by Margarine and shortening are plant-based alternatives to butter that are commonly used for baking, cooking, and spreading. They offer several health advantages over butter as they are lower in saturated fat and calories. With growing health-consciousness, the demand for plant-based and healthier alternatives to dairy products is increasing.
The global Margarine and Shortening Market is estimated to be valued at US$ 15.75 Bn in 2023 and is expected to exhibit a CAGR of 1.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for plant-based alternatives is a major trend driving the growth of the margarine and shortening market. Many consumers are reducing their consumption of animal-derived products and shifting toward vegan alternatives for health, ethical, or environmental reasons. This growing veganism and flexitarianism has boosted the demand for plant-based substitutes for dairy and other animal products, including margarine and shortening. Manufacturers are launching various vegan and plant-based margarine and shortening products made from ingredients like coconut oil and olive oil to cater to this rising demand from health-conscious customers. This growing demand for plant-based options is expected to keep propelling the margarine and shortening market during the forecast period.
SWOT Analysis
Strength: The margarine and shortening market has high profit margins due to low manufacturing costs compared to butter. They have a longer shelf life than butter.
Weakness: Margarine and shortening products contain trans fats which are considered unhealthy. They lack some of the nutrients found in butter.
Opportunity: Growing health consciousness is driving demand for margarine and shortening products containing plant-based and non-hydrogenated oils which are healthier alternatives. Emerging economies offer significant growth potential.
Threats: Stricter regulations on trans fats content may negatively impact sales. Competition from spreadable butter and other dairy products.
Key Takeaways
The Global Margarine And Shortening Market Size is expected to witness steady growth.
Regional analysis
Europe currently dominates the global margarine and shortening market by contributing more than 35% revenue share. Germany, UK, France, Italy are the key markets in Europe. North America is second leading region driven by US and Canada. Asia Pacific is expected to be the fastest growing region supported by increasing consumption in China, India and Southeast Asia.
Key players
Key players operating in the margarine and shortening market are Unilever, Conagra Brands, Bunge Limited, Wilmar International Ltd., Upfield Holdings BV, Cargill, Incorporated, Archer Daniels Midland Company (ADM), Fuji Oil Co., Ltd. ,Richardson International Limited, Dairy Farmers of America, AAK AB, NMGK Group, Puratos Group, Kerry Group, Vandemoortele. The players are focused on introducing products containing healthier ingredients to meet consumer demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
