Margarine and shortening are processed food spreads which are commonly used as substitutes for butter. They are distinguished by their higher melting points and ability to be used for baking and frying. Margarine and shortening offer advantages over butter including lower cost, better stability, and versatility for use across cuisines.
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:
Innovation in plant-based margarine and shortening has emerged as a key trend in the market. Rising consumer preference for plant-based and vegan products has prompted companies to invest in product development. Major players have introduced a variety of innovative plant-based margarine and shortening options made from coconut, olive, and avocado oils. These products offer the same functional characteristics as dairy-based margarines while catering to the evolving tastes of health-conscious consumers. Sustainable sourcing of plant ingredients has also become an area of focus. The launch of new plant-based innovations is expected to drive the margarine and shortening market growth over the forecast period.
Segment Analysis
The global margarine and shortening market is dominated by the tub and jar sub-segment. This sub-segment holds around 50% of the total market share owing to the wide availability of margarine and shortening in tubs and jars across all major retail stores. Tubs and jars offer ease of use and handling for consumers as compared to other forms of packaging like plastic bottles and pouches.
Key Takeaways
The Global Margarine And Shortening Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.The market is majorly driven by increasing demand for butter alternatives owing to their longer shelf life and availability throughout the year.
Regional analysis
The Asia Pacific region currently dominates the margarine and shortening market and is expected to retain its dominant position over the next few years. This is attributed to the rising population demands for convenience foods in densely populated countries like India and China. Increasing western influence on food habits is also spurring the market growth in the region.
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. These players are focusing on new product development and capacity expansions to strengthen their presence across Global markets.
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