crucial role in the market's expansion. The environmental footprint of plant-based products is significantly lower than that of animal-based products. Livestock farming is a major contributor to greenhouse gas emissions, deforestation, and water usage. As consumers become more eco-conscious, they are inclined to choose products that have a lesser environmental impact, thus propelling the demand for plant-based margarine. This trend is supported by various sustainability initiatives and campaigns launched by NGOs and governments worldwide.

Furthermore, the increasing prevalence of lactose intolerance and dairy allergies is another factor driving the market. A considerable portion of the global population suffers from lactose intolerance, making dairy-based products unsuitable for them. Plant-based margarines offer a viable alternative that caters to this demographic, thereby expanding the market's consumer base. Additionally, the rise in veganism and flexitarian diets, where consumers reduce meat and dairy intake without completely eliminating them, further bolsters the market's growth.

Industrial Hard Margarine is a significant component in the food manufacturing sector, particularly in the production of baked goods and pastries. This type of margarine is favored for its high melting point and stability, making it ideal for industrial applications where consistent quality and performance are crucial. As the demand for plant-based alternatives grows, manufacturers are increasingly turning to plant-based versions of Industrial Hard Margarine to meet consumer expectations for healthier and more sustainable ingredients. This shift not only aligns with the broader trend towards plant-based foods but also supports the industry's efforts to reduce its environmental footprint.

From a regional perspective, North America and Europe are the largest markets for plant-based margarine, driven by high consumer awareness and strong adoption of plant-based diets. Asia Pacific is expected to witness the fastest growth during the forecast period, owing to the increasing urbanization, rising disposable incomes, and growing influence of Western dietary patterns. Latin America and the Middle East & Africa also present significant growth opportunities due to changing lifestyles and rising health consciousness.

Product Type Analysis

The plant-based margarine market by product type is segmented into stick margarine, tub margarine, and liquid margarine. Stick margarine, traditionally used for baking and cooking, holds a significant market share due to its widespread use and versatility. It is favored by both households and food service providers for its solid form, which makes it easy to measure and use in various recipes. As consumers continue to bake more at home, especially post-pandemic, the demand for stick margarine is expected to remain robust.

Tub margarine, on the other hand, is growing rapidly in popularity due to its convenience and spreadability. It is often used as a direct substitute for butter in daily applications like toast, sandwiches, and other quick meals. The ease of use and storage of tub margarine makes it a favorite choice among busy households and food service establishments. Innovations in packaging and the introduction of various flavors are also contributing to the segmentÂ’s growth.

Liquid margari

The global margarine filling machine market, valued at $1145 million in 2025, is projected to experience steady growth, driven by increasing demand for packaged margarine products and automation across the food processing industry. A compound annual growth rate (CAGR) of 4.5% from 2025 to 2033 indicates a consistent expansion, primarily fueled by the rising adoption of automated filling solutions for enhanced efficiency, reduced labor costs, and improved product consistency. The market segmentation reveals a strong preference for fully automatic machines over semi-automatic types, reflecting a wider industry trend towards advanced technology adoption. Growth is expected across all regions, with North America and Europe maintaining significant market share due to established food processing infrastructure and consumer preferences. However, emerging economies in Asia-Pacific are poised for significant growth driven by increased investment in food processing facilities and a growing middle class. The competitive landscape comprises both global players and regional manufacturers, leading to a dynamic market environment characterized by technological innovation and strategic partnerships. The demand for hygienic and high-speed filling solutions will remain a crucial driver, along with increasing regulatory focus on food safety and traceability. Further market expansion will be influenced by several factors. The rising adoption of soft margarine, especially in health-conscious markets, will bolster demand for specialized filling machines. Conversely, fluctuating raw material prices and potential economic downturns could pose challenges. However, the long-term outlook remains positive, supported by ongoing investments in automation, technological advancements in filling machine design, and a sustained global demand for convenient and readily available margarine products. Continued innovation in areas such as precision filling, waste reduction, and enhanced sanitation will play a critical role in shaping the market's future trajectory. The increasing adoption of Industry 4.0 principles, incorporating data analytics and predictive maintenance, is likely to transform the market further in the forecast period.

Product Market size is rising upward in the past few years And it is estimated that the market will grow significantly in the forecasted period

Baking Fat And Margarine Market Outlook

The global market size for baking fat and margarine was valued at USD 8.5 billion in 2023 and is projected to reach USD 12.3 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period. This growth can be attributed to increasing consumer demand for bakery and confectionery products, expanding urbanization, and evolving dietary preferences towards plant-based alternatives. The rising inclination towards home baking, fueled by social media trends and lockdown measures during the pandemic, has also significantly contributed to market growth.

One of the key growth factors driving the baking fat and margarine market is the burgeoning bakery and confectionery industry. As consumers' tastes become more sophisticated, there is an increasing demand for a variety of baked goods ranging from bread and pastries to cakes and cookies. This demand is not only seen in developed countries but also in emerging economies where disposable incomes are rising and lifestyles are changing. Moreover, the trend towards convenience foods that are easy to prepare and consume further bolsters the market for baking fats and margarine.

Another important growth factor is the shift towards healthier and sustainable food options. Consumers are becoming more health-conscious and are seeking products with lower saturated fat and cholesterol levels. This has led to an increased preference for margarine and plant-based fats, which are perceived as healthier alternatives to traditional animal fats like butter and lard. Additionally, the environmental impact of food production is a growing concern, pushing both consumers and manufacturers towards sustainable and plant-based ingredients.

The technological advancements in food processing and the development of innovative products are also vital growth drivers. The introduction of new formulations and enhanced flavors in margarine and baking fats is attracting a broader consumer base. Manufacturers are investing in research and development to create products that not only meet dietary needs but also enhance the taste and texture of baked goods. These innovations are expected to drive market expansion over the forecast period.

Household Hard Margarine Sales have seen a notable increase as consumers continue to explore various baking and cooking options at home. This trend is largely driven by the growing interest in home-cooked meals and the desire to experiment with different recipes, especially during times when dining out is less feasible. Hard margarine, known for its stability and longer shelf life, offers a convenient and cost-effective alternative for households looking to maintain a steady supply of baking essentials. The versatility of hard margarine in both sweet and savory dishes makes it a popular choice among home bakers and cooks, contributing to its rising sales figures. Additionally, the availability of fortified and health-oriented variants of hard margarine is appealing to health-conscious consumers, further boosting its demand in the household segment.

Regional outlook for the baking fat and margarine market shows significant growth potential across different geographical areas. Asia Pacific, in particular, is expected to witness substantial growth due to increasing urbanization, rising disposable incomes, and growing westernization of diets. North America and Europe continue to dominate the market due to high consumption rates of bakery and convenience foods, along with a strong focus on health and wellness trends. The Middle East & Africa and Latin America are also experiencing steady growth, driven by increasing consumer spending on premium and imported food products.

Product Type Analysis

The baking fat and margarine market is segmented by product type, which includes butter, margarine, shortening, lard, and other types of fats. Butter, traditionally a staple in many households and bakeries, continues to hold a significant market share. Its rich flavor and texture make it a preferred choice for a variety of baked goods. However, rising health concerns over saturated fats and cholesterol have led some consumers to seek healthier alternatives.

Margarine has emerged as a popular substitute for butter due to its lower saturated fat content and versatility in both household and industrial baking. It is often fortified with vitamins and can be made from various plant oils, mak

The global margarine filling machine market is experiencing robust growth, projected to reach a market size of $1525 million in 2025. While the precise CAGR isn't provided, considering the growth drivers in the food processing industry – such as increasing demand for packaged margarine, automation trends in manufacturing, and rising consumer preference for convenient food products – a conservative estimate of a 5-7% CAGR from 2025 to 2033 is reasonable. This growth is fueled by the expanding food and beverage sector globally, particularly in developing economies where demand for processed food products like margarine is escalating. The market is segmented by machine type (fully automatic and semi-automatic) and margarine type (soft and hard), with fully automatic machines and soft margarine applications currently dominating market share. Leading players such as Tetra Pak International S.A., Lekkerkerker Dairy & Food Equipment, and Vezzadini are driving innovation with advanced filling technologies and customized solutions, catering to the varied needs of large-scale and small-scale margarine producers. Geographic expansion, particularly in Asia-Pacific and regions with burgeoning food industries, presents significant opportunities for market growth. However, certain restraints are likely influencing growth trajectory. The high initial investment associated with purchasing advanced filling machines can deter smaller manufacturers. Furthermore, fluctuating raw material prices and potential regulatory changes related to food safety and processing could impact market dynamics. Despite these challenges, the long-term outlook for the margarine filling machine market remains positive, driven by ongoing technological advancements, increasing automation across the food industry, and the persistent demand for efficient and hygienic filling solutions within the margarine production process. The market's diverse segments, along with regional expansion, offer ample avenues for growth and expansion for existing and new market entrants throughout the forecast period (2025-2033).