The global Margarine and Shortening Market is estimated to be valued at US$ 15.75 Bn in 2022 and is expected to exhibit a 1.5% CAGR over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Margarine and shortening are semi-solid fat/oil products used as alternatives to butter across various food applications such as baking, cooking, and spreads. They provide a creamy texture and enrich the taste while cooking or baking. Margarine and shortening help reduce cholesterol levels as they contain less saturated fats compared to butter.
Market key trends:
One of the key trends gaining traction in the margarine and shortening market is the rising demand for plant-based and healthier alternatives. Consumers are increasingly preferring products containing organic and natural ingredients due to growing health consciousness. As a result, manufacturers are focusing on using plant-based fats and oils like olive, coconut, and palm oils and developing non-hydrogenated and non-GMO versions to cater to this demand. For instance, Unilever and Upfield Holdings BV offer various margarine spreads containing olive oil, which is rich in monounsaturated fatty acids and provides associated health benefits.
The global margarine and shortening market is segmented into spreads, butter substitutes and baking, and frying fats based on product. The spreads segment dominated the market in 2023, accounting for around 35% share. This is because spreads are primarily used for topping bread and as delicious toppings on meals. Their creamy texture and buttery taste appeal to a wide consumer base.
The Global Margarine and Shortening Market Size was valued at US$ 15.75 Bn in 2023. It is expected to grow at a CAGR of 1.5% during the forecast period due to rising demand for plant-based and healthy alternatives to butter.
The North American region accounted for the largest share of the global margarine and shortening market in 2023. This is attributed to growing health consciousness among consumers in the region. The Asia Pacific region is projected to witness the highest growth over the forecast period owing to rapid urbanization and changing lifestyles in developing countries such as China and India.
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. Unilever captured the largest market share in 2023 due to its widespread product portfolio and global sales network.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it